Supplementary Provisions
附 則
Supplementary Provisions, Article 1Effective Date
第一条（施行期日）
This Act comes into effect as of the day specified by Cabinet Order within a period not exceeding six months from the date of promulgation.
この法律は、公布の日から起算して六月を超えない範囲内において政令で定める日から施行する。
Supplementary Provisions, Article 2Transitional Measures on Own Shares, etc. Purchased Before This Act Comes into Effect
第二条（この法律の施行前に買い受けた自己の株式等に関する経過措置）
The provisions then in force continue to govern shares or shares in a limited company that were purchased before this Act comes into effect pursuant to Article 212, paragraph (1) (including cases where applied mutatis mutandis under Article 24, paragraph (1) of the Limited Liability Companies Act prior to the amendment by this Act (hereinafter referred to as the "Former Limited Liability Companies Act")) or Article 212-2, paragraph (1) (including cases where applied mutatis mutandis under Article 24, paragraph (1) of the Former Limited Liability Companies Act) of the Commercial Code prior to the amendment by this Act (hereinafter referred to as the "Former Commercial Code"), or shares (excluding those purchased with capital reserve) that were purchased pursuant to Article 3, paragraph (1) of the Act on Special Provisions of the Commercial Code Concerning Procedures for Cancellation of Shares prior to the repeal by this Act (hereinafter referred to as the "Former Share Cancellation Special Provisions Act"), for which the procedure for invalidation has not been completed.
この法律の施行前にこの法律による改正前の商法（以下「旧商法」という。）第二百十二条第一項（この法律による改正前の有限会社法（以下「旧有限会社法」という。）第二十四条第一項において準用する場合を含む。）若しくは第二百十二条ノ二第一項（旧有限会社法第二十四条第一項において準用する場合を含む。）の規定により買い受けた株式若しくは持分又はこの法律による廃止前の株式の消却の手続に関する商法の特例に関する法律（以下「旧消却特例法」という。）第三条第一項の規定により買い受けた株式（資本準備金をもって買い受けたものを除く。）であって失効の手続を終了していないものに関しては、なお従前の例による。
Supplementary Provisions, Article 3Transitional Measures on the Purchase of Own Shares Until the Close of the Ordinary General Meeting Concerning the Next Account Closing Day
第三条（次期決算期に関する定時総会の終結の時までの自己の株式の買受けに関する経過措置）
A stock company that, at the ordinary general meeting concerning the last account closing day that arrived before this Act comes into effect (hereinafter referred to as the "last account closing day"), adopted the resolutions under Article 210-2, paragraph (2) of the Former Commercial Code (including cases where it is deemed to remain in force pursuant to the following paragraph; hereinafter the same applies in this paragraph, Article 5, paragraph (2) and Article 13 of the Supplementary Provisions) and Article 212-2, paragraph (1) of the Former Commercial Code (including cases where it is deemed to remain in force pursuant to the following paragraph; hereinafter the same applies in this paragraph) may, notwithstanding Article 210, paragraph (1) of the Commercial Code as amended by this Act (hereinafter referred to as the "Amended Commercial Code"), purchase its own shares, within the scope of the class of shares, total number and total amount of acquisition price of the shares to be purchased as determined in those resolutions, until the close of the ordinary general meeting concerning the first account closing day to arrive after this Act comes into effect (hereinafter referred to as the "next account closing day").
この法律の施行前に到来した最終の決算期（以下「直前決算期」という。）に関する定時総会において、旧商法第二百十条ノ二第二項（次項の規定によりなおその効力を有するものとされる場合を含む。以下この項並びに附則第五条第二項及び第十三条において同じ。）及び第二百十二条ノ二第一項（次項の規定によりなおその効力を有するものとされる場合を含む。以下この項において同じ。）の決議をした株式会社は、この法律による改正後の商法（以下「新商法」という。）第二百十条第一項の規定にかかわらず、その決議において定めた買い受けるべき株式の種類、総数及び取得価額の総額の範囲内で、この法律の施行後最初に到来する決算期（以下「次期決算期」という。）に関する定時総会の終結の時までの間、自己の株式を買い受けることができる。
With regard to a resolution on the purchase of own shares to be adopted after this Act comes into effect at an ordinary general meeting concerning the last account closing day for which procedures for convening have commenced before this Act comes into effect, the provisions of Article 210-2 of the Former Commercial Code (excluding paragraph (10)) and Article 212-2, paragraphs (1) through (3) and paragraph (4) (excluding the part applying mutatis mutandis Article 210-2, paragraph (10) of the Former Commercial Code) of the Former Commercial Code remain in force. In this case, until the close of that ordinary general meeting, Article 210, paragraphs (1) through (7) of the Amended Commercial Code do not apply.
この法律の施行前に招集の手続が開始された直前決算期に関する定時総会においてこの法律の施行後にする自己の株式の買受けに関する決議については、旧商法第二百十条ノ二（第十項を除く。）並びに第二百十二条ノ二第一項から第三項まで及び第四項（旧商法第二百十条ノ二第十項を準用する部分を除く。）の規定は、なおその効力を有する。この場合においては、その定時総会の終結の時までは、新商法第二百十条第一項から第七項までの規定は、適用しない。
In the case where a company with a provision in its articles of incorporation to the effect that the approval of the board of directors is required for the transfer of shares purchases shares that an heir of a shareholder obtained by inheritance, where the inheritance commenced before this Act comes into effect, from that heir, the provisions of Article 210-3 of the Former Commercial Code (excluding the proviso to paragraph (1)) remain in force until the close of the ordinary general meeting concerning the next account closing day.
株式の譲渡につき取締役会の承認を要する旨の定款の定めがある会社が、この法律の施行前に開始した相続に係る株主の相続人からその相続によって得た株式を買い受ける場合については、旧商法第二百十条ノ三（第一項ただし書を除く。）の規定は、次期決算期に関する定時総会の終結の時までは、なおその効力を有する。
A stock company that, at the time this Act comes into effect, actually has a provision in its articles of incorporation under Article 3, paragraph (1) of the Former Share Cancellation Special Provisions Act may, notwithstanding Article 210, paragraph (1) of the Amended Commercial Code, until the close of the ordinary general meeting concerning the next account closing day, purchase its own shares out of profits to be distributed to shareholders by the board of directors adopting a resolution on the class of shares, number and total amount of acquisition price of the shares to be purchased, within the number obtained by deducting the total number of shares determined in its articles of incorporation pursuant to Article 3-2, paragraph (2) of the Former Share Cancellation Special Provisions Act from the total number of shares determined in its articles of incorporation pursuant to Article 3, paragraph (2) of the Former Share Cancellation Special Provisions Act. In this case, the total amount of acquisition price of the shares that may be purchased by the close of the ordinary general meeting concerning the next account closing day and the liability of directors are governed by the provisions of Article 3, paragraph (5) and Article 6 of the Former Share Cancellation Special Provisions Act.
この法律の施行の際現に旧消却特例法第三条第一項の定款の定めがある株式会社は、新商法第二百十条第一項の規定にかかわらず、次期決算期に関する定時総会の終結の時までの間、旧消却特例法第三条第二項の規定によりその定款で定められていた株式の総数から旧消却特例法第三条の二第二項の規定によりその定款で定められていた株式の総数を控除した数の範囲内で、取締役会において買い受けるべき株式の種類、数及び取得価額の総額について決議することにより、株主に配当すべき利益をもって自己の株式を買い受けることができる。この場合において、次期決算期に関する定時総会の終結の時までに買い受けることができる株式の取得価額の総額及び取締役の責任については、旧消却特例法第三条第五項及び第六条の規定の例による。
In the case where shares are purchased after this Act comes into effect pursuant to paragraph (1) or the preceding paragraph, Article 210, paragraph (9) of the Amended Commercial Code is applied with the phrase "with regard to the matters listed in paragraph (2), item (ii)" in that paragraph deemed to be replaced with "with regard to the seller of shares with no market price".
With regard to the application of Article 210-2, paragraph (1) of the Amended Commercial Code in the case where shares are purchased after this Act comes into effect pursuant to the provisions of paragraph (1) or (4), the provisions of the main clause of Article 210-3, paragraph (1) of the Former Commercial Code that remain in force pursuant to the provisions of paragraph (3), or the provisions of Article 3, paragraph (1) of the Former Share Cancellation Special Provisions Act for which the provisions then in force continue to govern pursuant to the provisions of Article 24, paragraph (1) of the Supplementary Provisions (hereinafter referred to in this Article and paragraph (2) of the following Article as the "post-effective-date purchase provisions"), the phrase "or Article 211-3, paragraph (1)" in Article 210-2, paragraph (1) of the Amended Commercial Code is deemed to be replaced with ", Article 211-3, paragraph (1), or the post-effective-date purchase provisions prescribed in Article 3, paragraph (6) of the Supplementary Provisions of the Act Partially Amending the Commercial Code, etc. and Other Matters (Act No. 79 of 2001)".
Supplementary Provisions, Article 4Transitional Measures on the Liability of Directors Who Purchased Own Shares in or Before the Business Year Including the Day This Act Comes into Effect
第四条（この法律の施行日を含む営業年度以前に自己の株式を買い受けた取締役の責任に関する経過措置）
The provisions then in force continue to govern the liability of directors relating to the purchase of own shares in a business year that ended before this Act comes into effect.
この法律の施行前に終了した営業年度における自己の株式の買受けに係る取締役の責任に関しては、なお従前の例による。
With regard to the application of Article 210-2, paragraph (2) of the Amended Commercial Code to the liability of directors in the case where shares have been purchased within the business year including the day on which this Act comes into effect pursuant to Article 204-3, paragraph (1) of the Commercial Code (including cases where applied mutatis mutandis in Article 204-5), Article 210-2, paragraph (1), the main clause of Article 210-3, paragraph (1) or Article 212-2, paragraph (1) of the Former Commercial Code, Article 210, paragraph (1) or Article 211-3, paragraph (1) of the Amended Commercial Code, Article 3, paragraph (1) of the Former Share Cancellation Special Provisions Act, or the post-effective-date purchase provisions, in Article 210-2, paragraph (2) of the Amended Commercial Code, the phrase "in which the preceding paragraph" is deemed to be replaced with "in which the preceding paragraph as applied with replacement of terms pursuant to the provisions of Article 3, paragraph (6) of the Supplementary Provisions of the Act Partially Amending the Commercial Code, etc. and Other Matters (Act No. 79 of 2001)", the phrase "net assets" with "net assets plus the total amount stated in the accounting books for the own shares it holds", the phrase "the total amount referred to in that paragraph" with "the total amount referred to in that paragraph plus the amount stated in the accounting books for shares held as acquired under the provisions prescribed in that paragraph, or the provisions of Article 210-2, paragraph (1), the main clause of Article 210-3, paragraph (1) or Article 212-2, paragraph (1) prior to the amendment under the provisions of Article 1 of that Act, or the provisions of Article 3, paragraph (1) of the Act on Special Provisions of the Commercial Code Concerning Procedures for Cancellation of Shares (Act No. 55 of 1997) prior to the repeal under the provisions of Article 4 of that Act (hereinafter referred to in this paragraph as the "voluntary purchase provisions"), less the total market value of those shares", the phrase "the provisions prescribed in that paragraph" with "the voluntary purchase provisions", the phrase "the total value of the shares" with "the total value of the shares and the total market value of the shares it holds as acquired", and the phrase "the risk set forth in the preceding paragraph" with "the risk of falling under the case prescribed in the main clause of this paragraph".
この法律の施行の日を含む営業年度内に商法第二百四条ノ三第一項（第二百四条ノ五において準用する場合を含む。）の規定、旧商法第二百十条ノ二第一項、第二百十条ノ三第一項本文若しくは第二百十二条ノ二第一項の規定、新商法第二百十条第一項若しくは第二百十一条ノ三第一項の規定、旧消却特例法第三条第一項の規定又は施行後買受規定により株式を買い受けた場合における取締役の責任についての新商法第二百十条ノ二第二項の規定の適用については、同項中「ニ於テ前項」とあるのは「ニ於テ商法等の一部を改正する等の法律（平成十三年法律第七十九号）附則第三条第六項ノ規定ニ依リ読替テ適用スル前項」と、「純資産額」とあるのは「純資産額ニ其ノ有スル自己ノ株式ニ付会計帳簿ニ記載シタル額ノ総額ヲ加ヘタル額」と、「同項ノ合計額」とあるのは「同項ノ合計額ニ同項ニ規定スル規定又ハ同法第一条ノ規定ニ依ル改正前ノ第二百十条ノ二第一項、第二百十条ノ三第一項本文若ハ第二百十二条ノ二第一項ノ規定若ハ同法第四条ノ規定ニ依ル廃止前ノ株式の消却の手続に関する商法の特例に関する法律（平成九年法律第五十五号）第三条第一項ノ規定（以下本項ニ於テ任意買受規定ト称ス）ニ依リ取得シテ有スル株式ニ付会計帳簿ニ記載シタル額ヲ加ヘタル額ヨリ其ノ株式ノ時価ノ合計額ヲ控除シタル額」と、「同項ニ規定スル規定」とあるのは「任意買受規定」と、「株式ノ価額ノ総額」とあるのは「株式ノ価額ノ総額及其ノ取得シテ有スル株式ノ時価ノ合計額」と、「前項ノ虞」とあるのは「本項本文ニ規定スル場合ニ当ル虞」とする。
Supplementary Provisions, Article 5Restrictions on Disposal of Own Shares, etc.
第五条（自己の株式の処分の制限等）
A stock company must not, until March 31, 2002, dispose of the own shares it holds, except in the cases prescribed in Articles 356, 374-19 and 409-2 of the Amended Commercial Code and in the following paragraph.
株式会社は、平成十四年三月三十一日までの間、新商法第三百五十六条、第三百七十四条ノ十九及び第四百九条ノ二並びに次項に規定する場合を除き、その有する自己の株式を処分してはならない。
A company that has purchased shares on the basis of a resolution under Article 210-2, paragraph (2) of the Former Commercial Code may transfer those shares within the scope of that resolution. In this case, the provisions of Part II, Chapter II, Section 8 of the Companies Act (Act No. 86 of 2005) do not apply.
旧商法第二百十条ノ二第二項の決議に基づいて株式を買い受けた会社は、その株式をその決議の範囲内で譲渡することができる。この場合においては、会社法（平成十七年法律第八十六号）第二編第二章第八節の規定は、適用しない。
Supplementary Provisions, Article 6Transitional Measures on Share Splits
第六条（株式分割に関する経過措置）
The provisions then in force continue to govern a share split resolved before this Act comes into effect.
この法律の施行前に決議をした株式の分割に関しては、なお従前の例による。
Supplementary Provisions, Article 7Transitional Measures on the Rights of Holders of Fractional Shares
第七条（端株主の権利に関する経過措置）
With regard to a stock company that, at the time this Act comes into effect, has no provision in its articles of incorporation under the first sentence of Article 230-5 of the Former Commercial Code (including one that has received certification of the articles of incorporation before this Act comes into effect and is incorporated after this Act comes into effect), a resolution for an amendment to the articles of incorporation to the effect that the right set forth in Article 220-3, paragraph (1), item (i) or item (iv) is not granted to holders of fractional shares pursuant to Article 220-3, paragraph (2) of the Amended Commercial Code is deemed to have been adopted on the day this Act comes into effect.
この法律の施行の際旧商法第二百三十条ノ五前段の規定による定款の定めがない株式会社（この法律の施行前に定款の認証を受け、この法律の施行後に成立するものを含む。）については、この法律の施行の日において、新商法第二百二十条ノ三第二項の規定により端株主に対して同条第一項第一号又は第四号の権利を与えない旨の定款の変更の決議があったものとみなす。
With regard to a stock company existing at the time this Act comes into effect (including one that has received certification of the articles of incorporation before this Act comes into effect and is incorporated after this Act comes into effect), a resolution for an amendment to the articles of incorporation to the effect that the right set forth in Article 220-3, paragraph (1), item (iii) is not granted to holders of fractional shares pursuant to Article 220-3, paragraph (2) of the Amended Commercial Code is deemed to have been adopted on the day this Act comes into effect.
この法律の施行の際現に存する株式会社（この法律の施行前に定款の認証を受け、この法律の施行後に成立するものを含む。）については、この法律の施行の日において、新商法第二百二十条ノ三第二項の規定により端株主に対して同条第一項第三号の権利を与えない旨の定款の変更の決議があったものとみなす。
The provisions then in force continue to govern the right to receive dividends or a distribution of money, or subscription rights, of a holder of fractional shares who is not a shareholder of a stock company that, at the time this Act comes into effect, has a provision in its articles of incorporation under the second sentence of Article 230-5 of the Former Commercial Code.
この法律の施行の際旧商法第二百三十条ノ五後段の規定による定款の定めがある株式会社の端株主であって株主でないものの配当若しくは金銭の分配又は引受権を受ける権利に関しては、なお従前の例による。
Supplementary Provisions, Article 8Transitional Measures on Fractional Share Certificates
第八条（端株券に関する経過措置）
With regard to the fractional share certificates of a stock company that, before this Act comes into effect, amended its articles of incorporation pursuant to Article 230-8-2, paragraph (1) of the Former Commercial Code and provided that fractional share certificates would not be issued, the provisions then in force continue to govern until March 31, 2003.
この法律の施行前に旧商法第二百三十条ノ八ノ二第一項の規定により、定款を変更して、端株券を発行しない旨の定めをした株式会社の端株券に関しては、平成十五年三月三十一日までは、なお従前の例による。
In the case where the provisions then in force continue to govern pursuant to the provisions of the preceding paragraph, the phrase "within a certain period" in Article 351, paragraph (1) of the Former Commercial Code is deemed to be replaced with "within a certain period ending on a day on or before March 31, 2003", and a public notice made before this Act comes into effect pursuant to that paragraph with a day on or after April 1, 2003 as the end of the certain period in that paragraph is deemed to have been made with March 31, 2003 as the end of that certain period.
前項の規定によりなお従前の例によることとされる場合については、旧商法第三百五十一条第一項中「一定ノ期間内」とあるのは、「平成十五年三月三十一日以前ノ日ヲ終期トスル一定ノ期間内」とし、この法律の施行前に同項の規定により平成十五年四月一日以後の日を同項の一定の期間の終期としてされた公告については、平成十五年三月三十一日をその一定の期間の終期としてされたものとみなす。
Fractional share certificates (excluding those issued by a stock company set forth in paragraph (1); the same applies hereinafter in this paragraph through paragraph (7)) for which the submission under the proviso to the following paragraph has not been made by March 31, 2003 become invalid at the end of that day; provided, however, that a stock company may, by resolution of the board of directors, invalidate the fractional share certificates it has issued as of a certain date on or before that day.
With regard to fractional share certificates issued prior to the enforcement of this Act, the provisions then in force continue to govern until March 31, 2003 (or, if a resolution under the proviso to the preceding paragraph has been made, the certain date determined by that resolution); provided, however, that this does not preclude a person who holds a fractional share certificate from submitting it to the company and requesting that the matters set forth in Article 220-2, paragraph (1), items (i), (ii) and (iv) of the Amended Commercial Code be entered in the fractional share register, or from making a request under Article 220-6, paragraph (1) of the Amended Commercial Code.
この法律の施行前に発行されている端株券に関しては、平成十五年三月三十一日（前項ただし書の決議をした場合にあっては、その決議により定められた一定の日）までは、なお従前の例による。ただし、端株券を有する者がその端株券を会社に提出して新商法第二百二十条ノ二第一項第一号、第二号及び第四号に掲げる事項を端株原簿に記載すべき旨の請求をすること又は新商法第二百二十条ノ六第一項の規定による請求をすることを妨げない。
If a resolution under the proviso to paragraph (3) has been made, the stock company must give public notice, one month prior to the certain date referred to in the proviso to that paragraph, to the effect that fractional share certificates are to be submitted to that stock company by that date and that fractional share certificates not submitted by that date will become invalid on that date.
In the cases referred to in the proviso to paragraph (4) and the preceding paragraph, when a fractional share certificate is submitted, the stock company must enter the matters set forth in Article 220-2, paragraph (1), items (i), (ii) and (iv) of the Amended Commercial Code in the fractional share register.
In the cases referred to in the proviso to paragraph (4) and paragraph (5), if there is a person who is unable to submit a fractional share certificate, the stock company may, at the request of that person, give public notice to interested persons to the effect that any objection is to be stated within a certain period, and make the entry referred to in the preceding paragraph after the expiration of that period.
A stock company that has issued fractional share certificates prior to the enforcement of this Act must not make the provisions of the articles of incorporation under Article 220-2, paragraph (2) and Article 221, paragraph (1) of the Amended Commercial Code until after the day on which fractional share certificates not submitted pursuant to the provisions of paragraphs (1) through (3) are made invalid.
この法律の施行前に端株券を発行している株式会社は、第一項から第三項までの規定により提出されなかった端株券が無効とされる日後でなければ、新商法第二百二十条ノ二第二項及び第二百二十一条第一項の規定による定款の定めをしてはならない。
The provisions of Article 498, paragraph (1), item (ii) of the Amended Commercial Code apply mutatis mutandis to the case where a person fails to give public notice in violation of paragraph (5) or gives false public notice, and the provisions of the proviso to Article 216, paragraph (1) and Article 216, paragraph (2) of the Amended Commercial Code apply mutatis mutandis to the case where public notice under paragraph (7) is given, respectively.
Former Commercial Codemachine translation
「旧商法」
This Act as it stood before Act No. 79 of 2001 amended it.
Short name set inSupplementary Provisions, Article 2, paragraph (1)
Former Limited Liability Companies Actmachine translation
「旧有限会社法」
The law on limited liability companies (有限会社法) as it stood before Act No. 79 of 2001 amended it.
Short name set inSupplementary Provisions, Article 2, paragraph (1)
Former Share Cancellation Special Provisions Actmachine translation
「旧消却特例法」
Short name for the law on special provisions of the Commercial Code for the procedure of cancelling shares (株式の消却の手続に関する商法の特例に関する法律), which Act No. 79 of 2001 abolished.
Short name set inSupplementary Provisions, Article 2, paragraph (1)
Amended Commercial Codemachine translation
「新商法」
This Act as amended by Act No. 79 of 2001.
Short name set inSupplementary Provisions, Article 3, paragraph (1)
next account closing daymachine translation
「次期決算期」
The first account closing day (決算期) to arrive after Act No. 79 of 2001 came into effect, until whose annual shareholders' meeting ends a stock company may still buy back its own shares within the limits set under the former rules.
Short name set inSupplementary Provisions, Article 3, paragraph (1)
last account closing daymachine translation
「直前決算期」
The last account closing day (決算期) that arrived before Act No. 79 of 2001 came into effect, at whose annual shareholders' meeting a stock company may have resolved to buy back its own shares.
Short name set inSupplementary Provisions, Article 3, paragraph (1)
post-effective-date purchase provisionsmachine translation
「施行後買受規定」
The provisions under which a stock company buys shares after Act No. 79 of 2001 comes into effect: Article 3, paragraphs (1) and (4) of that Act's supplementary provisions (附則), Article 210-3, paragraph (1), main clause of the Commercial Code as it stood before that Act amended it (kept in force by paragraph (3)), and Article 3, paragraph (1) of the former special law on cancelling shares (旧消却特例法), applied under Article 24, paragraph (1) of those supplementary provisions.
Short name set inSupplementary Provisions, Article 3, paragraph (6)· applies only in this article and in Supplementary Provisions, Article 4, paragraph (2)
articles of incorporation
定款
A company's own basic rules, written by its founders when it is formed: at least its purpose, its trade name, where its head office is, the value of the property contributed at incorporation and who the founders are (Companies Act, Article 27). A stock company's must be certified by a notary before it takes effect (Article 30, paragraph (1)), and can later be changed by a resolution of the shareholders meeting (Article 466). Many rules in the Act apply "unless the articles of incorporation provide otherwise", so a company's articles decide a great deal of how the Act applies to it.
Written by AI using Companies Act, Arts. 26, 27, 30, 466, 575 as a reference.
board of directors
取締役会
The body made up of all of a stock company's directors (Companies Act, Article 362, paragraph (1)). It decides how the company's business is carried out, supervises the directors, and appoints and removes the representative directors (代表取締役) (Article 362, paragraphs (2) and (3)) — except in a company with a nominating committee and the other committees (指名委員会等設置会社), where it appoints representative executive officers (代表執行役) instead (Articles 416 and 420). Some decisions, such as disposing of important assets or borrowing a large amount, it normally may not hand to the directors (Article 362, paragraph (4)). A company with an audit and supervisory committee (監査等委員会設置会社) can hand more of them to directors (Article 399-13, paragraphs (5) and (6)), and a company with the committees hands them to executive officers (執行役) rather than directors (Article 416, paragraphs (3) and (4)). A company chooses in its articles of incorporation whether to have one (Article 326, paragraph (2)), but a public company (公開会社), among others, must (Article 327, paragraph (1)): a public company is one whose articles of incorporation let at least some of its shares change hands without the company's approval (Article 2, item (v)). A company with a board must have at least three directors (Article 331, paragraph (5)).
Written by AI using Companies Act, Arts. 2, 326, 327, 331, 362, 399-13, 416, 420 as a reference.
director
取締役
An officer of a stock company, elected by the shareholders meeting (Companies Act, Article 329, paragraph (1)). Every stock company has at least one (Article 326, paragraph (1)). Where there is no board of directors, the directors run the company's business unless the articles of incorporation say otherwise (Article 348, paragraph (1)), and each of them represents it unless the company has chosen representative directors (代表取締役) or others to do that (Article 349, paragraphs (1) and (3)). Where there is a board (取締役会, board of directors), the directors are its members, and the board decides the business and normally chooses the representative directors from among them (Article 362). The term normally runs to the annual shareholders meeting for the last business year ending within two years of election (Article 332, paragraph (1)).
Written by AI using Companies Act, Arts. 326, 329, 332, 348, 349, 362 as a reference.