Article 464Liability Where Shares Are Acquired in Response to Exercise of Appraisal Rights
第四百六十四条（買取請求に応じて株式を取得した場合の責任）
If a stock company acquires shares in response to a demand for appraisal pursuant to the provisions of Article 116, paragraph (1) or Article 182-4, paragraph (1), if the amount of the monies paid to the shareholders who made relevant demands exceeds the distributable amount as at the day when relevant payment is made, the executives who performed duties in relation to the acquisition of relevant shares are jointly and severally liable to the stock company for payment of relevant excess amount; provided, however, that this does not apply if relevant persons prove that they did not fail to exercise due care with respect to the performance of their duties.
株式会社が第百十六条第一項又は第百八十二条の四第一項の規定による請求に応じて株式を取得する場合において、当該請求をした株主に対して支払った金銭の額が当該支払の日における分配可能額を超えるときは、当該株式の取得に関する職務を行った業務執行者は、株式会社に対し、連帯して、その超過額を支払う義務を負う。ただし、その者がその職務を行うについて注意を怠らなかったことを証明した場合は、この限りでない。
Exemption from the obligations under the preceding paragraph may not be given without the consent of all shareholders.
前項の義務は、総株主の同意がなければ、免除することができない。
Read this with the articles around it
(Dissenting Shareholders' Appraisal Rights)
In the cases set forth in the following items, dissenting shareholders may demand that the stock company purchase, at a fair price, the shares prescribed in these items that they hold:
次の各号に掲げる場合には、反対株主は、株式会社に対し、自己の有する当該各号に定める株式を公正な価格で買い取ることを請求することができる。
Open this provision(Dissenting Shareholders' Appraisal Rights)
If fractional shares are included in the number of shares when a stock company consolidates shares, dissenting shareholders may demand that the stock company purchase, at a fair price…
株式会社が株式の併合をすることにより株式の数に一株に満たない端数が生ずる場合には、反対株主は、当該株式会社に対し、自己の有する株式のうち一株に満たない端数となるものの全部を公正な価格で買い取ることを請求することができる。
Open this provision(Liability Where Shares Are Acquired in Response to Exercise of Appraisal Rights)
If a stock company acquires shares in response to a demand for appraisal pursuant to the provisions of Article 116, paragraph (1) or Article 182-4, paragraph (1)…
株式会社が第百十六条第一項又は第百八十二条の四第一項の規定による請求に応じて株式を取得する場合において、当該請求をした株主に対して支払った金銭の額が当該支払の日における分配可能額を超えるときは、当該株式の取得に関する職務を行った業務執行者は、株式会社に対し、連帯して、その超過額を支払う義務を負う。
Open this provisiondistributable amount
「分配可能額」
The most a stock company may pay out to its shareholders in dividends or by buying back its own shares, worked out under Article 461, paragraph (2) from its surplus less the amounts listed there.
Defined inArticle 461, paragraph (2)
executives
「業務執行者」
An executive director (or, in a company with nominating committee, etc., an executive officer), or another person named by Ministry of Justice Order (法務省令) as involved in that director's work, who handled a payout to shareholders made beyond the distributable amount and is liable to repay it.
Defined inArticle 462, paragraph (1)· applies only in this section