①In the cases provided for in paragraph (4), item (i) of the preceding Article, the stock company must notify shareholders of the matters set forth in that item no later than 20 days prior to the last day of the period referred to in that item.

②A stock company must pay to shareholders who have exercised the right to demand distribution of monies, in lieu of the dividend property assigned to relevant shareholders, the monies equivalent to the value of relevant dividend property. In cases, the amounts provided for in each of the following items for the case categories set forth in each relevant item are the value of relevant dividend property:

If the number referred to in Article 454, paragraph (4), item (ii) (hereinafter in this Article referred to as "minimum number of shares") is prescribed, a stock company must pay to shareholders having shares in a number less than the minimum number of shares (hereinafter in this Article referred to as "disqualified shares") monies equivalent to the amount obtained by multiplying the amount prescribed as the value of the dividend property assigned to shareholders having shares in the minimum number of shares in accordance with the applicable provisions of the second sentence of paragraph (2) of the preceding Article by the ratio of the number of relevant disqualified shares to the minimum number of shares.

①The dividend property (including monies paid pursuant to the provisions of Article 455, paragraph (2) and monies paid pursuant to the provisions of the preceding Article; hereinafter the same applies in this Article) must be delivered at the address of the shareholders (including registered pledgees of shares; hereinafter the same applies in this Article) which have been entered or recorded in the shareholder register, or at any other place of which the shareholders have notified the stock company (in paragraph (3) referred to as "address, etc.").

②The cost of the delivery of dividend property pursuant to the provisions of the preceding paragraph is borne by the stock company; provided, however, that, if relevant cost increases due to reasons attributable to shareholders, relevant increased amount is borne by the shareholders.

③The provisions of the preceding two paragraphs do not apply to the delivery of dividend property to shareholders who do not have address, etc. in Japan.

The provisions of Article 453 through the preceding Article do not apply if the amount of the net assets of the stock company is less than 3,000,000 yen.

①A company with financial auditor (excluding companies for which the last day of the term of office of directors (directors other than directors who are audit and supervisory committee members for a company with company audit and supervisory committee) falls on a day after the day of the conclusion of the annual shareholders meeting for the last business year ending within one year from the time of their election, and companies with company auditor that are not companies with board of company auditors) may provide in the articles of incorporation that the board of directors (for matters set forth in item (ii), limited to the board of directors under Article 436, paragraph (3)) may decide the following matters:

②The provisions of the articles of incorporation pursuant to the provisions of the preceding paragraph are effective only if the financial statements for the most recent business year satisfy the requirements prescribed by Ministry of Justice Order as accurately indicating the status of the assets and profits and losses of a stock company in compliance with laws and regulations and the articles of incorporation.

③For the purpose of the application of the provisions of Article 449, paragraph (1), item (i) if there are provisions in the articles of incorporation pursuant to the provisions of paragraph (1), the term "annual shareholders meeting" in that item is deemed to be replaced with "annual shareholders meeting or board of directors under Article 436, paragraph (3)".

①If there are provisions in the articles of incorporation pursuant to the provisions of paragraph (1) of the preceding Article, a stock company may provide in the articles of incorporation that the matters set forth in each item of that paragraph are not decided by a resolution at a shareholders meeting.

②The provisions of the articles of incorporation pursuant to the provisions of the preceding paragraph are effective only if the financial statements for the most recent business year satisfy the requirements prescribed by Ministry of Justice Order as accurately indicating the status of the assets and profits and losses of a stock company in compliance with laws and regulations and the articles of incorporation.

①The total book value of the monies, etc. (excluding shares of the relevant stock company; hereinafter the same applies in this Section) delivered to shareholders as a result of the following acts may not exceed the distributable amount as at the day on which relevant act takes effect:

②The "distributable amount" provided for in the preceding paragraph means the amount obtained by subtracting the sum of the amounts set forth in items (iii) through (vi) from the sum set forth in item (i) and item (ii) (hereinafter the same applies in this Section):