# 会社法 / Companies Act — 第二百三十八条 (Article 238)

- Law: 会社法 (Companies Act), 平成十七年法律第八十六号
- English title "Companies Act": Ministry of Justice translation
- Kind: Act — the distinction between 法律 (Act), 政令 (Cabinet Order), 省令 (Ministerial Order) and 条例 (local ordinance) decides who may issue it and what it may say.
- Provision: 第二百三十八条 (Article 238)（募集事項の決定） — address `art-238`
- Text in force since: 2026-08-12
- URL (the page that opens at this provision): https://japanlaw.org/en/companies-act/art-238
- Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/417AC0000000086/art-238
- Every provision below carries its address and both URLs on the line under it.
- Japanese text: e-Gov 法令検索, Digital Agency (デジタル庁). English: as marked on each line below.

Only the Japanese as published by the government has legal effect; the text
below is a copy of it. Every English rendering below is a translation and
says which kind: the Ministry of Justice's translation, or this
site's machine translation, whose model and date the Sources list names.
They are never merged and never substituted for one another.

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### 第二百三十八条（募集事項の決定） — (Determination of Subscription Requirements)
<sup>caption: Ministry of Justice translation — Japanese Law Translation Database System</sup>
<sup>art-238 · https://japanlaw.org/en/companies-act/art-238 · https://japanlaw.org/l/417AC0000000086/art-238</sup>

      **第一項**  株式会社は、その発行する新株予約権を引き受ける者の募集をしようとするときは、その都度、募集新株予約権（当該募集に応じて当該新株予約権の引受けの申込みをした者に対して割り当てる新株予約権をいう。以下この章において同じ。）について次に掲げる事項（以下この節において「募集事項」という。）を定めなければならない。
      <sup>art-238/par-1 · https://japanlaw.org/en/companies-act/art-238/par-1 · https://japanlaw.org/l/417AC0000000086/art-238/par-1</sup>
      Whenever a stock company intends to solicit subscribers for an issuance of share options, the stock company must prescribe the following matters (hereinafter in this Section referred to as "subscription requirements") with respect to the share options for subscription (meaning the share options that is to be allotted to persons who subscribed for relevant share options in response to relevant solicitation; hereinafter the same applies in this Chapter):
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **一**  募集新株予約権の内容及び数
        <sup>art-238/par-1/item-1 · https://japanlaw.org/en/companies-act/art-238/par-1/item-1 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-1</sup>
        the features and number of the share options for subscription;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **二**  募集新株予約権と引換えに金銭の払込みを要しないこととする場合には、その旨
        <sup>art-238/par-1/item-2 · https://japanlaw.org/en/companies-act/art-238/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-2</sup>
        if it is arranged that there is no requirement for monies to be paid in in exchange for the share options for subscription, a statement to that effect;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **三**  前号に規定する場合以外の場合には、募集新株予約権の払込金額（募集新株予約権一個と引換えに払い込む金銭の額をいう。以下この章において同じ。）又はその算定方法
        <sup>art-238/par-1/item-3 · https://japanlaw.org/en/companies-act/art-238/par-1/item-3 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-3</sup>
        in cases other than the cases provided for in the preceding item, the amount to be paid in for the share options for subscription (meaning the amount of money to be paid in in exchange for one share option for subscription. The same applies hereinafter in this Chapter.) or the method for calculating that amount;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **四**  募集新株予約権を割り当てる日（以下この節において「割当日」という。）
        <sup>art-238/par-1/item-4 · https://japanlaw.org/en/companies-act/art-238/par-1/item-4 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-4</sup>
        the day on which the share options for subscription is allotted (hereinafter in this Section referred to as the "day of allotment");
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **五**  募集新株予約権と引換えにする金銭の払込みの期日を定めるときは、その期日
        <sup>art-238/par-1/item-5 · https://japanlaw.org/en/companies-act/art-238/par-1/item-5 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-5</sup>
        if the stock company prescribes the date for the payment of monies in exchange for the share options for subscription, that date;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **六**  募集新株予約権が新株予約権付社債に付されたものである場合には、第六百七十六条各号に掲げる事項
        <sup>art-238/par-1/item-6 · https://japanlaw.org/en/companies-act/art-238/par-1/item-6 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-6</sup>
        if share options for subscription are attached to bonds with share option, the matters set forth in each item of Article 676;
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **七**  前号に規定する場合において、同号の新株予約権付社債に付された募集新株予約権についての第百十八条第一項、第百七十九条第二項、第七百七十七条第一項、第七百八十七条第一項又は第八百八条第一項の規定による請求の方法につき別段の定めをするときは、その定め
        <sup>art-238/par-1/item-7 · https://japanlaw.org/en/companies-act/art-238/par-1/item-7 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-7</sup>
        in the cases provided for in the preceding item, if the stock company otherwise provides for the method for submission of a demand under the provisions of Article 118, paragraph (1), Article 179, paragraph (2), Article 777, paragraph (1), Article 787, paragraph (1), or Article 808, paragraph (1) with respect to the share options for subscription attached to the bonds with share option under that item, that provision.
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第二項**  募集事項の決定は、株主総会の決議によらなければならない。
      <sup>art-238/par-2 · https://japanlaw.org/en/companies-act/art-238/par-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-2</sup>
      The determination of the subscription requirements must be made by a resolution at a shareholders meeting.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第三項**  次に掲げる場合には、取締役は、前項の株主総会において、第一号の条件又は第二号の金額で募集新株予約権を引き受ける者の募集をすることを必要とする理由を説明しなければならない。
      <sup>art-238/par-3 · https://japanlaw.org/en/companies-act/art-238/par-3 · https://japanlaw.org/l/417AC0000000086/art-238/par-3</sup>
      In the following cases, the directors must explain at the shareholders meeting referred to in the preceding paragraph the reasons for the need to solicit subscribers for share options for subscription with the offer of the conditions under item (i) or in the amount under item (ii):
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **一**  第一項第二号に規定する場合において、金銭の払込みを要しないこととすることが当該者に特に有利な条件であるとき。
        <sup>art-238/par-3/item-1 · https://japanlaw.org/en/companies-act/art-238/par-3/item-1 · https://japanlaw.org/l/417AC0000000086/art-238/par-3/item-1</sup>
        if, in the cases provided for in paragraph (1), item (ii), the absence of a requirement for the payment in of monies is particularly favorable to relevant persons; or
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

        **二**  第一項第三号に規定する場合において、同号の払込金額が当該者に特に有利な金額であるとき。
        <sup>art-238/par-3/item-2 · https://japanlaw.org/en/companies-act/art-238/par-3/item-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-3/item-2</sup>
        if, in the cases provided for in paragraph (1), item (iii), the amount to be paid in under that paragraph is particularly favorable to relevant persons.
        <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第四項**  種類株式発行会社において、募集新株予約権の目的である株式の種類の全部又は一部が譲渡制限株式であるときは、当該募集新株予約権に関する募集事項の決定は、当該種類の株式を目的とする募集新株予約権を引き受ける者の募集について当該種類の株式の種類株主を構成員とする種類株主総会の決議を要しない旨の定款の定めがある場合を除き、当該種類株主総会の決議がなければ、その効力を生じない。ただし、当該種類株主総会において議決権を行使することができる種類株主が存しない場合は、この限りでない。
      <sup>art-238/par-4 · https://japanlaw.org/en/companies-act/art-238/par-4 · https://japanlaw.org/l/417AC0000000086/art-238/par-4</sup>
      For a company with class shares, if some or all classes of the shares underlying the share options for subscription are shares with restriction on transfer, the determination of the subscription requirements regarding relevant share options for subscription does not become effective without a resolution at the general meeting of class shareholders, except if there are provisions in the articles of incorporation to the effect that, with respect to the solicitation of subscribers for share options for subscription for which the underlying shares are relevant class shares, a resolution at the relevant general meeting of class shareholders constituted by the class shareholders of relevant class is not required; provided, however, that this does not apply to cases where there is no class shareholder who can exercise a voting right at relevant general meeting of class shareholders.
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

      **第五項**  募集事項は、第一項の募集ごとに、均等に定めなければならない。
      <sup>art-238/par-5 · https://japanlaw.org/en/companies-act/art-238/par-5 · https://japanlaw.org/l/417AC0000000086/art-238/par-5</sup>
      The subscription requirements must be uniform for each solicitation under paragraph (1).
      <sup>Ministry of Justice translation — Japanese Law Translation Database System</sup>

---

## Cites
- art-238/par-1/item-3: 前号 → 会社法 第二百三十八条第一項第二号 (Article 238, paragraph (1), item (ii)), art-238/par-1/item-2 — https://japanlaw.org/en/companies-act/art-238/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-2
- art-238/par-1/item-6: 第六百七十六条 → 会社法 第六百七十六条 (Article 676), art-676 — https://japanlaw.org/en/companies-act/art-676 · https://japanlaw.org/l/417AC0000000086/art-676
- art-238/par-1/item-7: 前号 → 会社法 第二百三十八条第一項第六号 (Article 238, paragraph (1), item (vi)), art-238/par-1/item-6 — https://japanlaw.org/en/companies-act/art-238/par-1/item-6 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-6
- art-238/par-1/item-7: 第百十八条第一項 → 会社法 第百十八条第一項 (Article 118, paragraph (1)), art-118/par-1 — https://japanlaw.org/en/companies-act/art-118/par-1 · https://japanlaw.org/l/417AC0000000086/art-118/par-1
- art-238/par-1/item-7: 第百七十九条第二項 → 会社法 第百七十九条第二項 (Article 179, paragraph (2)), art-179/par-2 — https://japanlaw.org/en/companies-act/art-179/par-2 · https://japanlaw.org/l/417AC0000000086/art-179/par-2
- art-238/par-1/item-7: 第七百七十七条第一項 → 会社法 第七百七十七条第一項 (Article 777, paragraph (1)), art-777/par-1 — https://japanlaw.org/en/companies-act/art-777/par-1 · https://japanlaw.org/l/417AC0000000086/art-777/par-1
- art-238/par-1/item-7: 第七百八十七条第一項 → 会社法 第七百八十七条第一項 (Article 787, paragraph (1)), art-787/par-1 — https://japanlaw.org/en/companies-act/art-787/par-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-1
- art-238/par-1/item-7: 第八百八条第一項 → 会社法 第八百八条第一項 (Article 808, paragraph (1)), art-808/par-1 — https://japanlaw.org/en/companies-act/art-808/par-1 · https://japanlaw.org/l/417AC0000000086/art-808/par-1
- art-238/par-3: 前項 → 会社法 第二百三十八条第二項 (Article 238, paragraph (2)), art-238/par-2 — https://japanlaw.org/en/companies-act/art-238/par-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-2
- art-238/par-3: 第一号 → 会社法 第二百三十八条第三項第一号 (Article 238, paragraph (3), item (i)), art-238/par-3/item-1 — https://japanlaw.org/en/companies-act/art-238/par-3/item-1 · https://japanlaw.org/l/417AC0000000086/art-238/par-3/item-1
- art-238/par-3: 第二号 → 会社法 第二百三十八条第三項第二号 (Article 238, paragraph (3), item (ii)), art-238/par-3/item-2 — https://japanlaw.org/en/companies-act/art-238/par-3/item-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-3/item-2
- art-238/par-3/item-1: 第一項第二号 → 会社法 第二百三十八条第一項第二号 (Article 238, paragraph (1), item (ii)), art-238/par-1/item-2 — https://japanlaw.org/en/companies-act/art-238/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-2
- art-238/par-3/item-2: 第一項第三号 → 会社法 第二百三十八条第一項第三号 (Article 238, paragraph (1), item (iii)), art-238/par-1/item-3 — https://japanlaw.org/en/companies-act/art-238/par-1/item-3 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-3
- art-238/par-5: 第一項 → 会社法 第二百三十八条第一項 (Article 238, paragraph (1)), art-238/par-1 — https://japanlaw.org/en/companies-act/art-238/par-1 · https://japanlaw.org/l/417AC0000000086/art-238/par-1

## Cited by

30 provisions cite this one. No official source publishes this direction.

- 会社法 第二百三十八条第一項第三号（募集事項の決定） — https://japanlaw.org/en/companies-act/art-238/par-1/item-3 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-3
- 会社法 第二百三十八条第一項第七号（募集事項の決定） — https://japanlaw.org/en/companies-act/art-238/par-1/item-7 · https://japanlaw.org/l/417AC0000000086/art-238/par-1/item-7
- 会社法 第二百三十八条第三項（募集事項の決定） — https://japanlaw.org/en/companies-act/art-238/par-3 · https://japanlaw.org/l/417AC0000000086/art-238/par-3
- 会社法 第二百三十八条第三項第一号（募集事項の決定） — https://japanlaw.org/en/companies-act/art-238/par-3/item-1 · https://japanlaw.org/l/417AC0000000086/art-238/par-3/item-1
- 会社法 第二百三十八条第三項第二号（募集事項の決定） — https://japanlaw.org/en/companies-act/art-238/par-3/item-2 · https://japanlaw.org/l/417AC0000000086/art-238/par-3/item-2
- 会社法 第二百三十八条第五項（募集事項の決定） — https://japanlaw.org/en/companies-act/art-238/par-5 · https://japanlaw.org/l/417AC0000000086/art-238/par-5
- 会社法 第二百三十九条第一項（募集事項の決定の委任） — https://japanlaw.org/en/companies-act/art-239/par-1 · https://japanlaw.org/l/417AC0000000086/art-239/par-1
- 会社法 第二百三十九条第三項（募集事項の決定の委任） — https://japanlaw.org/en/companies-act/art-239/par-3 · https://japanlaw.org/l/417AC0000000086/art-239/par-3
- 会社法 第二百三十九条第四項（募集事項の決定の委任） — https://japanlaw.org/en/companies-act/art-239/par-4 · https://japanlaw.org/l/417AC0000000086/art-239/par-4
- 会社法 第二百四十条第一項（公開会社における募集事項の決定の特則） — https://japanlaw.org/en/companies-act/art-240/par-1 · https://japanlaw.org/l/417AC0000000086/art-240/par-1
- 会社法 第二百四十条第二項（公開会社における募集事項の決定の特則） — https://japanlaw.org/en/companies-act/art-240/par-2 · https://japanlaw.org/l/417AC0000000086/art-240/par-2
- 会社法 第二百四十一条第一項（株主に新株予約権の割当てを受ける権利を与える場合） — https://japanlaw.org/en/companies-act/art-241/par-1 · https://japanlaw.org/l/417AC0000000086/art-241/par-1
- 会社法 第二百四十一条第五項（株主に新株予約権の割当てを受ける権利を与える場合） — https://japanlaw.org/en/companies-act/art-241/par-5 · https://japanlaw.org/l/417AC0000000086/art-241/par-5
- 会社法 第二百四十二条第一項（募集新株予約権の申込み） — https://japanlaw.org/en/companies-act/art-242/par-1 · https://japanlaw.org/l/417AC0000000086/art-242/par-1
- 会社法 第二百四十二条第二項（募集新株予約権の申込み） — https://japanlaw.org/en/companies-act/art-242/par-2 · https://japanlaw.org/l/417AC0000000086/art-242/par-2
- 会社法 第二百四十六条第一項 — https://japanlaw.org/en/companies-act/art-246/par-1 · https://japanlaw.org/l/417AC0000000086/art-246/par-1
- 会社法 第二百四十六条第三項 — https://japanlaw.org/en/companies-act/art-246/par-3 · https://japanlaw.org/l/417AC0000000086/art-246/par-3
- 会社法 第二百四十七条第一項 — https://japanlaw.org/en/companies-act/art-247/par-1 · https://japanlaw.org/l/417AC0000000086/art-247/par-1
- 会社法 第二百八十五条第一項第一号（不公正な払込金額で新株予約権を引き受けた者等の責任） — https://japanlaw.org/en/companies-act/art-285/par-1/item-1 · https://japanlaw.org/l/417AC0000000086/art-285/par-1/item-1
- 会社法 第二百八十五条第一項第二号（不公正な払込金額で新株予約権を引き受けた者等の責任） — https://japanlaw.org/en/companies-act/art-285/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-285/par-1/item-2
- 会社法 第三百九条第二項第六号（株主総会の決議） — https://japanlaw.org/en/companies-act/art-309/par-2/item-6 · https://japanlaw.org/l/417AC0000000086/art-309/par-2/item-6
- 会社法 第三百二十四条第二項第三号（種類株主総会の決議） — https://japanlaw.org/en/companies-act/art-324/par-2/item-3 · https://japanlaw.org/l/417AC0000000086/art-324/par-2/item-3
- 会社法 第三百六十一条第一項第四号（取締役の報酬等） — https://japanlaw.org/en/companies-act/art-361/par-1/item-4 · https://japanlaw.org/l/417AC0000000086/art-361/par-1/item-4
- 会社法 第四百二十五条第一項第二号（責任の一部免除） — https://japanlaw.org/en/companies-act/art-425/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-425/par-1/item-2
- 会社法 第九百十一条第三項第十二号ホ（株式会社の設立の登記） — https://japanlaw.org/en/companies-act/art-911/par-3/item-12/sub-5 · https://japanlaw.org/l/417AC0000000086/art-911/par-3/item-12/sub-5
- 会社法 第九百十一条第三項第十二号ヘ（株式会社の設立の登記） — https://japanlaw.org/en/companies-act/art-911/par-3/item-12/sub-6 · https://japanlaw.org/l/417AC0000000086/art-911/par-3/item-12/sub-6
- 会社法 附則第八条第一項（社債に関する経過措置） — https://japanlaw.org/en/companies-act/suppl-5011-70/art-8/par-1 · https://japanlaw.org/l/417AC0000000086/suppl-5011-70/art-8/par-1
- 所得税法 第二百二十八条の二第一項（新株予約権の行使に関する調書） — https://japanlaw.org/en/income-tax-act/art-228-2/par-1 · https://japanlaw.org/l/340AC0000000033/art-228-2/par-1
- 租税特別措置法 第二十九条の二第一項（特定の取締役等が受ける新株予約権の行使による株式の取得に係る経済的利益の非課税等） — https://japanlaw.org/en/special-taxation-measures-act/art-29-2/par-1 · https://japanlaw.org/l/332AC0000000026/art-29-2/par-1
- 租税特別措置法 第二十九条の二第一項第五号（特定の取締役等が受ける新株予約権の行使による株式の取得に係る経済的利益の非課税等） — https://japanlaw.org/en/special-taxation-measures-act/art-29-2/par-1/item-5 · https://japanlaw.org/l/332AC0000000026/art-29-2/par-1/item-5

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## Sources

- e-Gov 法令検索, Digital Agency (デジタル庁) — 会社法 — the text in force from 2026-08-12 (https://laws.e-gov.go.jp/law/417AC0000000086/20260812_508AC0000000064), retrieved 2026-09-17
- Japanese Law Translation Database System, Ministry of Justice (法務省) — Companies Act — Ministry of Justice translation (part 1 of 2) (https://www.japaneselawtranslation.go.jp/en/laws/view/4481/tb), retrieved 2026-09-17
- This site's parser, version 211 — 会社法 — structure, counts, cross-references and defined terms, computed 2026-09-17