# 会社法 / Companies Act — 第七百八十七条 (Article 787) - 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: 第七百八十七条 (Article 787)（新株予約権買取請求） — address `art-787` - Text in force since: 2026-08-12 - URL (the page that opens at this provision): https://japanlaw.org/en/companies-act/art-787 - Permanent URL (e-Gov law ID, never renamed): https://japanlaw.org/l/417AC0000000086/art-787 - 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. --- ### 第七百八十七条（新株予約権買取請求） — (Exercise of Appraisal Rights on Share Options) caption: Ministry of Justice translation — Japanese Law Translation Database System art-787 · https://japanlaw.org/en/companies-act/art-787 · https://japanlaw.org/l/417AC0000000086/art-787 **第一項** 次の各号に掲げる行為をする場合には、当該各号に定める消滅株式会社等の新株予約権の新株予約権者は、消滅株式会社等に対し、自己の有する新株予約権を公正な価格で買い取ることを請求することができる。 art-787/par-1 · https://japanlaw.org/en/companies-act/art-787/par-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-1 In cases of carrying out any one of the acts set forth in the following items, holders of share options of the disappearing stock company, etc. provided for in those items may demand that the disappearing stock company, etc. purchase, at a fair price, the share options that they hold: Ministry of Justice translation — Japanese Law Translation Database System **一** 吸収合併　第七百四十九条第一項第四号又は第五号に掲げる事項についての定めが第二百三十六条第一項第八号の条件（同号イに関するものに限る。）に合致する新株予約権以外の新株予約権 art-787/par-1/item-1 · https://japanlaw.org/en/companies-act/art-787/par-1/item-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-1 absorption-type merger:share options other than those for which provisions on the matters set forth in Article 749, paragraph (1), item (iv) or (v) meet the conditions set forth in Article 236, paragraph (1), item (viii) (limited to those related to (a) of that item); Ministry of Justice translation — Japanese Law Translation Database System **二** 吸収分割（吸収分割承継会社が株式会社である場合に限る。）　次に掲げる新株予約権のうち、第七百五十八条第五号又は第六号に掲げる事項についての定めが第二百三十六条第一項第八号の条件（同号ロに関するものに限る。）に合致する新株予約権以外の新株予約権 art-787/par-1/item-2 · https://japanlaw.org/en/companies-act/art-787/par-1/item-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-2 absorption-type company split (limited to cases where the company succeeding in the absorption-type split is a stock company): among the following share options, share options other than those for which provisions on the matters set forth in Article 758, item (v) or (vi) meet the conditions referred to in Article 236, paragraph (1), item (viii) (limited to those related to (b) of that item): Ministry of Justice translation — Japanese Law Translation Database System **イ** 吸収分割契約新株予約権 art-787/par-1/item-2/sub-1 · https://japanlaw.org/en/companies-act/art-787/par-1/item-2/sub-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-2/sub-1 the share options in the absorption-type company split agreement; and Ministry of Justice translation — Japanese Law Translation Database System **ロ** 吸収分割契約新株予約権以外の新株予約権であって、吸収分割をする場合において当該新株予約権の新株予約権者に吸収分割承継株式会社の新株予約権を交付することとする旨の定めがあるもの art-787/par-1/item-2/sub-2 · https://japanlaw.org/en/companies-act/art-787/par-1/item-2/sub-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-2/sub-2 share options other than the share options in the absorption-type company split agreement, for which there are provisions to the effect that, in the case of effecting an absorption-type company split, share options of the stock company succeeding in the absorption-type split are to be delivered to holders of relevant share options; or Ministry of Justice translation — Japanese Law Translation Database System **三** 株式交換（株式交換完全親会社が株式会社である場合に限る。）　次に掲げる新株予約権のうち、第七百六十八条第一項第四号又は第五号に掲げる事項についての定めが第二百三十六条第一項第八号の条件（同号ニに関するものに限る。）に合致する新株予約権以外の新株予約権 art-787/par-1/item-3 · https://japanlaw.org/en/companies-act/art-787/par-1/item-3 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-3 share exchange (limited to cases where the wholly owning parent company resulting from the share exchange is a stock company): among the following share options, share options other than those for which provisions on the matters set forth in Article 768, paragraph (1), item (iv) or item (v) meet the conditions set forth in Article 236, paragraph (1), item (viii) (limited to those related to (d) of that item): Ministry of Justice translation — Japanese Law Translation Database System **イ** 株式交換契約新株予約権 art-787/par-1/item-3/sub-1 · https://japanlaw.org/en/companies-act/art-787/par-1/item-3/sub-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-3/sub-1 share options under share exchange agreement; and Ministry of Justice translation — Japanese Law Translation Database System **ロ** 株式交換契約新株予約権以外の新株予約権であって、株式交換をする場合において当該新株予約権の新株予約権者に株式交換完全親株式会社の新株予約権を交付することとする旨の定めがあるもの art-787/par-1/item-3/sub-2 · https://japanlaw.org/en/companies-act/art-787/par-1/item-3/sub-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-1/item-3/sub-2 share options other than share options under share exchange agreement and for which there are provisions to the effect that, in the case of effecting a share exchange, share options of the wholly owning parent stock company resulting from the share exchange are to be delivered to holders of the share options. Ministry of Justice translation — Japanese Law Translation Database System **第二項** 新株予約権付社債に付された新株予約権の新株予約権者は、前項の規定による請求（以下この目において「新株予約権買取請求」という。）をするときは、併せて、新株予約権付社債についての社債を買い取ることを請求しなければならない。ただし、当該新株予約権付社債に付された新株予約権について別段の定めがある場合は、この限りでない。 art-787/par-2 · https://japanlaw.org/en/companies-act/art-787/par-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-2 If of share options attached to bonds with share options intend to make the demand under the preceding paragraph (hereinafter referred to as the "exercise of appraisal rights on share options" in this Division), they must also demand that the disappearing stock company, etc. purchase the bonds for bonds with share options; provided, however, that this does not apply if it is otherwise provided for with respect to the share options attached to relevant bonds with share options. Ministry of Justice translation — Japanese Law Translation Database System **第三項** 次の各号に掲げる消滅株式会社等は、効力発生日の二十日前までに、当該各号に定める新株予約権の新株予約権者に対し、吸収合併等をする旨並びに存続会社等の商号及び住所を通知しなければならない。 art-787/par-3 · https://japanlaw.org/en/companies-act/art-787/par-3 · https://japanlaw.org/l/417AC0000000086/art-787/par-3 The disappearing stock companies, etc. set forth in the following items must notify holders of share options provided for in those items that they will effect an absorption-type merger, etc. and the trade name and address of the surviving company, etc., by twenty days prior to the effective day: Ministry of Justice translation — Japanese Law Translation Database System **一** 吸収合併消滅株式会社　全部の新株予約権 art-787/par-3/item-1 · https://japanlaw.org/en/companies-act/art-787/par-3/item-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-1 stock company disappearing in the absorption-type merger:all share options; Ministry of Justice translation — Japanese Law Translation Database System **二** 吸収分割承継会社が株式会社である場合における吸収分割株式会社　次に掲げる新株予約権 art-787/par-3/item-2 · https://japanlaw.org/en/companies-act/art-787/par-3/item-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-2 the stock company splitting in the absorption-type split if the company succeeding in the absorption-type split is a stock company: the following share options: Ministry of Justice translation — Japanese Law Translation Database System **イ** 吸収分割契約新株予約権 art-787/par-3/item-2/sub-1 · https://japanlaw.org/en/companies-act/art-787/par-3/item-2/sub-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-2/sub-1 the share options in the absorption-type company split agreement; and Ministry of Justice translation — Japanese Law Translation Database System **ロ** 吸収分割契約新株予約権以外の新株予約権であって、吸収分割をする場合において当該新株予約権の新株予約権者に吸収分割承継株式会社の新株予約権を交付することとする旨の定めがあるもの art-787/par-3/item-2/sub-2 · https://japanlaw.org/en/companies-act/art-787/par-3/item-2/sub-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-2/sub-2 share options other than the share options in the absorption-type company split agreement and for which there are provisions to the effect that, in the case of effecting an absorption-type company split, share options of the stock company succeeding in the absorption-type split are to be delivered to holders of relevant share options; Ministry of Justice translation — Japanese Law Translation Database System **三** 株式交換完全親会社が株式会社である場合における株式交換完全子会社　次に掲げる新株予約権 art-787/par-3/item-3 · https://japanlaw.org/en/companies-act/art-787/par-3/item-3 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-3 the wholly owned subsidiary company resulting from a share exchange if the wholly owning parent company resulting from the share exchange is a stock company: the following share options: Ministry of Justice translation — Japanese Law Translation Database System **イ** 株式交換契約新株予約権 art-787/par-3/item-3/sub-1 · https://japanlaw.org/en/companies-act/art-787/par-3/item-3/sub-1 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-3/sub-1 share options under share exchange agreement; and Ministry of Justice translation — Japanese Law Translation Database System **ロ** 株式交換契約新株予約権以外の新株予約権であって、株式交換をする場合において当該新株予約権の新株予約権者に株式交換完全親株式会社の新株予約権を交付することとする旨の定めがあるもの art-787/par-3/item-3/sub-2 · https://japanlaw.org/en/companies-act/art-787/par-3/item-3/sub-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-3/item-3/sub-2 share options other than share options under share exchange agreement and for which there are provisions to the effect that, in the case of effecting a share exchange, share options of the wholly owning parent stock company resulting from the share exchange are to be delivered to holders of relevant share options. Ministry of Justice translation — Japanese Law Translation Database System **第四項** 前項の規定による通知は、公告をもってこれに代えることができる。 art-787/par-4 · https://japanlaw.org/en/companies-act/art-787/par-4 · https://japanlaw.org/l/417AC0000000086/art-787/par-4 A public notice may be substituted for the notice under the provisions of the preceding paragraph. Ministry of Justice translation — Japanese Law Translation Database System **第五項** 新株予約権買取請求は、効力発生日の二十日前の日から効力発生日の前日までの間に、その新株予約権買取請求に係る新株予約権の内容及び数を明らかにしてしなければならない。 art-787/par-5 · https://japanlaw.org/en/companies-act/art-787/par-5 · https://japanlaw.org/l/417AC0000000086/art-787/par-5 To exercise appraisal rights on share options, the share option holder must indicate the features and number of the share options with respect to which the holder is exercising those appraisal rights, between twenty days prior to the effective day and the day immediately preceding the effective day. Ministry of Justice translation — Japanese Law Translation Database System **第六項** 新株予約権証券が発行されている新株予約権について新株予約権買取請求をしようとするときは、当該新株予約権の新株予約権者は、消滅株式会社等に対し、その新株予約権証券を提出しなければならない。ただし、当該新株予約権証券について非訟事件手続法第百十四条に規定する公示催告の申立てをした者については、この限りでない。 art-787/par-6 · https://japanlaw.org/en/companies-act/art-787/par-6 · https://japanlaw.org/l/417AC0000000086/art-787/par-6 When intending to exercise appraisal rights on share options in respect of share options for which share option certificates have been issued, the holder of those share options must submit to disappearing stock company, etc. the share option certificates; provided, however, that this does not apply to a person who files a public petition as prescribed in Article 114 of the Non-Contentious Cases Procedure Act with respect to those share option certificates. Ministry of Justice translation — Japanese Law Translation Database System **第七項** 新株予約権付社債券が発行されている新株予約権付社債に付された新株予約権について新株予約権買取請求をしようとするときは、当該新株予約権の新株予約権者は、消滅株式会社等に対し、その新株予約権付社債券を提出しなければならない。ただし、当該新株予約権付社債券について非訟事件手続法第百十四条に規定する公示催告の申立てをした者については、この限りでない。 art-787/par-7 · https://japanlaw.org/en/companies-act/art-787/par-7 · https://japanlaw.org/l/417AC0000000086/art-787/par-7 When intending to exercise appraisal rights on share options in respect of share options attached to bonds with share options for which certificate representing the bond with share options have been issued, the holder of those share options must submit to the disappearing stock company, etc. the certificate representing the bond with share options; provided, however, that this does not apply to a person who files a petition for public notice as prescribed in Article 114 of the Non-Contentious Cases Procedure Act with respect to that certificate representing the bond with share options. Ministry of Justice translation — Japanese Law Translation Database System **第八項** 新株予約権買取請求をした新株予約権者は、消滅株式会社等の承諾を得た場合に限り、その新株予約権買取請求を撤回することができる。 art-787/par-8 · https://japanlaw.org/en/companies-act/art-787/par-8 · https://japanlaw.org/l/417AC0000000086/art-787/par-8 Share option holders exercising appraisal rights on share options may withdraw their demands for appraisal of the share options only with the approval of the disappearing stock company, etc. Ministry of Justice translation — Japanese Law Translation Database System **第九項** 吸収合併等を中止したときは、新株予約権買取請求は、その効力を失う。 art-787/par-9 · https://japanlaw.org/en/companies-act/art-787/par-9 · https://japanlaw.org/l/417AC0000000086/art-787/par-9 The demands of the share option holders exercising appraisal rights on share options lose effect if the absorption-type merger, etc. is cancelled. Ministry of Justice translation — Japanese Law Translation Database System **第十項** 第二百六十条の規定は、新株予約権買取請求に係る新株予約権については、適用しない。 art-787/par-10 · https://japanlaw.org/en/companies-act/art-787/par-10 · https://japanlaw.org/l/417AC0000000086/art-787/par-10 The provisions of Article 260 do not apply to share options for the exercise of appraisal rights on share options. Ministry of Justice translation — Japanese Law Translation Database System --- ## Cites - art-787/par-1/item-1: 第七百四十九条第一項第四号 → 会社法 第七百四十九条第一項第四号 (Article 749, paragraph (1), item (iv)), art-749/par-1/item-4 — https://japanlaw.org/en/companies-act/art-749/par-1/item-4 · https://japanlaw.org/l/417AC0000000086/art-749/par-1/item-4 - art-787/par-1/item-1: 第五号 → 会社法 第七百四十九条第一項第五号 (Article 749, paragraph (1), item (v)), art-749/par-1/item-5 — https://japanlaw.org/en/companies-act/art-749/par-1/item-5 · https://japanlaw.org/l/417AC0000000086/art-749/par-1/item-5 - art-787/par-1/item-1: 第二百三十六条第一項第八号 → 会社法 第二百三十六条第一項第八号 (Article 236, paragraph (1), item (viii)), art-236/par-1/item-8 — https://japanlaw.org/en/companies-act/art-236/par-1/item-8 · https://japanlaw.org/l/417AC0000000086/art-236/par-1/item-8 - art-787/par-1/item-2: 第七百五十八条第五号 → 会社法 第七百五十八条第一項第五号 (Article 758, paragraph (1), item (v)), art-758/par-1/item-5 — https://japanlaw.org/en/companies-act/art-758/par-1/item-5 · https://japanlaw.org/l/417AC0000000086/art-758/par-1/item-5 - art-787/par-1/item-2: 第六号 → 会社法 第七百五十八条第一項第六号 (Article 758, paragraph (1), item (vi)), art-758/par-1/item-6 — https://japanlaw.org/en/companies-act/art-758/par-1/item-6 · https://japanlaw.org/l/417AC0000000086/art-758/par-1/item-6 - art-787/par-1/item-2: 第二百三十六条第一項第八号 → 会社法 第二百三十六条第一項第八号 (Article 236, paragraph (1), item (viii)), art-236/par-1/item-8 — https://japanlaw.org/en/companies-act/art-236/par-1/item-8 · https://japanlaw.org/l/417AC0000000086/art-236/par-1/item-8 - art-787/par-1/item-3: 第七百六十八条第一項第四号 → 会社法 第七百六十八条第一項第四号 (Article 768, paragraph (1), item (iv)), art-768/par-1/item-4 — https://japanlaw.org/en/companies-act/art-768/par-1/item-4 · https://japanlaw.org/l/417AC0000000086/art-768/par-1/item-4 - art-787/par-1/item-3: 第五号 → 会社法 第七百六十八条第一項第五号 (Article 768, paragraph (1), item (v)), art-768/par-1/item-5 — https://japanlaw.org/en/companies-act/art-768/par-1/item-5 · https://japanlaw.org/l/417AC0000000086/art-768/par-1/item-5 - art-787/par-1/item-3: 第二百三十六条第一項第八号 → 会社法 第二百三十六条第一項第八号 (Article 236, paragraph (1), item (viii)), art-236/par-1/item-8 — https://japanlaw.org/en/companies-act/art-236/par-1/item-8 · https://japanlaw.org/l/417AC0000000086/art-236/par-1/item-8 - art-787/par-2: 前項 → 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-787/par-4: 前項 → 会社法 第七百八十七条第三項 (Article 787, paragraph (3)), art-787/par-3 — https://japanlaw.org/en/companies-act/art-787/par-3 · https://japanlaw.org/l/417AC0000000086/art-787/par-3 - art-787/par-6: 非訟事件手続法第百十四条 → e-Gov law 423AC0000000051, 第百十四条 (Article 114), art-114 — not held in this collection - art-787/par-7: 非訟事件手続法第百十四条 → e-Gov law 423AC0000000051, 第百十四条 (Article 114), art-114 — not held in this collection - art-787/par-10: 第二百六十条 → 会社法 第二百六十条 (Article 260), art-260 — https://japanlaw.org/en/companies-act/art-260 · https://japanlaw.org/l/417AC0000000086/art-260 ## Cited by 6 provisions cite this one. No official source publishes this direction. - 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 第七百八十二条第二項第三号（吸収合併契約等に関する書面等の備置き及び閲覧等） — https://japanlaw.org/en/companies-act/art-782/par-2/item-3 · https://japanlaw.org/l/417AC0000000086/art-782/par-2/item-3 - 会社法 第七百八十三条第五項（吸収合併契約等の承認等） — https://japanlaw.org/en/companies-act/art-783/par-5 · https://japanlaw.org/l/417AC0000000086/art-783/par-5 - 会社法 第七百八十七条第二項（新株予約権買取請求） — https://japanlaw.org/en/companies-act/art-787/par-2 · https://japanlaw.org/l/417AC0000000086/art-787/par-2 - 会社法 第七百八十七条第四項（新株予約権買取請求） — https://japanlaw.org/en/companies-act/art-787/par-4 · https://japanlaw.org/l/417AC0000000086/art-787/par-4 - 会社法 第七百八十八条第三項（新株予約権の価格の決定等） — https://japanlaw.org/en/companies-act/art-788/par-3 · https://japanlaw.org/l/417AC0000000086/art-788/par-3 --- ## 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 - Japanese Law Translation Database System, Ministry of Justice (法務省) — Companies Act — Ministry of Justice translation (part 2 of 2) (https://www.japaneselawtranslation.go.jp/en/laws/view/4482/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