Section 4.Withdrawal of Shares |
| Article 65 | In case the continuance of existence of a company is not specified in its Articles of Incorporation, and except that the rules for withdrawal of share capital are otherwise established, any shareholder of the company may withdraw his/her share capital upon close of each fiscal year, provided that a six-month prior notice of such intent in writing shall be given to the company.
A shareholder may, upon occurrence of a significant cause not attributable to him/her, withdraw his/her share capital at any time, regardless whether or not the continuance of existence of the company has been specified in its Articles of Incorporation.
|
|
| Article 66 | In addition to the cases mentioned in the preceding article, every shareholder shall cease to be one under any of the following circumstances:
- The occurrence of a condition for withdrawal of shares stipulated in the Articles of Incorporation;
- Death;
- Bankruptcy;
- Adjudication of the commencement of guardianship or assistantship;
- Expulsion; and
- Compulsory execution of the shareholder's contribution to the capital by the court.
Where a shareholder shall cease to be one under item 6 of the preceding Paragraph, the execution court shall notify the company and other shareholders two months in advance of the compulsory execution.
|
Info |
| Article 67 | A shareholder may, by unanimous agreement of all other shareholders, be expelled under any of the following circumstances:
- Inability to contribute the capital which should have been contributed or failure to do so despite repeated demand;
- Violation of the provisions of Article 54 Paragraph 1;
- Improper conduct detrimental to the interest of the company; and
- Failure to attend to important duties of the company; however, such expulsion shall not be valid in respect of such a shareholder until after due notice has been given.
|
Info |
| Article 68 | If the name of a company contains the surname or a full name of a shareholder, such shareholder may, upon withdrawal of his shares, request the company to discontinue the use of his name.
|
|
| Article 69 | The settlement of account of a retiring shareholder shall be based on the financial condition of the company at the time of his withdrawal.
The contribution of the retiring shareholder shall, whatever the nature of his contribution, be repaid in cash.
If, at the time of withdrawal, certain affairs of the company have not yet been concluded, then allocation of a retiring shareholder's share of profit and loss shall only be made after the due conclusion of such affairs.
|
|
| Article 70 | For withdrawal of share capital, a shareholder of a company shall file an application for share capital withdrawal with the competent authority for registration thereof, and shall, within two years after such withdrawal registration, stay liable, jointly and severally and without limitation, for the liabilities incurred by the company.
The provisions set out in the preceding Paragraph shall apply mutatis mutandis, to the shareholder of a company transferring his/her capital contribution.
|
|