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Article 22-2
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The transfer of stock by the directors, supervisors, managerial officers, or shareholders holding more than ten percent of the total shares of a company that has issued stock under this Act shall be effected in accordance with any of the following methods:<br/>1. An offering to the public following approval from the Competent Authority or the effective date of a filing for registration with the Competent Authority.<br/>2. Transfer, at least three days after the filing date for registration with the Competent Authority, on a centralized exchange market or the over-the-counter market, shares that comply with the holding period requirement and daily transfer allowance ratio prescribed by the Competent Authority. However, filing is not required for transfers totaling less than 10,000 shares per trading day.<br/>3. Transfer, within three days from the date of filing for registration with the Competent Authority, to specific persons satisfying the qualifications prescribed by the Competent Authority.<br/>If a transferee of stock transferred under subparagraph 3 of the preceding paragraph wishes to transfer the shares within one year therefrom, they still must do so in accordance with one of the methods listed in the preceding subparagraphs.<br/>The calculation of shares held by persons referred to in paragraph 1 shall include shares held by their spouses and minor children and those held under the names of others.
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