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Article 356-7
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Where a close company is to issue special shares, it shall include in its Articles of Incorporation provisions concerning:
- Order, fixed amount or fixed ratio of allocation of dividends and bonus on special shares;
- Order, fixed amount or fixed ratio of allocation of surplus assets of the company;
- Order of or restriction on, no voting right, multiple voting right, or veto power over specific matters on the exercise of voting power by special shareholders;
- Any prohibition or restriction regarding special shareholders’ rights of being elected as directors and/or supervisors or rights of electing a certain amount of seats of directors and supervisors;
- Number, method or formula for special shares to be converted into common shares;
- Restrictions on transfer of special shares; and
- Other matters concerning rights and obligations incidental to special shares.
Paragraph Two of Article 157 shall not apply to multiple voting rights of special shareholders as set forth in Item Three of the preceding paragraph.
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