Company Act Article 66Aug. 1, 2018

In addition to the cases mentioned in the preceding article, every shareholder shall cease to be one under any of the following circumstances:

1. The occurrence of a condition for withdrawal of shares stipulated in the Articles of Incorporation;
2. Death;
3. Bankruptcy;
4. Adjudication of the commencement of guardianship or assistantship;
5. Expulsion; and
6. 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.

Same Article Laws


Other Related Laws

Company Act Article 65Aug. 1, 2018

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.

Details >

Corporate Consulting