(1) Where provided for in the articles of incorporation, a company may issue all of its shares with no par value: Provided, That in cases of issuing no par value shares, par value shares may not be issued.
(2) The value of par value shares shall be equal.
(3) The par value per share shall be at least 100 won.
(4) A company may convert its outstanding par value shares into no par value shares, or no par value shares into par value shares, as determined by the articles of incorporation.
(5) In cases falling under paragraph (4), the provisions of Article 440, the main body of Article 441, and Article 442 shall apply mutatis mutandis.[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]