(1) A company may issue different classes of shares that may be retired out of profits in accordance with the articles of incorporation. In such cases, the price, period, and methods of the redemption of shares, and the number of redeemable shares shall be stated in the articles of incorporation.
(2) In cases falling under paragraph (1), no later than two weeks prior to the date of acquisition of the redeemable shares, a company shall separately notify the particulars of the said redemption to the shareholders of the redeemable shares and to the interest-holders stated in the register of shareholders, in accordance with the articles of incorporation: Provided, That the said notification may be substituted by public notification.
(3) A company may, as prescribed in its articles of incorporation, issue different classes of shares with which the shareholders may demand redemption of shares against the company. In such cases, the company shall determine in the articles of incorporation the rights of shareholders to demand redemption against the company, and the price, period, and methods of the redemption of shares.
(4) In cases falling under paragraphs (1) and (3), as a consideration for acquisition of shares, a company may provide securities or assets other than cash (excluding other different classes of shares): Provided, That in such cases, the book value of the assets shall not exceed the distributable profits pursuant to Article 462.
(5) The shares provided for in paragraphs (1) and (3) may be issued with a limit to different classes of shares (excluding those concerning redemption and conversion).[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]