(1) Conversion of shares shall take effect at the time it is requested in cases where a shareholder requests the conversion, and at the time the period of Article 346 (3) 2 elapses in cases where the company has completed the conversion. <Amended by Act No. 10600, Apr. 14, 2011>
(2) The holders of shares converted during the period mentioned in Article 354 (1) may not exercise their voting rights at the general meeting of shareholders held during such period.
(3) With regard to dividends of profits accruing from the shares issued as a result of conversion, the conversion shall be deemed to have been made when the shareholder requests the conversion or at the end of the business year in which the period mentioned in Article 346 (3) 2 elapses. In such cases, the articles of incorporation may provide that with respect to dividends of profits as to the new shares, the conversion shall be deemed to have been made when the shareholder demands the conversion or at the end of the business year immediately before the business year in which the period mentioned in Article 346 (3) 2 elapses. <Amended by Act No. 10600, Apr. 14, 2011>[This Article Wholly Amended by Act No. 5053, Dec. 29, 1995]