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Commercial Act — Article 366 (Requests for Convocation by Minority Shareholders)

상법 제366조

This English translation is based on the Korean text effective 2018-12-19. The Korean law has since been amended (current version effective 2026-09-10) — check the Korean original.

(1) Shareholders who hold no less than 3 percent of the total number of issued and outstanding shares may request convocation of an extraordinary general meeting of shareholders, by submitting to the board of directors a document or an electronic document stating the subject matter of and the reasons for the convocation of the meeting. <Amended by Act No. 5591, Dec. 28, 1998; Act No. 9746, May 28, 2009>

(2) If procedures for the convocation of a general meeting of shareholders are not taken promptly after the demand mentioned in paragraph (1), the shareholder who has made such demand may convene such meeting with the permission of the court. In such cases, the chairperson of the general meeting of shareholders may be appointed by the court upon request of any interested person or ex officio. <Amended by Act No. 5591, Dec. 28, 1998; Act No. 10600, Apr. 14, 2011>

(3) An inspector may be appointed at a general meeting held in accordance with paragraphs (1) and (2) to investigate the affairs of the company and the current condition of its assets. <Amended by Act No. 5591, Dec. 28, 1998>

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