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Commercial Act — Article 374-2 (Appraisal Rights of Dissenting Shareholders)

상법 제374조의2

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) Where a shareholder (including a shareholder with no or limited voting right; hereafter the same shall apply in this Article), dissenting from a resolution under Article 374, has notified the company of his/her dissent to such resolution in writing before a general meeting of shareholders, he/she may request the company to purchase his/her shares in writing, specifying the classes and number of such shares, within 20 days from the date of the resolution at the general meeting. <Amended by Act No. 13523, Dec. 1, 2015>

(2) Where the company receives a request under paragraph (1), the relevant company shall purchase the shares within two months from the expiration of a period during which a request for purchase can be made (hereafter in this Article referred to as "period during which a request for purchase can be made") under the aforesaid paragraph. <Amended by Act No. 13523, Dec. 1, 2015>

(3) The purchase price of shares under paragraph (2) shall be determined through consultation between the shareholder and the company. <Amended by Act No. 6488, Jul. 24, 2001>

(4) Where the consultation under paragraph (3) fails to produce an agreement within 30 days from the expiration of the period during which a request for purchase can be made, the company or the shareholder who has requested the purchase of shares may request the court to determine the purchase price. <Amended by Act No. 6488, Jul. 24, 2001; Act No. 13523, Dec. 1, 2015>

(5) Where the court makes a ruling on the purchase price of shares under paragraph (4), it shall compute it by a fair price in view of the current status of assets of the company and other situations. <Newly Inserted by Act No. 6488, Jul. 24, 2001>[This Article Newly Inserted by Act No. 5053, Dec. 29, 1995]

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