(1) Where all shareholders of a company engaging in an act falling under any subparagraphs of Article 374 (1) give their consent, or the other party of the relevant act owns at least 90 percent of the total number of the issued and outstanding shares of such company, approval of the board of directors of the company may be given in lieu of the approval of the general meeting of the shareholders.
(2) In cases falling under paragraph (1), the company shall make a public notification, or give a notice to its shareholders, that it intends to transfer, acquire or lease business without obtaining approval from the general meeting of shareholders, within two weeks from the preparation of an agreement therefor: Provided, That the foregoing shall not apply where all shareholders give their consent.
(3) A shareholder who has expressed dissent to the transfer, acquisition, lease, etc. of business in writing to the company within two weeks from the date of the public notification or notice under paragraph (2) may request the company to purchase his/her shares in writing, specifying the classes and number of such shares, within 20 days from the expiration of the aforesaid period. In such cases, the provisions of Article 374-2 (2) through (5) shall apply mutatis mutandis.[This Article Newly Inserted by Act No. 13523, Dec. 1, 2015]