(1) Where a general meeting of shareholders of a company is convened to appoint two or more directors, shareholders who hold no less than three percent of the total number of issued and outstanding shares excluding nonvoting shares may request the company to appoint directors based on cumulative voting, except as otherwise provided for by the articles of incorporation.
(2) A request under paragraph (1) shall be made in writing or by an electronic document at least seven days prior to the date set for a general meeting of shareholders. <Amended by Act No. 9746, May 28, 2009>
(3) Where a request under paragraph (1) has been made, each shareholder shall have the same number of voting rights per share as directors to be elected, with respect to the resolutions for election of directors, and the voting rights may be exercised based on cumulative voting for one or several candidates for directors.
(4) Where directors are to be elected by a vote under paragraph (3), the directors shall be elected in order of candidates who obtain the most votes.
(5) Where a request under paragraph (1) has been made, the chairperson of the meeting shall inform the members, ahead of adopting a resolution, of the existence of such request.
(6) A written statement under paragraph (2) shall be retained at the principal office until the closing of a general meeting of shareholders and offered for inspection by the shareholders during its business hours.[This Article Newly Inserted by Act No. 5591, Dec. 28, 1998]