(1) Any shareholder who holds no less than one percent of the total number of issued and outstanding shares may request that the company file a lawsuit against directors to compel them to perform their obligations. <Amended by Act No. 5591, Dec. 28, 1998>
(2) A request under the preceding paragraph shall be made in writing, stating the grounds therefor. <Amended by Act No. 5591, Dec. 28, 1998>
(3) If a company fails to file a lawsuit within 30 days from the date of receiving the request under the preceding paragraph, the shareholder mentioned in paragraph (1) may immediately file such action on behalf of the company.
(4) If irreparable damage is likely to be caused to the company upon the lapse of the period set forth in paragraph (3), a shareholder mentioned in paragraph (1) may immediately file such action, notwithstanding the provisions of the preceding paragraph. <Amended by Act No. 5591, Dec. 28, 1998>
(5) The effect of filing a lawsuit shall not be affected even where the number of shares held by a shareholder who files an action under paragraphs (3) and (4) falls below one percent of the total number of issued and outstanding shares after the lawsuit is filed (excluding where the shareholder no longer holds the issued and outstanding shares). <Newly Inserted by Act No. 5591, Dec. 28, 1998>
(6) Where a company files a lawsuit pursuant to a request under paragraph (1) or a shareholder files a lawsuit under paragraphs (3) and (4), no relevant party shall dismiss the suit, renunciate or admit the claim, or come to a compromise, without permission from the court. <Newly Inserted Act No. 5591, Dec. 28, 1998; Act No. 10600, Apr. 14, 2011>
(7) The provisions of Articles 176 (3) and (4), and 186 shall apply mutatis mutandis to lawsuits under this Article.