Commercial Act — Article 427 (Limitation on Assertion of Nullification or Revocation of Subscriptions)

After one year has elapsed from the date of registration of an alteration due to the issuance of new shares, no person who has subscribed to the new shares may assert the nullification of his/her subscription by reason of defects in the requirements as to the share subscription form or certificate of preemptive right, or cancel his/her subscription on the ground of fraud, duress or mistake. The same shall apply where he/she has exercised his/her rights in respect to such shares. <Amended by Act No. 1212, Dec. 12, 1962; Act No. 3724, Apr. 10, 1984>