Korean Law in English
Laws › Commercial Act › SECTION 5 Amendments to Articles of Incorporation

Commercial Act — Article 435 (General Meeting of Shareholders of Certain Classes of Shares)

상법 제435조

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) If a company has issued different classes of shares, and an amendment to the articles of incorporation will injure the shareholders of a certain different class of shares, a resolution adopted by a general meeting of such specific class of shareholders shall be required for effecting such amendment in addition to that of a general meeting of shareholders. <Amended by Act No. 10600, Apr. 14, 2011>

(2) A resolution under paragraph (1) shall be adopted by the affirmative votes of at least two thirds of the voting rights of the shareholders present at a general meeting of shareholders and of at least one third of the total number of issued and outstanding shares of such class. <Amended by Act No. 5053, Dec. 29, 1995>

(3) Provisions relating to a general meeting of shareholders shall apply mutatis mutandis to a general meeting of shareholders under paragraph (1), except for the provisions relating to non-voting shares.

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