(1) Unless otherwise provided for in this Act, the capital of a company shall be equal to the total sum of par values of all issued and outstanding shares.
(2) Where a company issues no par value shares, the capital of the company shall be the amount equal to or higher than half of the share issuance price, and shall be the total amount which the board of directors (in cases of issuance of stock as determined by the proviso to Article 416, referring to a general meeting of shareholders) agrees to include in the capital. In such cases, the amount not to be included in capital out of the issuance price shall be included in the capital reserve.
(3) No capital of a company may be changed by transferring par value shares into no par value shares or by transferring no par value shares into par value shares.[This Article Wholly Amended by Act No. 10600, Apr. 14, 2011]