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Commercial Act — Article 522-3 (Appraisal Rights of Shareholders Opposing Merger)

상법 제522조의3

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) Where a shareholder (including a shareholder with no or limited voting rights; hereafter the same shall apply in this Article), dissenting from a resolution passed by the board of directors concerning any matter requiring resolution under Article 522 (1), has notified the company of his/her dissent to the resolution in writing before the general meeting, he/she may request the company to purchase the shares he/she owns in writing, specifying the classes and number of such shares, within twenty days from the date the general meeting adopts the resolution. <Amended by Act No. 13523, Dec. 1, 2015>

(2) A shareholder who has given a written notice of his/her dissent to a merger to the company within two weeks from the date of public notice or notification under Article 527-2 (2) may request the company to purchase his/her shares in writing, specifying the classes and number of shares within 20 days of expiration of the period. <Newly Inserted by Act No. 5591, Dec. 28, 1998>[This Article Newly Inserted by Act No. 5053, Dec. 29, 1995]

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