Companies Law

1. If the company’s capital is decreased by purchasing a number of its shares for the purpose of canceling them, shareholders shall be invited to offer their shares for sale. They shall be notified of the company’s intent to purchase shares by registered mail sent to the addresses registered in the shareholders’ register or by announcing such invitation through means of technology. 2. If the number of shares offered for sale exceeds the number of shares the company decides to purchase, the sale orders shall be reduced in proportion to such increase. 3. The purchase price of the shares of unlisted joint-stock companies shall be estimated at fair value. However, the shares of listed joint-stock companies shall be purchased in accordance with the Capital Market Law. Part 5: Simplified Joint-Stock Company Chapter 1: General Provisions