Company Act Article 132Aug. 1, 2018

In case the promoters have not subscribed to the total number of shares in the first issue, the remainder shares shall be subscribed to by solicitation.

When the aforesaid subscription to shares is to be solicited, special shares may be issued in accordance with the provisions of Article 157.

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Company Act Article 157Aug. 1, 2018

Where a company is to issue special shares, it shall include in its Articles of Incorporation provisions concerning: "1. Order, fixed amount or fixed ratio of allocation of dividends and bonus on special shares; "2. Order, fixed amount or fixed ratio of allocation of surplus assets of the company; "3. Order of or restriction on or no voting right on the exercise of voting power by special shareholders; "4. Multiple voting right or veto power over specific matters on the exercise of voting power; "5. Any prohibition or restriction regarding special shareholders’ rights of being elected as directors and/or supervisors or rights of electing a certain amount of seats of directors; "6. Number, method or formula for special shares to be converted into common shares; "7. Restrictions on transfer of special shares; and "8. Other matters concerning rights and obligations incidental to special shares. "Special shareholders with multiple voting right as referred to in Item Four of the preceding paragraph shall have the same voting right as common shareholders for the election of supervisors. "The following special shares shall not apply to a public company: "1. Special shares referred to in Item Four, Five and Seven of the preceding paragraph. "2. Special shares to be converted into multiple common shares.

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