All sections · Part XI: Mergers, Consolidations And Arrangements · Sub-Part V: Dissenters
210 少数株主の権利
(1) 会社のメンバーは、以下の差が生じた場合、その株式の時価の支払いを受ける権利を有する。
(a) 会社が構成会社である場合の合併。ただし、会社が存続会社であり、会員が同一または類似の株式を継続して保有している場合はこの限りではない。
(b) 当該企業が構成企業である場合、連結。
(c) 当社の通常の事業過程ではない場合、当社の資産または事業の価値の50％を超える売却、譲渡、リース、交換またはその他の処分（ただし、以下を含まない）。
(i) 当該事項に関する管轄裁判所の命令に基づく命令。
(i) 処分日から1年以内に純収益の全部または実質的に全部を会員の持分に応じて分配することを規定した条件での金銭の処分。
(d) 第207条に基づく当社による当社株式の償還、および
(e) 裁判所が許可した場合の合意。
(2) (1)項に基づく権利を行使しようとする会員は、行為が投票に付される総会の前、または総会であっても投票の前に会社に通知しなければならない。
ただし、会社が本法令に従って会合の通知を行わなかった会員、または提案された行為が会合を開かずに会員の書面による同意によって承認された場合には、会員からの異議申し立ては要求されないものとする。
(3) (2)項に基づく異議申立書には、当該行為が行われた場合に、会員がその株式の支払いを求めることを提案している旨を記載しなければならない。
(4) 行為を承認した加盟国の投票日、または会議を開かずに加盟国の書面による同意が得られた日から直ちに21日以内に、公社は、提案された行為に賛成票を投じた加盟国または書面による同意を求められなかった加盟国を除き、書面による異議申し立てを行った各加盟国に承認または同意の書面による通知を行うものとする。
(5) 本会が異議申し立ての通知を行うことを要求された会員で、異議申し立てを選択した者は、(4)項で言及された異議申し立てが行われた日から21日以内に、本会に対し、異議申し立てを選択した旨を、指定して書面で通知しなければならない。
(a) 自分の名前と住所
(b) 意見が一致しない株式の数と種類、および
(c) その株式の公正な価値の支払いの要求。
また、第203条に基づいて合併を選択することを選択した会員は、第203条に基づいて合併スキームの写しまたはその概要が送付された日からすぐに21日以内に、会社に対して選択する旨の書面による通知を行うものとする。
(6) 解散する会員は、自分が保有する会社のすべての株式について解散しなければならない。
(7) 解散者の選出の発表は、その発表が関係している会員の株式の時価を受け取る権利以外の会員の権利を消滅させる。
(8) 会員が不承認の選択通知を提出できる期間の満了直後、または提案されたアクションが発生した日の直後7日以内。
会社、または合併・統合の場合は存続会社または連結会社は、反対する各会員に対し、会社が公正な市場価値と判断する特定の価格でその株式を購入する書面による申し出を行い、申し出が行われた日の直後30日以内に申し出会社と反対する会員がその株式の支払い価格について合意した場合、会社はその会員の株式を表章する証書の引き渡しと同時にその金額を支払います。
(9) 会社と反対株主の会員が、第8項の30日の期間内に、その会員が保有する株式の対価について、30日の期間満了後21日以内に合意できなかった場合は、次のとおりとします。
(a) 会社と反対会員は、それぞれレビュアーを任命する。
(b) 指定された2人のレビュアーは、共同でレビュアーを指定する。
(c) 3人の鑑定人は、行動を承認するメンバーの投票が行われた日の前日、または会議を開かずにメンバーの書面による同意が得られた日の営業終了時における、反対メンバーの株式の公正市場価値を、行動またはその提案によって直接的または間接的に生じた上昇または下降を除いて決定し、当該価値はあらゆる目的のために会社および反対メンバーを拘束するものとする。
(d) 当会社は、株主が自己の株式を表章する証書を引き渡した場合、その金額を株主に支払う。
10）(8)項または(9)項に基づいて会社が取得した株式は消却されますが、その株式が存続会社の株式である場合には、再発行が可能となります。
(11)本項に基づく会員の請求権の行使は、会員が参加株式により他の方法で権利を有する請求権の行使を妨げるものとする。ただし、本項は、その行為が違法であることを理由に救済のための手続を行う会員の権利を妨げないものとする。
(12) 207条に基づく会社による株式の償還の場合には、第(1)項および第(8)項から第(11)項のみが適用され、その場合には、第(8)項に基づき反対会員に対して行われる書面による申し出は、207条に基づく会社による株式の償還直後の7日以内に行われなければならない。
第6款 妥協または合意モデル
(a) 会社が構成会社である場合の合併。ただし、会社が存続会社であり、会員が同一または類似の株式を継続して保有している場合はこの限りではない。
(b) 当該企業が構成企業である場合、連結。
(c) 当社の通常の事業過程ではない場合、当社の資産または事業の価値の50％を超える売却、譲渡、リース、交換またはその他の処分（ただし、以下を含まない）。
(i) 当該事項に関する管轄裁判所の命令に基づく命令。
(i) 処分日から1年以内に純収益の全部または実質的に全部を会員の持分に応じて分配することを規定した条件での金銭の処分。
(d) 第207条に基づく当社による当社株式の償還、および
(e) 裁判所が許可した場合の合意。
(2) (1)項に基づく権利を行使しようとする会員は、行為が投票に付される総会の前、または総会であっても投票の前に会社に通知しなければならない。
ただし、会社が本法令に従って会合の通知を行わなかった会員、または提案された行為が会合を開かずに会員の書面による同意によって承認された場合には、会員からの異議申し立ては要求されないものとする。
(3) (2)項に基づく異議申立書には、当該行為が行われた場合に、会員がその株式の支払いを求めることを提案している旨を記載しなければならない。
(4) 行為を承認した加盟国の投票日、または会議を開かずに加盟国の書面による同意が得られた日から直ちに21日以内に、公社は、提案された行為に賛成票を投じた加盟国または書面による同意を求められなかった加盟国を除き、書面による異議申し立てを行った各加盟国に承認または同意の書面による通知を行うものとする。
(5) 本会が異議申し立ての通知を行うことを要求された会員で、異議申し立てを選択した者は、(4)項で言及された異議申し立てが行われた日から21日以内に、本会に対し、異議申し立てを選択した旨を、指定して書面で通知しなければならない。
(a) 自分の名前と住所
(b) 意見が一致しない株式の数と種類、および
(c) その株式の公正な価値の支払いの要求。
また、第203条に基づいて合併を選択することを選択した会員は、第203条に基づいて合併スキームの写しまたはその概要が送付された日からすぐに21日以内に、会社に対して選択する旨の書面による通知を行うものとする。
(6) 解散する会員は、自分が保有する会社のすべての株式について解散しなければならない。
(7) 解散者の選出の発表は、その発表が関係している会員の株式の時価を受け取る権利以外の会員の権利を消滅させる。
(8) 会員が不承認の選択通知を提出できる期間の満了直後、または提案されたアクションが発生した日の直後7日以内。
会社、または合併・統合の場合は存続会社または連結会社は、反対する各会員に対し、会社が公正な市場価値と判断する特定の価格でその株式を購入する書面による申し出を行い、申し出が行われた日の直後30日以内に申し出会社と反対する会員がその株式の支払い価格について合意した場合、会社はその会員の株式を表章する証書の引き渡しと同時にその金額を支払います。
(9) 会社と反対株主の会員が、第8項の30日の期間内に、その会員が保有する株式の対価について、30日の期間満了後21日以内に合意できなかった場合は、次のとおりとします。
(a) 会社と反対会員は、それぞれレビュアーを任命する。
(b) 指定された2人のレビュアーは、共同でレビュアーを指定する。
(c) 3人の鑑定人は、行動を承認するメンバーの投票が行われた日の前日、または会議を開かずにメンバーの書面による同意が得られた日の営業終了時における、反対メンバーの株式の公正市場価値を、行動またはその提案によって直接的または間接的に生じた上昇または下降を除いて決定し、当該価値はあらゆる目的のために会社および反対メンバーを拘束するものとする。
(d) 当会社は、株主が自己の株式を表章する証書を引き渡した場合、その金額を株主に支払う。
10）(8)項または(9)項に基づいて会社が取得した株式は消却されますが、その株式が存続会社の株式である場合には、再発行が可能となります。
(11)本項に基づく会員の請求権の行使は、会員が参加株式により他の方法で権利を有する請求権の行使を妨げるものとする。ただし、本項は、その行為が違法であることを理由に救済のための手続を行う会員の権利を妨げないものとする。
(12) 207条に基づく会社による株式の償還の場合には、第(1)項および第(8)項から第(11)項のみが適用され、その場合には、第(8)項に基づき反対会員に対して行われる書面による申し出は、207条に基づく会社による株式の償還直後の7日以内に行われなければならない。
第6款 妥協または合意モデル
Translation for information only. Only the English original is legally binding.
Original wording (English, legally binding): Rights of dissenters
(1) A member of a company is entitled to payment of the fair value of his
shares upon dissenting from —
(a) a merger, if the company is a constituent company, unless the
company is the surviving company and the member continues
to hold the same or similar shares;
(b) a consolidation, if the company is a constituent company;
(c) any sale, transfer, lease, exchange or other disposition of more
than fifty per cent in value of the assets or business of the
company, if not made in the usual or regular course of the
business carried on by the company, but not including —
(i) a disposition pursuant to an order of the Court having
jurisdiction in the matter; or
(ii) a disposition for money on terms requiring all or
substantially all net proceeds to be distributed to the
members in accordance with their respective interests
within one year after the date of disposition;
(d) a redemption of his shares by the company pursuant to section 207; and
(e) an arrangement, if permitted by the Court.
(2) A member who desires to exercise his entitlement under subsection (1)
shall give to the company, before the meeting of members at which the
action is submitted to a vote, or at the meeting but before the vote, written
objection to the action; but an objection is not required from a member to
whom the company did not give notice of the meeting in accordance with
this Act or where the proposed action is authorised by written consent of
members without a meeting.
(3) An objection under subsection (2) shall include a statement that the
member proposes to demand payment for his shares if the action is taken.
(4) Within 21 days immediately following the date on which the vote of
members authorising the action is taken, or the date on which written
consent of members without a meeting is obtained, the company shall
give written notice of the authorisation or consent to each member who
gave written objection or from whom written objection was not required,
except those members who voted for, or consented in writing to, the
proposed action.
(5) A member to whom the company was required to give notice who elects
to dissent shall, within 21 days immediately following the date on which
the notice referred to in subsection (4) is given, give to the company a
written notice of his decision to elect to dissent, stating —
(a) his name and address;
(b) the number and classes of shares in respect of which he dissents;
and
(c) a demand for payment of the fair value of his shares,
and a member who elects to dissent from a merger under section 203 shall
give to the company a written notice of his decision to elect to dissent
within 21 days immediately following the date on which the copy of the
plan of merger or an outline thereof is given to him in accordance with
section 203.
(6) A member who dissents shall do so in respect of all shares that he holds
in the company.
(7) Upon the giving of a notice of election to dissent, the member to whom
the notice relates ceases to have any of the rights of a member except the
right to be paid the fair value of his shares.
(8) Within 7 days immediately following the date of the expiration of the
period within which members may give their notices of election to
dissent, or within 7 days immediately following the date on which the
proposed action is put into effect, whichever is later, the company or, in
the case of a merger or consolidation, the surviving company or the
consolidated company, shall make a written offer to each dissenting
member to purchase his shares at a specified price that the company
determines to be their fair value; and if, within 30 days immediately
following the date on which the offer is made, the company making the
offer and the dissenting member agree upon the price to be paid for his
shares, the company shall pay to the member the amount in money upon
the surrender of the certificates representing his shares.
(9) If the company and a dissenting member fail, within the period of 30 days
referred to in subsection (8), to agree on the price to be paid for the shares
owned by the member, within 21 days immediately following the date on
which the period of 30 days expires, the following shall apply —
(a) the company and the dissenting member shall each designate
an appraiser;
(b) the two designated appraisers together shall designate an
appraiser;
(c) the three appraisers shall fix the fair value of the shares owned
by the dissenting member as of the close of business on the day
prior to the date on which the vote of members authorising the
action was taken or the date on which written consent of
members without a meeting was obtained, excluding any
appreciation or depreciation directly or indirectly induced by
the action or its proposal, and that value is binding on the
company and the dissenting member for all purposes; and
(d) the company shall pay to the member the amount in money
upon the surrender by him of the certificates representing his
shares.
(10) Shares acquired by the company pursuant to subsection (8) or (9) shall
be cancelled but if the shares are shares of a surviving company, they
shall be available for reissue.
(11) The enforcement by a member of his entitlement under this section
excludes the enforcement by the member of a right to which he might
otherwise be entitled by virtue of his holding shares, except that this
section does not exclude the right of the member to institute proceedings
to obtain relief on the ground that the action is illegal.
(12) Only subsections (1) and (8) to (11) shall apply in the case of a
redemption of shares by a company pursuant to the provisions of section 207 and in such case the written offer to be made to the dissenting
member pursuant to subsection (8) shall be made within 7 days
immediately following the direction given to a company pursuant to
section 207 to redeem its shares.
shares upon dissenting from —
(a) a merger, if the company is a constituent company, unless the
company is the surviving company and the member continues
to hold the same or similar shares;
(b) a consolidation, if the company is a constituent company;
(c) any sale, transfer, lease, exchange or other disposition of more
than fifty per cent in value of the assets or business of the
company, if not made in the usual or regular course of the
business carried on by the company, but not including —
(i) a disposition pursuant to an order of the Court having
jurisdiction in the matter; or
(ii) a disposition for money on terms requiring all or
substantially all net proceeds to be distributed to the
members in accordance with their respective interests
within one year after the date of disposition;
(d) a redemption of his shares by the company pursuant to section 207; and
(e) an arrangement, if permitted by the Court.
(2) A member who desires to exercise his entitlement under subsection (1)
shall give to the company, before the meeting of members at which the
action is submitted to a vote, or at the meeting but before the vote, written
objection to the action; but an objection is not required from a member to
whom the company did not give notice of the meeting in accordance with
this Act or where the proposed action is authorised by written consent of
members without a meeting.
(3) An objection under subsection (2) shall include a statement that the
member proposes to demand payment for his shares if the action is taken.
(4) Within 21 days immediately following the date on which the vote of
members authorising the action is taken, or the date on which written
consent of members without a meeting is obtained, the company shall
give written notice of the authorisation or consent to each member who
gave written objection or from whom written objection was not required,
except those members who voted for, or consented in writing to, the
proposed action.
(5) A member to whom the company was required to give notice who elects
to dissent shall, within 21 days immediately following the date on which
the notice referred to in subsection (4) is given, give to the company a
written notice of his decision to elect to dissent, stating —
(a) his name and address;
(b) the number and classes of shares in respect of which he dissents;
and
(c) a demand for payment of the fair value of his shares,
and a member who elects to dissent from a merger under section 203 shall
give to the company a written notice of his decision to elect to dissent
within 21 days immediately following the date on which the copy of the
plan of merger or an outline thereof is given to him in accordance with
section 203.
(6) A member who dissents shall do so in respect of all shares that he holds
in the company.
(7) Upon the giving of a notice of election to dissent, the member to whom
the notice relates ceases to have any of the rights of a member except the
right to be paid the fair value of his shares.
(8) Within 7 days immediately following the date of the expiration of the
period within which members may give their notices of election to
dissent, or within 7 days immediately following the date on which the
proposed action is put into effect, whichever is later, the company or, in
the case of a merger or consolidation, the surviving company or the
consolidated company, shall make a written offer to each dissenting
member to purchase his shares at a specified price that the company
determines to be their fair value; and if, within 30 days immediately
following the date on which the offer is made, the company making the
offer and the dissenting member agree upon the price to be paid for his
shares, the company shall pay to the member the amount in money upon
the surrender of the certificates representing his shares.
(9) If the company and a dissenting member fail, within the period of 30 days
referred to in subsection (8), to agree on the price to be paid for the shares
owned by the member, within 21 days immediately following the date on
which the period of 30 days expires, the following shall apply —
(a) the company and the dissenting member shall each designate
an appraiser;
(b) the two designated appraisers together shall designate an
appraiser;
(c) the three appraisers shall fix the fair value of the shares owned
by the dissenting member as of the close of business on the day
prior to the date on which the vote of members authorising the
action was taken or the date on which written consent of
members without a meeting was obtained, excluding any
appreciation or depreciation directly or indirectly induced by
the action or its proposal, and that value is binding on the
company and the dissenting member for all purposes; and
(d) the company shall pay to the member the amount in money
upon the surrender by him of the certificates representing his
shares.
(10) Shares acquired by the company pursuant to subsection (8) or (9) shall
be cancelled but if the shares are shares of a surviving company, they
shall be available for reissue.
(11) The enforcement by a member of his entitlement under this section
excludes the enforcement by the member of a right to which he might
otherwise be entitled by virtue of his holding shares, except that this
section does not exclude the right of the member to institute proceedings
to obtain relief on the ground that the action is illegal.
(12) Only subsections (1) and (8) to (11) shall apply in the case of a
redemption of shares by a company pursuant to the provisions of section 207 and in such case the written offer to be made to the dissenting
member pursuant to subsection (8) shall be made within 7 days
immediately following the direction given to a company pursuant to
section 207 to redeem its shares.
