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【Main Issues and Holdings】
In a case where a corporation signs an agreement with a certain shareholder that
allows the said shareholder to purchase shares at a determined price, thereby
practically granting an appraisal right, and the shareholder exercises the appraisal
right, whether Article 341-2 Subparag. 4 of the Commercial Act applies
In a case like the above, whether the corporation’s purchase of its own shares is
allowed only under the conditions predetermined by Article 341 of the Commercial Act
(affirmative) and the effect of the agreement on the purchase of treasury shares that
were not concluded in line with the requirements and procedures stipulated under the
aforesaid provision (invalid)
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