Stock certificate - Kabuken

Securities that represent stocks. They are a useful means of making the legal relationship surrounding stocks, which are the legal status of shareholders, visible, and making them easy to trade, and facilitating the transfer of stocks through their circulation. During the Commercial Code era, it was the rule that a joint-stock company should issue stock certificates, but under the Companies Act, it is the rule that a joint-stock company should not issue stock certificates, and it is stipulated that "A joint-stock company may provide in its articles of incorporation that it will issue stock certificates for its stocks (for all types of stock in the case of a company that issues classes of stock)" (Article 214). This is because, on the one hand, companies that require high liquidity of stocks are forced to make stock certificates paperless under the new book-entry transfer system under the "Law on Book-Entry Transfer of Corporate Bonds, Stocks, etc." (Law No. 88 of 2004), and, on the other hand, there are companies that do not need to increase the liquidity of their stocks in the market, so the rule is that stock certificates should not be issued. In addition, the transfer of stocks of a company that does not issue stock certificates takes effect when the transfer parties express their intention to do so, and the change of name on the shareholder register is a requirement for assertion against the company and third parties (Article 130, Paragraph 2 of the Companies Act).

A stock company (stock certificate issuing company) that provides for the issuance of stock certificates in its articles of incorporation is required to issue stock certificates without delay after the date of stock issue (Article 215, Paragraph 1 of the same law). However, a private company may withhold the issuance of stock certificates until a shareholder requests it (Article 215, Paragraph 4 of the same law).

Stock certificates are created on the premise that shares exist, so they are not rights-based securities (non-rights-based securities) nor are they unrelated securities (factor-based securities). Stock certificates are required to include statutory information and be signed by directors (Article 216 of the same law), so they are formal securities, but their formality is not as strict as that of a bill, and as long as they contain the essential information of a stock certificate, they are not invalid even if other information is missing. Furthermore, stock certificates are not written securities. Only registered stock certificates, which state the shareholder's name on the certificate, are permitted to be issued. When stock certificates are issued, shares are transferred only by the delivery of the stock certificate, so stock certificates are classified as bearer securities.

In the case of a company that issues stock certificates, the delivery of stock certificates is a requirement for the effectiveness of a stock transfer (not a mere requirement for perfection, Article 128, paragraph 1 of the same law), and the person in possession of the stock certificates is presumed to be a lawful holder (qualifying effect of the possession of stock certificates, Article 131, paragraph 1 of the same law). In addition, a system of bona fide acquisition is recognized for stock certificates (Article 131, paragraph 2 of the same law). A person who receives stock certificates from a person in possession of stock certificates is allowed to validly acquire stock certificates and become a shareholder, even if the transferor is a non-rights holder, unless there is bad faith or gross negligence.

For shareholders who do not wish to hold stock certificates, there is a system for non-possession of stock certificates (Article 217 of the said Act).In addition, for shareholders who have lost their stock certificates, there is a system for invalidating stock certificates (Articles 221 to 233 of the said Act), and stock certificates that have been registered as lost in the stock certificate loss register kept by each company will become invalid one year from the day following the date of registration, and the company will reissue the stock certificates to the registrant (Article 228 of the said Act).

[Shuzo Toda and Norihiko Fukuhara]

"Company Law, revised edition (2006, Gakuyo Shobo) by Kyoichi Toriyama, Norihiko Fukuhara, Kimihito Amari, Tamesaburo Yamamoto, and Chihiro Fui" ▽ "Company Law, 9th edition (2007, Kobundo) by Hideki Kanda"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

株式を表章する有価証券。株主の法律的地位である株式をめぐる法律関係を目に見える形にするとともに、取引しやすい形にして、その流通により株式譲渡を容易にすることができる有益な手段である。商法時代は、株式会社は株券を発行すべきことが原則とされていたが、会社法では、株式会社において株券不発行が原則となり、「株式会社は、その株式（種類株式発行会社にあっては、全部の種類の株式）に係る株券を発行する旨を定款で定めることができる。」と規定されている（214条）。これは、一方で、株式に高度な流通性を必要とする会社では、「社債、株式等の振替に関する法律」（平成16年法律第88号）による新しい振替制度のもとでの株券のペーパーレス化が強制されることと、他方で、株式の市場流通性を高める必要のない会社があることの両面から、株券不発行を原則としたものである。なお、株券不発行会社の株式譲渡は、譲渡当事者間の意思表示で効力を生じ、株主名簿上の名義書換えが会社および第三者に対する対抗要件となる（会社法130条2項）。

　定款で株券発行を定める株式会社（株券発行会社）では、株式発行日以後遅滞なく株券の発行を要する（同法215条1項）。ただし、非公開会社では、株主の請求があるまで株券を発行しないことができる（同法215条4項）。

　株券は、株式の存在を前提として作成されるので、設権証券ではなく（非設権証券）、また無因証券でもない（要因証券）。株券は、法定事項の記載と取締役の署名を要するので（同法216条）、要式証券ではあるが、その要式性は手形ほど厳格でなく、株券としての本質的な事項を備えていれば、その他の事項を欠いていても無効ではない。また、株券は文言証券ではない。株券上に株主の氏名が記載される記名株券の発行だけが認められる。株券が発行される場合、株式は株券の交付のみによって移転するので、株券は有価証券の分類としては無記名証券に属する。

　株券発行会社の場合、株券の交付が株式譲渡の効力要件とされ（単なる対抗要件ではない、同法128条1項本文）、株券の占有者は適法な所持人と推定される（株券占有の資格授与的効力、同法131条1項）。また、株券には、善意取得の制度が認められている（同法131条2項）。株券の占有者から株券の交付を受けた者は、悪意または重過失がない限り、たとえ譲渡人が無権利者であっても、有効に株券を取得して株主となることが認められる。

　株券の所持を希望しない株主のために、株券不所持制度がある（同法217条）。また、株券を喪失した株主のために、株券失効制度が設けられ（同法221条～233条）、会社ごとに備えられる株券喪失登録簿に喪失登録がされた株券は、登録日の翌日から1年後に無効になり、当該会社から登録者に対して株券が再発行される（同法228条）。

［戸田修三・福原紀彦］

『鳥山恭一・福原紀彦・甘利公人・山本爲三郎・布井千博著『会社法』新訂版（2006・学陽書房）』▽『神田秀樹著『会社法』第9版（2007・弘文堂）』

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