Preemptive rights - shinkabuhikiukeken (English)

Japanese: 新株引受権 - しんかぶひきうけけん（英語表記）preemptive rights

The right to receive stock allocation when a corporation issues stocks. Before the 2005 amendment, there were pre-emptive rights for shareholders and pre-emptive rights for third parties. Pre-emptive rights for shareholders are rights given based on the shareholder qualifications, and are legally granted to shareholders of companies that have restrictions on the transfer of stocks in their articles of incorporation. For shareholders of other companies, pre-emptive rights can be granted by provisions of the articles of incorporation or by a resolution of the board of directors. When issuing new shares at a particularly favorable issue price to third parties other than shareholders, in order to protect the interests of shareholders, the reasons must be disclosed at the general shareholders' meeting, and a special resolution must be passed to determine the scope of third parties to whom new shares will be issued, the type, number, and minimum issue price of the shares to be issued, etc. The concept of pre-emptive rights does not exist in the Companies Act enacted in 2005, and it is stipulated that a corporation may grant shareholders the "right to receive stock allocation" when offering shares (Article 202, Paragraph 1 of the Companies Act).

Source: Encyclopaedia Britannica Concise Encyclopedia About Encyclopaedia Britannica Concise Encyclopedia Information

Japanese:

株式会社が株式を発行する場合に，株式の割り当てを受ける権利。2005年改正前商法においては，株主の新株引受権と第三者の新株引受権とがあった。株主の新株引受権は株主資格に基づいて与えられる権利で，定款で株式の譲渡制限を定めている会社の株主には法律上付与され，それ以外の会社の株主に対しては，定款の定めまたは取締役会の決議により与えることが認められていた。株主以外の第三者に対して特に有利な発行価額をもって新株を発行する場合は，株主の利益を保護するため，株主総会において理由を開示したうえで，特別決議により新株を発行する第三者の範囲や発行株式の種類，数，最低発行価額などを定めなければならないとされていた。2005年制定の会社法には新株引受権という概念はなく，株式会社は株式募集の際，株主に「株式の割り当てを受ける権利」を与えることができる旨が規定されている（会社法202条1項）。

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