Convertible Stock - Epilepsy

This system existed before the enactment of the Companies Act in 2005, and when "several types of stock" were issued, they were stocks that were given the right to be converted into other types of stock (conversion rights). For example, preferred stocks were initially issued without voting rights for shareholders who were not interested in company management and were only interested in dividends, but if they later wanted to be involved in company management depending on business performance, they could be converted into common stocks and have their voting rights restored, which had the advantage of making it easier to solicit new stocks. Stocks that could be converted at the request of shareholders were called stocks with conversion options (Article 222-2 of the former Commercial Code), and stocks that could be converted when the company's articles of incorporation occurred were called stocks with mandatory conversion clauses (Article 222-8 of the former Commercial Code). Under the Companies Act enacted in 2005, the former corresponds to shares with acquisition rights (Article 108, Paragraphs 1-5 and 2-5 of the Companies Act), and the latter corresponds to shares with acquisition clauses (Article 108, Paragraphs 1-6 and 2-6), in which a different type of shares is issued as consideration (Article 108, Paragraph 2-5(b) and Article 108, Paragraph 2-6(b)).

[Shuzo Toda and Norihiko Fukuhara]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

2005年（平成17）の会社法制定以前に存在した制度であり、「数種の株式」が発行される場合、他の種類の株式に転換することができる権利（転換権）を与えられた株式であった。たとえば、会社経営に興味がなくもっぱら配当にしか興味がない株主のために最初は優先株を議決権を排除して発行するが、後日、営業成績いかんにより会社経営に関与したいと思えば普通株に転換して議決権を復活させられるものとすれば、新株の募集を容易に行える利点がある。転換が株主の請求によってなされるものを転換予約権付株式（旧商法222条ノ2）、会社が定款の定める事由の発生により転換することができるものを強制転換条項付株式（旧商法222条ノ8）とよんでいた。2005年制定の会社法においては、前者は取得請求権付株式（会社法108条1項5号・2項5号）に、後者は取得条項付株式（108条1項6号・2項6号）に、それぞれ対価として別の種類の株式を交付する場合（108条2項5号ロ、108条2項6号ロ）に相当する。

［戸田修三・福原紀彦］

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