OFFICIAL GAZETTE

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stock and if the value of new share of stock
is less than the amount required for the acquisition
of old share of stock, the value of
such new share of stock.
For purposes of application of the preceding
paragraph, the value of new share of stock shall
be its face value or amount of investment; provided
that, if such new ^hare of stock is not a
fully paid-up share, the value shall be paid-up
amount, and if.such new share of stock is a
sihare of stock of the corporation which issued
. the no-par share of stock due to the amalgamation,
the value shall be amount obtained by dividing
the amount of capital which amalgamating
corporation increased due to the amalgamation
(or in case a corporation was established
due to the amalgamation, the amount of capital
at the time of establishment of the corporation)
by the number of snares of stock which were
issued due to the amalgamation..
Article 12-(4). In case a shareholder, partner or
investor of a corporation subscribed to the shares
of stock allotted for the shares of stock or
investments owned by himself (hereinafter referred
to as "old share of stock" in this Article)
due to the increase in the capital or investment
of the corporation concerned, the amount required
for the acquisition of the old share of
stock and the share of stock or investment thus
subscribed ('hereinafter referred to as- "new
share of stock" in this Article) at the time
after such subscription shall be the amount obtained
by dividing the total of the amount required
for the acquisition of old share of stock
and the amount obtained by applying the number
of new shares of stock subscribed for one
old share of stock to the paid-up amount of
the new share of stock by the number of new
shares of stock subscribed for one old share of
stock plus 1.
In the case under the preceding paragraph,
if the paid-up amount of the old share of stock
differs from that of new share of stock/ the amount
required for the acquisition of old share
of stock and new share of stock shall be the amount
obtained by multiplying the paid-up amount
by such proportion as the total as provided
for by the same paragraph bears to the total
of paid-up amount of old share of stock and
the amount obtained by applying the number of
new shares of stock subscribed for one old share
of stock to the paid-up amount of the new share
of stock.
Article 12-(5). In case a shareholder of a coriporation
acquired the share of stock for the
share of stock owned by himself (hereinafter referred
to as "old sihare of stock" in this Article)
due to the cause coming under each of the following
items, the amount required for the ac-
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quisition of old share of stock and the share of
stock thus acquired (hereinafter referred to as
"new share of stock" in this Article) at the
time after such acquisition shall be the amount
obtained by dividing the total of the amount
required for the acquisition of old share of stock
and the face value (or issue price in the case
where the share of stock is no-par share of
-stock) of new shares of stock as acquired for
one old share of stock in the case coming under
item 1 or the amount required for the acquisition
of the old share of stock (or in case
there is any amount which is deemed the dividend
of profit in accordance with the provision
of Art. 5 par. 1 item 4 ofthe Law due to the
transfer to the capital under item 2, the amount
obtained by adding the amount which is deemed
the amount as received due to the dividend of
profit for one old share of stock) in the case
coming' under item 2 by the number of new
shares of stock as acquired for one old share of
stock plus 1:
1. Where the corporation paid the dividend of
profit in share of stock of such corporation;
2. Where the corporation transferred the reserve
fund to the capital and issued the shares
of stock due to such transfer to the capital.
In case a corporation transferred the reserve
as provided for in Art. 16 of the Corporation
Tax Law to the capital and didn't issue the
shares of stock; due to such transfer to the capital,
the amount required for the acquisition of
shares of stock of the corporation owned by a
shareholder of the corporation after such transfer
shall be the amount obtained by adding the
amount which is deemed the dividend of profit
in accordance with the provision of Art. 5 par.
1 item 4 of the Law due to such transfer for
one share of stock to the amount.required for
the acquisition of the shares of stock before
such transfer.
Article 12-(6). In case a shareholder of a corporation
acquired the shares of stock due to
split or consideration of the shares of stock,
the amount required for the acquisition of the
share of stock as acquired due to such split or
consolidation (hereinafter referred to as "new
share of stock" in this Article) shall be the
amount obtained by dividing the total of the
amount.. required for the acquisition of shares
of stock for which the shareholder acquired the
new shares of stock (hereinafter referred to
as "old shares of stock" in this Article) (or
in case there is any amount of money as acquired
due to such split or consolidation, the amount
obtained by deducting such amount of money
from the total of the amount required for the
acquision of the old share of stock) by the number
of total new shares of stock as acquired by
the shareholder.