Situation of Use and Necessary System Reform on Class Share subject to Class-Wide Call

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During the research period, the concrete cases, where “Class Shares subject to Class-Wide Call” (hereinafter “the Class Shares”) were used by the listed corporations in Japan, were corrected and analyzed. Looking at the cases available, the Class Shares were not used for the original purpose to introduce the system in the enactment of Companies Act. Rather the new system of the Class Shares enabled abusive uses for managers, majority shareholders and/or parent corporations under the current legal protections for minority shareholders who are cashed out. After analizing the expected future legal reform, the articles and presentations below were completed to express the own opinions to public.