Equality of Shareholders Article 109 A Stock Company must treat its shareholders equally in accordance with the features and number of the shares they hold.
Notwithstanding the provisions of the preceding paragraph, a Stock Company that is not a Public Company may provide in its articles of incorporation to the effect that each shareholder is treated differently with respect to the matters regarding the rights listed in each item of Article 105, paragraph (1).
In cases where there is a provision in the articles of incorporation that is provided for in the preceding paragraph, the shares held by the shareholders under that paragraph are deemed to be class shares with different features with respect to the matters regarding the rights under that paragraph, and the provisions of this Part and Part V apply.
