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effects in some family-owned companies resulting from the non-issuance
of share certificates will be excluded.
We should also emphasize that some resolutions that necessitate
higher quorums are classified as negative minority rights by the doctrine;
on the other hand, this is a controversial issue under the doctrine.
Conclusion
With the new TCC the effectuation of minority rights shall be
facilitated. The dispositions preventing use of rights aremodified and some
new minority rights are added. Being in accordance with the principle of
protection of the shareholder, the minority rights are strengthened and the
shareholder democracy is preserved. It is certain that these regulations
shall eliminate the risk that the companies become under control of some
shareholders and the minority becomes unable to use their rights.