The defendant shall change the name of the shareholder on the register of shareholders as to the shares listed in the attached list to the plaintiff.

Facts of recognition

C As of September 8, 2016, as of September 8, 2016, C Co., Ltd. (hereinafter “C”) held the Defendant’s shares of 50,000 shares (registered common shares with a face value of 500 won per share) among the total number of shares issued by Defendant (former: D Company).

On December 19, 2017, the Defendant issued an capital increase without compensation (hereinafter “the capital increase without compensation”) and distributed 100% shares corresponding to the number of shares owned to shareholders.

As a result, C received 50,000 shares out of the shares issued by the defendant without compensation.

On January 12, 2019, the Plaintiff entered into a sales contract with C to the effect that 60,000 shares (including 30,000 shares that C received by allotment) of the Defendant’s shares held at the time were transferred to 70,000,000 won (hereinafter “instant share sales contract”). On January 14, 2019, a notary public issued a certificate (with Limited Liability Law Firm) No. 1222, 2019, a notary public applied for the transfer of 60,00 shares pursuant to the instant share sales contract to the Defendant on July 16, 2019, but the Defendant refused to comply therewith.

On the other hand, the defendant did not issue the share certificates regarding the defendant's shares until now.

[Reasons for Recognition] The transfer of shares before issuance of share certificates to determine the cause of claim as to Gap's 1, 2, 4 through 7, Eul's 1, 4, and Eul's 1, and 4's overall pleadings takes effect only with the agreement between the transferor and the transferee of the share transfer, i.e., the share transfer contract. Thus, upon conclusion of the share transfer contract, the transferor loses the shares which were the object of the transfer and the transferee becomes the shareholder upon transfer.

As such, a person who was assigned a registered share prior to the issuance of the share certificates bears the burden of proving that he/she acquired the shares to the issuing company without cooperation of the transferor, barring any special circumstances.