In case of subscribing or transferring shares under the name of another person, the Supreme Court has maintained its position that the real shareholder should be recognized as an authorized shareholder. And the Supreme Court has also maintained its position that the company has the power to recognize the person who has not fulfilled the entry of a change of shareholders’ name at the shareholders’ list as a lawful shareholder. However, quite recently the Supreme Court has changed the rule concerning this matter, only the shareholder on the record should be recognized as an authorized shareholder, and the company should authorize the person who has fulfilled the entry of a change of shareholders’ name at the shareholders’ register as a lawful shareholder. Considering that the shareholders may change every minute, and that the legal decision should be rendered on the basis of an uniform standard in the field of law, the Supreme Court Decision is appropriate. The shareholders’ list is a system for all the concerned parties as well as for the company.