Article 34. Investment Performance

(Compare Articles 170 & 172 of the former Commercial Code)

1. The incorporators, without delay after subscription to the shares to be issued at the time of incorporation, must pay in the monies for such investment or supply all of the investments other than monies in relation to such investment. Provided, however, when there has been the agreement of all incorporators, this shall not prevent registrations and other actions necessary to be taken in order to oppose a third party for the establishment or transfer rights after the incorporation of the kabushiki kaisha.

2. Subscription payments of the previous paragraph must be made at banks, etc ((meaning the banks provided for in Article 2, paragraph 1, of the Banking Law (Law No. 59 or 1981) The same in Article 703, Paragraph 1) trust companies (meaning the trust companies provided for in Article 2, Paragraph 2 of the Trust Business Law (Law No. 154 of 2004) Hereinafter the same) and places corresponding to such (meaning that provided by Ministry of Justice ordinance. Hereinafter the same) determined by the incorporators as the places handling subscription payments

Disclaimer: This translation is for general reference purposes only and is provided on an “as is” basis with no warranties made whatsoever. Attorney Roderick H. Seeman (licensed in the USA) shall not be responsible for any consequences resulting from the use of this translation. Reliance must be placed on the original Japanese text of the laws. In the text of the translation article headings are added in parenthesis are not in the Japanese language original and are added only for the purposes of enhanced comprehension.

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