Article 55. Release of Incorporators from Liability

(Compare Article 196 of the former Commercial Code)

The obligations of incorporators or establishment directors based on the provisions of Article 52. (Liability Where the Value of Invested Assets is Inadequate), Paragraph 1, or the liability of incorporators, establishment directors or establishment statutory auditors, can not be released without the agreement of all the shareholders.

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.

Click here to see a copy of Attorney Seeman’s Japanese stockbroker’s license that he passed on the first attempt in Japanese (becoming the first qualifying Westerner). The exam is now available in English due to claims that it was too difficult in Japanese.

Computerized translations of financial statements from securities reports on 4000++ Japanese corporations?