Article 60. Allotment of Shares to be Subscribed to at the Time of Subscription

(Compare Article 176 of the former Commercial Code)

1. The incorporators must decide from among the applicants those parties to receive the shares to be subscribed to at the time of incorporation and the number to be allotted to those parties of the shares to be subscribed to at the time of incorporation. In that situation, the incorporators can reduce the number to be allotted to the said applicants of the shares to be subscribed to at the time of incorporation to a number lower than the number of the previous Article (Article 59. (Application for Shares to be Subscribed to at the Time of Incorporation)), paragraph 3, Item 2.

2. The incorporators must give notice of the number to be allotted to the said applicants of the shares to be subscribed to at the time of incorporation by the day prior to the date of Article 58. (Determinations on Matters Concerning Subscription to Shares at the Time of Incorporation), Paragraph 1, item 3 (In the situation where a time period of the same item has been determined. then the first day of that time period).

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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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