Article 63. Paying In the Amount
of Subscription Monies for Shares to be Subscribed to at the Time of
Incorporation
(Compare Article 177 & 179 of
the former Commercial Code)
1. Subscribers to shares to be subscribed to at the time of
incorporation must make the payment of all of the amount of subscription monies
for each of the shares to be subscribed to at the time of incorporation, at
banks and other places handling such payments as decided by the incorporators
by the date of Article
58. (Determinations on Matters Concerning Subscription to Shares at the Time of
Incorporation), Paragraph 1, item 3 or the time period of the said item,
2. The
transfer of rights to become a shareholder of shares to be issued to at the
time of incorporation due to the payments based on the provisions of previous
paragraph, can not be used as against the kabushiki kaisha after its
incorporation.
3. When
the subscriber to the shares to be subscribed to at the time of incorporation
has not paid based on the provisions of paragraph 1, he shall lose the rights
to become a shareholder of shares to be subscribed to at the time of
incorporation based on the said payment.
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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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