Article 78. Explanation Duties of Incorporators

(Compare Article 180 of the former Commercial Code)

In those situations where, at the general meeting of establishment, establishment shareholders have requested explanations concerning specific matters, the incorporators must make necessary explanations concerning the matters. Provided, however, in those situations where the said matter is not one of the objectives of the general meeting of establishment, where the situation is such as provided by Ministry of Justice ordinance where giving the said explanation would remarkably damage the joint interests of the establishment shareholders, or for other suitable reasons, this shall not apply.

__________________________________________________________________________________________________

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?