Article 93. Inspections by Establishment Directors, etc.

(Compare Article 184 of the former Commercial Code)

1. Without delay, after appointment, establishment directors (in the situation where the kabushiki kaisha to be established is a corporation with statutory auditors, then the establishment directors and establishment statutory auditors. Hereinafter in this Article, the same) must make the inspections listed in the items hereunder:

(1) Whether the value entered or recorded in the articles of incorporation is suitable, concerning the assets contributed in kind in those situations listed in Article 33. (Appointment of Inspector Concerning Matters Entered or Recorded in the Articles of Incorporation), Paragraph 10, item 1 or 2 (in the situations of those items, limited to the securities of the same item)

(2) Whether the certification provided for in Article 33. (Appointment of Inspector Concerning Matters Entered or Recorded in the Articles of Incorporation), Paragraph 10, item 3 is suitable.

(3) Whether the investment performance of incorporators and payment of subscription monies based on the provisions of Article 63. (Paying In the Amount of Subscription Monies for Shares to be Subscribed to at the Time of Incorporation), Paragraph 1 is completed.

(4) In addition to the matters listed in the previous 3 items, whether the procedures of incorporation of the kabushiki kaisha violate the laws & regulations or the articles of incorporation.

2. The establishment directors must make a report on the results of the inspections based on the provisions of the previous paragraph to the general meeting of establishment.

3. When there has been a request for explanation from establishment shareholders concerning matters related to the inspection based on the provisions of Paragraph 1, the establishment director must make necessary explanations.

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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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