1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

CHAPTER 6 QUITTING AND DISSOLUTION

Aticle 37 (Approval of Quitting Business and Dissolution, etc.)

The matters listed in the following, unless they have the approval of the Minister of Finance, shall not be effective.

(1). A resolution of the general shareholders meeting concerning a change in the articles of incorporation in relation to the quitting of the banking business.

(2). Mergers where the parties thereto are all or some are banks (excluding those classifiable as mergers provided for in Article 30, Paragraph 1, or the mergers of Article 3 (Mergers) of the Law Concerning the Merger of Conversion of Financial Institutions).

(3). A resolution of the general shareholders meeting concerning the dissolution of the bank.

2. The Minister of Finance, when there has been an application for approval of the previous Paragraph, must make an examination as to whether or not it conforms to each of the standards listed in the following.

(1). The quitting of business, merger or dissolution of the said bank is unavoidable in light of the business and assets conditions of the said bank.

(2) That there is no concern that the quitting of business, merger or dissolution of the said bank will cause harm to the smooth supply and demand for funds and to the convenience of users in the region where the said banks conducts its business.

3. In those situations where the Minister of Finance has received an application for approval of Paragraph 1 from a bank which has been ordered to totally or partially suspend its business based on the provisions of Article 26, Paragraph 1 or Article 27, the approval of Paragraph 1 shall not be made to the said bank. The same shall also apply in those cases where there has been an application for the approval of Paragraph 1 from a bank for which it is deemed necessary to make these orders or to cancel the license of Article 4, Paragraph 1 based on the same provisions of the same Articles.