1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

Article 51 (Liquidation of the Branches of Foreign Bank Branches)

When the foreign bank branch falls under any of the following, it must make a liquidation concerning all of its assets in Japan.

(1) When there has been a cancellation of the license of the Minister of Finance of Article 4, Paragraph 1 related to the said foreign bank branch, based on the provisions of the Article 27 or Article 28.

(2) When the license of the Minister of Finance of Article 4, Paragraph 1 related to the said foreign bank branch has lost its validity based on the provisions of Article 41, Item 1 and the previous Article.

2. In those situations where the branch of a foreign bank is going to liquidate based on the provisions of the previous Paragraph, the court, based on the demand of an interested party of the bank or the Minister of Finance or by virtue of its own authority, can appoint a liquidator. The same shall apply concerning the dismissal of the said liquidator.

3. The provisions of Articles 421 through 424 and Articles 430 through 456 (Liquidations and Special Liquidations of Kabushiki kaisha) of the Commercial Code, shall apply mutatis mutandis concerning the liquidation of foreign bank branches based on the provisions of Paragraph 1, excluding those which are not permissible due to the characteristics thereof.