1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

CHAPTER 5 MERGERS OR TRANSFERS OR ACQUISITIONS OF BUSINESS, ETC.

Article 30 (Approvals, etc. of Mergers of Transfers or Acquisitions of Business, etc.)

1. Mergers with banks as all or part of the parties thereto (limited to mergers which are mergers where the corporation existing after the said is a bank, etc. or where the corporation established by the merger is a bank, etc.(hereinafter in this Chapter referred to as "merger") excluding those classifiable as mergers as provided in Article 3 (Merger) of the Law concerning Mergers and Conversions of Financial Institutions (Law No. 86, of 1968) ) shall not be valid if the approval of the Minister of Finance has not been received.

2. The transfer or acquisition in part or in total of business with a bank as a party thereto, excluding those situations provided for by Cabinet Order, shall not be valid if the approval of the Minister of Finance has not been received.

3. Banks may acquire in part or in total operations from a credit association, a credit union or a laborers credit association (including which are composed of a federation of such juridical persons. Hereinafter in this Chapter referred to as "credit unions, etc.") However, the said acquisition in part or in total of operations shall not be valid, excluding those situations provided for by Cabinet Order, if the approval of the Minister of Finance has not been received.

4. In those situations where a bank makes an acquisition in part or in total of operations from a credit union, etc. the said credit union etc. shall be regarded as a company and Article 16 (Restrictions on the Acquisition of Business) of the Law Concerning the Prohibition of Private Monopoly and the Maintenance of Fair Trade (Law No.54, 1947) and the provisions of Article 245 of the Commercial Code and the provisions of the same Code related to the same Article, shall apply mutatis mutandis.