1981 BANKING LAW. COPYRIGHT RODERICK H. SEEMAN

Article 34 (Notification, etc. of Objection of Creditors in Cases of Transfers or Acquisitions of Business, etc.)

When there has been a resolution of the general shareholders meeting concerning a total transfer or acquisition of business to which the bank is a party to, or the bank's total acquistion of business from a credit union, etc., the said bank, within 2 weeks from the day of the said resolution, must publish a summary of the said resolution and that creditors with objections to the said total transfer or acquisition of business or the acquisition of an enterprise should state their objections within a set period of time, and make notification to that effect individually to such creditors as are known, other than depositors and other creditors as provided by Cabinet Order.

2. The term of the previous Article may not be less than one month.

3. When the creditors have not stated objections within the term of Paragraph 1, the said creditors shall be regarded as having consented to the said total transfer of business or the total acquisition of business.

4. When creditors have stated objections within the term of Paragraph 1, the said bank must make repayment or provide suitable security, or entrust suitable assets with another bank which performs trust business or a trust company, with the objective of allowing the creditor to receive repayment.