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Article 627. Creditor Objections

 

1. Where a  godo kaisha (gLLCh limited liability corporation) reduces the amount of its paid-up capital, the creditors of the godo kaisha, can object concerning the reduction in the amount of paid-up capital to the godo kaisha.

2. In the situation provided for in the previous Paragraph, the godo kaisha must make a public announcement in the Offical Gazette (KANPO) concerning the matters listed hereunder and send warnings to its known creditors individually. Provided, however, the time period of Item 2 may not be less than one month.

          (1) The details of the reduction in the amount of paid-up capital.

          (2) To the effect that creditors can make object within a fixed time period.

3. Regardless of the provisions of the previous Paragraph, when the godo kaisha makes the public announcement based on the provisions of the previous Paragraph by public announcement methods provided for in Items 2 or 3 of Article 939. (Method of Public Announcement of Corporations), Paragraph 1, in accord with provisions of the articles of incorporation based on the provisions of Article 939. (Method of Public Announcement of Corporations), Paragraph 1, the individual warnings based on the provisions of the previous Paragraph, shall not be necessary.

4. When creditors do not make the objections within the time period of Paragraph 2, Item 2, the said creditor shall be regarded as having approved the reduction in the said paid-up capital.

5. When creditors did object during the time period of Paragraph 2, Item 2, the godo kaisha must repay the said creditor, or provide suitable collateral or deposit suitable assets in deposit to a trust company, etc. for the purpose of securing  the receipt of repayment by the said creditors. Provided, however, that this shall not apply where there is no concern over harming the said creditor even if the amount of the paid-up capital is reduced.

6. The reduction in paid-up capital shall become legally valid when the procedures of each of the previous Paragraphs are concluded.

 

Disclaimer: This translation is for general reference purposes only and is provided on an gas ish 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 that are not in the Japanese language original and are added only for the purposes of enhanced comprehension. 

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