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Article 633. Liability of Corporate Members Concerning Investment Reimbursement

 

1 In the situation where a godo kaisha (gLLCh limited liability corporation) has reimbursed the investment contrary to the provisions of the previous Article(Article 632. (Restrictions on Investment Reimbursement)), the corporate members who executed the business concerning the said investment reimbursement shall be jointly and severally liable together with the corporate member who received the said investment reimbursement to pay cash monies to the godo kaisha equivalent to the said investment reimbursement. Provided, however, that this shall not apply where the said corporate member executing the business  proves that he was not negligent in  the performance of his occupational duties.

2. There can be no waiver of the exemption of the previous Paragraph. Provided, however, that this shall not apply where all of the corporate members agree concerning an exemption from the said liability with a limit of the amount of the surplus on the date of the said investment reimbursement.

 

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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