第二十六条特定目的会社（優先出資を発行しない特定目的会社に限る。）の社員は、特定社員とし、優先出資を発行する特定目的会社の社員は、特定社員及び優先出資社員（優先出資を有する者をいう。以下同じ。）とする。

Article 26The members of a specified purpose company (but only a specified purpose company that does not issue preferred equity) are specified equity members, and the members of a specified purpose company that issues preferred equity are specified equity members and preferred equity members (meaning persons that hold preferred equity; the same applies hereinafter).

第二十七条社員の責任は、その有する特定出資又は優先出資の引受価額を限度とする。

Article 27(1)A member's liability is limited to the subscription price of the specified equity or preferred equity that the member holds.

２社員は、その有する特定出資又は優先出資につき次に掲げる権利その他この法律の規定により認められた権利を有する。

(2)A member has the following rights and other rights recognized pursuant to the provisions of this Act with respect to the specified equity or preferred equity that the member holds:

３特定社員は、その有する特定出資につき社員総会における議決権を有する。

(3)A specified equity member has a voting right at general meetings of members in association with the specified equity that the member holds.

４優先出資社員は、この法律に別段の定めがある場合を除き、その有する優先出資につき社員総会における議決権を有しない。ただし、定款に別段の定めがあるときは、この限りでない。

(4)Unless otherwise provided for in this Act, a preferred equity member does not have a voting right at general meetings of members in association with the preferred equity that the member holds; provided, however, that this does not apply if otherwise provided for in the articles of incorporation.

５社員に第二項第一号及び第二号に掲げる権利の全部を与えない旨の定款の定めは、その効力を有しない。

(5)The provisions of the articles of incorporation indicating that members are not granted all of the rights set forth in paragraph (2), items (i) and (ii) are null and void.

６会社法第百六条（共有者による権利の行使）及び第百九条第一項（株主の平等）の規定は、特定目的会社の特定出資又は優先出資について準用する。この場合において、同項中「株主」とあるのは「社員」と、「数」とあるのは「口数」と読み替えるものとする。

(6)The provisions of Article 106 (Exercise of Rights by Co-owners) and Article 109, paragraph (1) (Equality of Shareholders) of the Companies Act apply mutatis mutandis to specified equity or preferred equity in a specified purpose company. In such a case, the term "shareholders" in that paragraph is deemed to be replaced with "members"; and the term "number" in that paragraph is deemed to be replaced with "number of units".

第二十八条特定目的会社は、特定社員名簿を作成し、これに次に掲げる事項を記載し、又は記録しなければならない。

Article 28(1)A specified purpose company must prepare a register of specified equity members and enter or record the following information in the register:

２特定目的会社は、一定の日（以下この款において「基準日」という。）を定めて、基準日において特定社員名簿に記載され、又は記録されている特定社員をその権利を行使することができる者と定めることができる。

(2)A specified purpose company may fix a specific date (hereinafter referred to as the "reference date" in this Subsection) and specify that the specified equity members entered or recorded in the register of specified equity members as of the reference date are the persons that may exercise their rights.

３会社法第百二十二条（第四項を除く。）（株主名簿記載事項を記載した書面の交付等）、第百二十四条第二項及び第三項（基準日）、第百二十五条第一項から第三項まで（株主名簿の備置き及び閲覧等）並びに第百二十六条（株主に対する通知等）の規定は特定目的会社の特定社員に係る特定社員名簿について、同法第百二十三条（株主名簿管理人）の規定は特定目的会社の特定社員名簿管理人について、同法第百九十六条第一項及び第二項（株主に対する通知の省略）の規定は特定目的会社の特定社員に対する通知について、それぞれ準用する。この場合において、同法第百二十二条第一項中「前条第一号」とあるのは「資産流動化法第二十八条第一項第一号」と、「株主名簿記載事項」とあるのは「資産流動化法第二十八条第一項各号に掲げる事項」と、同法第百二十四条第二項中「基準日株主」とあるのは「基準日において特定社員名簿に記載され、又は記録されている特定社員」と、同法第百二十五条第一項中「株主名簿管理人」とあるのは「特定社員名簿管理人」と、同項並びに同条第三項第一号及び第二号中「株主」とあるのは「社員」と、同法第百二十六条第三項中「株式が」とあるのは「特定出資が」と、同条第四項中「株式の」とあるのは「特定出資の」と、同条第五項中「第二百九十九条第一項（第三百二十五条において準用する場合を含む。）」とあるのは「資産流動化法第五十五条第一項又は第五十六条第一項」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 122 (excluding paragraph (4)) (Delivery of Documents Showing Information Entered in Shareholder Register); Article 124, paragraphs (2) and (3) (Record Date); Article 125, paragraphs (1) through (3) (Keeping and Making Available for Inspection of Shareholder Register); and Article 126 (Notice to Shareholders) of the Companies Act apply mutatis mutandis to a register of specified equity members listing the specified equity members of a specified purpose company; the provisions of Article 123 (Administrator of Shareholder Register) of that Act apply mutatis mutandis to the administrator of a register of specified equity members at a specified purpose company; and the provisions of Article 196, paragraphs (1) and (2) (Omission of Notices to Shareholders) of that Act apply mutatis mutandis to a notice to the specified equity member of a specified purpose company. In such a case, the terms "item (i) of the preceding article" and "information required to be entered in the shareholder register" in Article 122, paragraph (1) of the Companies Act are deemed to be replaced with "Article 28, paragraph (1), item (i) of the Asset Securitization Act" and "information set forth in the items of Article 28, paragraph (1) of the Asset Securitization Act", respectively; the term "Shareholders as of the Record Date" in Article 124, paragraph (2) of the Companies Act is deemed to be replaced with "specified equity members stated or recorded in the register of specified equity members as of the reference date"; the term "administrator of shareholder register" in Article 125, paragraph (1) of the Companies Act is deemed to be replaced with "administrator of the register of specified equity members"; the terms "shareholder" and "shareholders" in paragraph (3), items (i) and (ii) of that Article are deemed to be replaced with "member" and "members", respectively; the term "If a share" in Article 126, paragraph (3) of the Companies Act is deemed to be replaced with "If specified equity"; the term "of the share" in paragraph (4) of that Article is deemed to be replaced with "of the specified equity"; the term "Article 299, paragraph (1) (including as applied mutatis mutandis pursuant to Article 325)" in Article 126, paragraph (5) of the Companies Act is deemed to be replaced with "Article 55, paragraph (1) or Article 56, paragraph (1) of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

４第二項、前項において準用する会社法第百二十四条第二項及び第三項並びに同法第百九十六条第三項の規定は、第三十二条第三項各号に掲げる事項が特定社員名簿に記載され、又は記録された質権者（以下「登録特定出資質権者」という。）について準用する。

(4)The provisions of paragraph (2); Article 124, paragraphs (2) and (3) of the Companies Act as applied mutatis mutandis pursuant to the preceding paragraph, and Article 196, paragraph (3) of that Act apply mutatis mutandis to a pledgee for which the information set forth in the items of Article 32, paragraph (3) has been entered or recorded in the register of specified equity members (hereinafter referred to as a "registered pledgee of specified equity").

第二十九条特定社員は、特定出資の全部又は一部を他の特定社員に譲渡することができる。

Article 29(1)A specified equity member may transfer all or part of their specified equity to another specified equity member.

２特定社員以外の者が譲渡により特定出資を取得するには、特定目的会社の承認がなければならない。

(2)A person other than a specified equity member must have the approval of the specified purpose company in order to acquire specified equity through a transfer.

第三十条特定出資の譲渡は、その特定出資を取得した者の氏名又は名称及び住所を特定社員名簿に記載し、又は記録しなければ、特定目的会社その他の第三者に対抗することができない。

Article 30(1)A transfer of specified equity may not be asserted against a specified purpose company or any other third party unless the name and address of the person acquiring the specified equity have been entered or recorded in the register of specified equity members.

２会社法第百三十二条第一項及び第二項、第百三十三条並びに第百三十四条（株主の請求によらない株主名簿記載事項の記載又は記録）の規定は、特定目的会社の特定出資について準用する。この場合において、これらの規定中「株主」とあるのは「特定社員」と、「株主名簿記載事項」とあるのは「資産流動化法第二十八条第一項各号に掲げる事項」と、「株主名簿」とあるのは「特定社員名簿」と、「株式取得者」とあるのは「特定出資取得者」と、同法第百三十二条第一項第三号中「自己株式」とあるのは「自己特定出資（資産流動化法第五十九条第二項に規定する自己特定出資をいう。）」と、同法第百三十四条第一号中「第百三十六条」とあるのは「資産流動化法第三十一条第一項」と、同条第二号中「第百三十七条第一項」とあるのは「資産流動化法第三十一条第二項」と、同条第三号中「第百四十条第四項」とあるのは「資産流動化法第三十一条第七項」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 132, paragraph (1) and (2); Article 133; and Article 134 (Entry or Recording of Information Required to Be Entered in the Shareholder Register Not Requested by Shareholders) of the Companies Act apply mutatis mutandis to specified equity in a specified purpose company. In such a case, the term "shareholders" in those provisions is deemed to be replaced with "specified equity members"; the phrase "information that is required to be entered in the shareholder register" in those provisions is deemed to be replaced with "information set forth in the items of Article 28, paragraph (1) of the Asset Securitization Act"; the term "shareholder register" in those provisions is deemed to be replaced with "register of specified equity members"; the term "acquirer of shares" in those provisions is replaced with "acquirer of specified equity"; the term "treasury shares" in Article 132, paragraph (1) of the Companies Act is deemed to be replaced with "the company's own specified equity (meaning the company's own specified equity as defined in Article 59, paragraph (2) of the Asset Securitization Act)"; the term "Article 136" in Article 134, item (i) of the Companies Act is deemed to be replaced with "Article 31, paragraph (1) of the Asset Securitization Act"; the term "Article 137, paragraph (1)" in Article 134, item (ii) of the Companies Act is deemed to be replaced with "Article 31, paragraph (2) of the Asset Securitization Act"; the term "Article 140, paragraph (4)" in Article 134, item (iii) of the Companies Act is deemed to be replaced with "Article 31, paragraph (7) of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

第三十一条特定社員は、その有する特定出資を特定社員以外の者（当該特定出資を発行した特定目的会社を除く。）に譲り渡そうとするときは、当該特定目的会社に対し、当該者が当該特定出資を取得することについて承認をするか否かの決定をすることを請求することができる。

Article 31(1)If a specified equity member seeks to transfer specified equity they hold to a person other than a specified equity member (excluding the specified purpose company that has issued the specified equity), the member may request the specified purpose company to decide whether to approve that person's acquisition of specified equity.

２特定出資を当該特定出資を発行した特定目的会社以外の者から取得した者（特定社員以外の者に限り、当該特定目的会社を除く。以下この条において「特定出資取得者」という。）は、特定目的会社に対し、当該特定出資を取得したことについて承認をするか否かの決定をすることを請求することができる。

(2)A person that acquires specified equity from a person other than the specified purpose company that has issued that specified equity (but only if the acquirer is a person other than a specified equity member and is not the specified purpose company itself; hereinafter referred to as an "acquirer of specified equity" in this Article) may request the specified purpose company to decide whether to approve the acquisition that the acquirer of specified equity has made of that specified equity.

３前項の規定による請求は、利害関係人の利益を害するおそれがないものとして内閣府令で定める場合を除き、その取得した特定出資の特定社員として特定社員名簿に記載され、若しくは記録された者又はその相続人その他の一般承継人と共同してしなければならない。

(3)Except in a case that Cabinet Office Order prescribes as one in which it is unlikely to damage the interests of interested persons, a person must make a request under the provisions of the preceding paragraph jointly with the person stated or recorded in the register of specified equity members as the specified equity member whose specified equity has been acquired, or the heir or other general successor of that specified equity member.

４次の各号に掲げる請求（以下この条において「譲渡等承認請求」という。）は、当該各号に定める事項を明らかにしてしなければならない。

(4)To make a request as set forth in one of the following items (hereinafter referred to as a "transfer approval request" in this Article), a person must disclose the information that each item prescribes:

５特定目的会社が第一項又は第二項の承認をするか否かの決定をするには、社員総会の決議によらなければならない。

(5)The decision on whether to grant the approval referred to in paragraph (1) or paragraph (2) must be made by a resolution of the general meeting of members.

６特定目的会社は、前項の決定をしたときは、譲渡等承認請求をした者（以下この条において「譲渡等承認請求者」という。）に対し、当該決定の内容を通知しなければならない。

(6)Once a specified purpose company reaches the decision referred to in the preceding paragraph, the company must notify the person making the transfer approval request (hereinafter referred to as the "person requesting transfer approval" in this Article) of the details of that decision.

７特定目的会社は、第四項第一号ハ又は第二号ハの請求を受けた場合において、第一項又は第二項の承認をしない旨の決定をしたときは、社員総会の決議によって、当該譲渡等承認請求に係る特定出資を買い取る者（当該特定目的会社を除く。以下この条において「指定買取人」という。）を指定しなければならない。

(7)If a specified purpose company receives a request referred to in paragraph (4), item (i), sub-item (c) or paragraph (4), item (ii), sub-item (c) and decides not to grant the approval referred to in paragraph (1) or (2), the company must designate a person to purchase the specified equity to which the transfer approval request pertains (excluding the specified purpose company itself; hereinafter referred to as a "designated purchaser" in this Article), by resolution at a general meeting of members

８会社法第百四十二条第一項及び第二項（指定買取人による買取りの通知）の規定は指定買取人について、同法第百四十三条第二項（譲渡等承認請求の撤回）の規定は第四項第一号ハ又は第二号ハの請求をした譲渡等承認請求者について、同法第百四十四条第一項から第六項まで（売買価格の決定）、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第二項（第三号に係る部分に限る。）（陳述の聴取）、第八百七十条の二（中立所の写しの送付等）、第八百七十一条本文（理由の付記）、第八百七十二条（第五号に係る部分に限る。）（即時抗告）、第八百七十二条の二（抗告上の写しの送付等）、第八百七十三条本文（原裁判の執行停止）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定はこの項において準用する同法第百四十二条第一項の規定による通知があった場合について、それぞれ準用する。この場合において、同法第百四十二条第一項中「第百四十条第四項」とあるのは「資産流動化法第三十一条第七項」と、同条第二項中「一株」とあるのは「一口」と、「株式会社」とあるのは「特定目的会社」と、同法第百四十四条第一項及び第四項から第六項までの規定中「対象株式」とあるのは「資産流動化法第三十一条第七項に規定する特定出資」と、「第百四十条第一項第二号」とあるのは「第百四十二条第一項第二号」と、同条第一項、第二項及び第六項中「株式会社」とあるのは「指定買取人」と、同条第五項中「一株」とあるのは「一口」と、同条第六項中「第百四十一条第二項」とあるのは「第百四十二条第二項」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(8)The provisions of Article 142, paragraphs (1) and (2) (Designated Purchaser's Notice to Purchase) of the Companies Act apply mutatis mutandis to a designated purchaser; the provisions of Article 143, paragraph (2) (Withdrawal of Requests for Approval of Transfer) of that Act apply mutatis mutandis to a person requesting transfer approval that makes a request as referred to in paragraph (4), item (i), sub-item (c) or paragraph (4), item (ii), sub-item (c); and the provisions of Article 144, paragraphs (1) through (6) (Determination of Sale Price); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (2) (but only the part that involves item (iii)) (Hearing of Statements); Article 870-2 (Sending of a Copy of a Written Motion); the main text of Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (v)) (Immediate Appeal); Article 872-2 (Sending of a Copy of a Petition for Immediate Appeal); the main text of Article 873 (Stay of Execution of the Judicial Decision of the Prior Instance); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of that Act apply mutatis mutandis if a person has been notified under the provisions of Article 142, paragraph (1) of that Act as applied mutatis mutandis pursuant to this paragraph. In such a case, the term "Article 140, paragraph (4)" in Article 142, paragraph (1) of the Companies Act is replaced with "Article 31, paragraph (7) of the Asset Securitization Act"; the terms "per share" and "stock company" in Article 142, paragraph (2) of the Companies Act are deemed to be replaced with "per unit" and "specified purpose company", respectively; the terms "subject shares" and "Article 140, paragraph (1), item (ii)" in Article 144, paragraph (1) and paragraphs (4) through (6) of the Companies Act are deemed to be replaced with "specified equity prescribed in Article 31, paragraph (7) of the Asset Securitization Act" and "Article 142, paragraph (1), item (ii)", respectively; the term "stock company" in Article 144, paragraphs (1), (2), and (6) of the Companies Act is deemed to be replaced with "designated purchaser"; the term "per share" in paragraph (5) of that Article is deemed to be replaced with "per unit"; the term "Article 141, paragraph (2)" in Article 144, paragraph (6) of that Act is deemed to be replaced with "Article 142, paragraph (2)"; and Cabinet Order provides for any other necessary technical replacement of terms.

９会社法第百四十五条（第二号を除く。）（株式会社が承認をしたとみなされる場合）の規定は、特定目的会社の第一項又は第二項の承認について準用する。この場合において、同条第一号中「第百三十九条第二項」とあるのは、「資産流動化法第三十一条第六項」と読み替えるものとする。

(9)The provisions of Article 145 (excluding item (ii)) (Cases Where a Stock Company is Deemed to Have Approved) of the Companies Act apply mutatis mutandis to the approval referred to in paragraph (1) or (2) by a specified purpose company. In such a case, the term "Article 139, paragraph (2)" in Article 145, item (i) of that Act is deemed to be replaced with "Article 31, paragraph (6) of the Asset Securitization Act".

第三十二条特定社員は、その有する特定出資に質権を設定することができる。

Article 32(1)A specified equity member may create a pledge over the specified equity they hold.

２特定出資の質入れは、その質権者の氏名又は名称及び住所を特定社員名簿に記載し、又は記録しなければ、特定目的会社その他の第三者に対抗することができない。

(2)A pledge of specified equity may not be asserted against a specified purpose company or any other third party unless the name and address of the pledgee have been entered or recorded in the register of specified equity members.

３特定出資に質権を設定した者は、特定目的会社に対し、次に掲げる事項を特定社員名簿に記載し、又は記録することを請求することができる。

(3)A person that has created a pledge over specified equity may request the specified purpose company to enter or record the following information in the register of specified equity members:

４特定目的会社が次に掲げる行為をした場合には、特定出資を目的とする質権は、当該行為によって当該特定出資の特定社員が受けることのできる金銭等（金銭その他の財産をいう。以下同じ。）について存在する。

(4)If a specified purpose company takes one of the following actions, any pledge over specified equity is in effect over the money and assets that the specified equity member whose specified equity it is entitled to receive as a result of the action (meaning money and other assets; the same applies hereinafter):

５登録特定出資質権者は、前項の金銭等（金銭に限る。）を受領し、他の債権者に先立って自己の債権の弁済に充てることができる。

(5)A registered pledgee of specified equity may receive the money and assets referred to in the preceding paragraph (but only the money) and use them to cover repayment of the pledgee's own claims in preference to other creditors.

６会社法第百四十七条第三項（株式の質入れの対抗要件）の規定は特定出資について、同法第百四十九条第一項から第三項まで（株主名簿の記載事項を記載した書面の交付等）、第百五十条（登録株式質権者に対する通知等）、第百五十二条第二項及び第百五十四条第二項（第一号に係る部分に限る。）（株式の質入れの効果）の規定は特定目的会社の特定出資に係る登録特定出資質権者について、それぞれ準用する。この場合において、これらの規定中「株主名簿」とあるのは「特定社員名簿」と、同法第百四十九条第一項中「前条各号」とあるのは「資産流動化法第三十二条第三項各号」と、「同条各号」とあるのは「同項各号」と、同法第百五十二条第二項中「前条第一号」とあるのは「資産流動化法第三十二条第四項」と、同法第百五十四条第二項中「前項」とあるのは「資産流動化法第三十二条第五項」と、同項第一号中「第百五十一条第一項第一号から第六号まで、第八号、第九号又は第十四号」とあるのは「資産流動化法第三十二条第四項各号」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(6)The provisions of Article 147, paragraph (3) (Perfection of Pledges of Shares) of the Companies Act apply mutatis mutandis to specified equity, and the provisions of Article 149, paragraphs (1) through (3) (Delivery of Documents Showing Information Entered in Shareholder Register); Article 150 (Notices to Registered Pledgees of Shares); Article 152, paragraph (2); and Article 154, paragraph (2) (but only the part that involves item (i)) (Effect of Pledge of Shares) of that Act apply mutatis mutandis to a registered pledgee of specified equity that holds a pledge over specified equity in a specified purpose company. In such a case, the term "shareholder register" in those provisions is deemed to be replaced with "register of specified equity members"; the terms "the items of the preceding Article" and "the items of that Article" in Article 149, paragraph (1) of that Act are deemed to be replaced with "the items of Article 32, paragraph (3) of the Asset Securitization Act" and "the items of that paragraph", respectively; the term "paragraph (1) of the preceding Article" in Article 152, paragraph (2) of the Companies Act is deemed to be replaced with "Article 32, paragraph (4) of the Asset Securitization Act"; the term "the preceding paragraph" in Article 154, paragraph (2) of the Companies Act is deemed to be replaced with "Article 32, paragraph (5) of the Asset Securitization Act"; the term "Article 151, paragraph (1) items (i) through (vi), item (viii), item (ix), or item (xiv)" in Article 154, paragraph (2), item (i) of the Companies Act is deemed to be replaced with "the items of Article 32, paragraph (4) of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

第三十三条特定出資は、第二十九条第二項の規定にかかわらず、社員総会の承認を受けないで信託会社等（信託会社及び信託業務を営む銀行その他の金融機関をいう。以下同じ。）に信託することができる。

Article 33(1)Notwithstanding the provisions of Article 29, paragraph (2), specified equity may be placed in trust with a trust company or financial institution (meaning a trust company or a bank or other financial institution engaged in trust business; the same applies hereinafter) without an approval at a general meeting of members.

２特定出資の信託（以下「特定出資信託」という。）に係る契約には、次に掲げる条件を付さなければならない。

(2)The following conditions must be attached to the agreement for a trust involving specified equity (hereinafter referred to as a "specified equity trust"):

３第三十条第一項及び前条並びに会社法第百三十三条（株主の請求による株主名簿記載事項の記載又は記録）の規定は、第一項の規定に基づき特定出資を信託する場合について準用する。この場合において、第三十条第一項中「取得した者の氏名又は名称及び住所」とあるのは「受託者及び受益者の氏名又は名称及び住所その他の特定出資信託に係る内閣府令で定める事項並びに特定出資信託の設定」と、前条第一項から第三項までの規定中「特定出資」とあるのは「特定出資信託の受益権」と、同条第四項中「特定出資を」とあるのは「特定出資信託の受益権を」と、「当該特定出資」とあるのは「当該特定出資信託の受益権」と、同法第百三十三条第一項中「株式会社」とあるのは「特定目的会社」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 30, paragraph (1) and the preceding Article and the provisions of Article 133 (Entering or Recording Information Required to Be Entered in the Shareholder Register at the Request of Shareholders) of the Companies Act apply mutatis mutandis if specified equity is placed in trust based on the provisions of paragraph (1). In such a case, the phrase "the name and address of the person acquiring" in Article 30, paragraph (1) is deemed to be replaced with "the names and addresses of the trustee and the beneficiaries and any other information that Cabinet Office Order prescribes with regard to the specified equity trust, as well as an indication that the specified equity trust has been created"; the term "specified equity" in the provisions of paragraph (1) through (3) of the preceding Article is deemed to be replaced with "beneficial interest in a specified equity trust"; the terms "over specified equity" and "whose specified equity" in paragraph (4) of that Article are deemed to be replaced with "over the beneficial interest in a specified equity trust" and "whose beneficial interest in the specified equity trust", respectively; the term "stock company" in Article 133, paragraph (1) of the Companies Act is deemed to be replaced with "specified purpose company"; and Cabinet Order provides for any other necessary technical replacement of terms.

第三十四条特定目的会社は、第三十八条において準用する会社法第百八十二条の四第一項の規定による請求に応じて特定出資を買い取る場合及び権利の実行に当たりその目的を達成するために必要な場合を除き、自己の特定出資を取得し、又は質権の目的としてこれを受けてはならない。

Article 34(1)Unless a specified purpose company purchases specified equity in response to a demand under Article 182-4, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to Article 38, or unless it is necessary to do so in using its rights to achieve its purpose, a specified purpose company must not acquire its own specified equity or receive it as the subject of a pledge.

２前項の規定は、特定目的会社が、特定社員の相続人からその相続により取得した当該特定目的会社の特定出資を当該相続の開始後一年以内に買い受けるために取得する場合には、適用しない。ただし、次の各号のいずれかに該当するときは、この限りでない。

(2)The provisions of the preceding paragraph do not apply if a specified purpose company acquires its own specified equity in order to purchase from the heir of a specified equity member the specified equity of that specified purpose company which the heir has acquired through inheritance from the specified member, within one year of the opening of the succession; provided, however, that this does not apply to a case that falls under one of the following items:

３特定目的会社が前項の特定出資を買い受けるには、社員総会の決議によらなければならない。この場合においては、当該特定出資の売主たる特定社員は、議決権を行使することができない。

(3)A resolution must be passed at a general meeting of members in order for a specified purpose company to effect the purchase of specified equity referred to in the preceding paragraph. In such a case, the specified member selling the specified equity may not exercise the voting right.

４特定目的会社が第二項の特定出資の取得をした場合において、当該取得をした日の属する事業年度（その事業年度の直前の事業年度が最終事業年度（各事業年度に係る第百二条第二項に規定する計算書類につき第百四条第二項の承認を受けた場合（同条第四項前段に規定する場合にあっては、同項後段の報告をした場合）における当該各事業年度のうち最も遅いものをいう。以下同じ。）でないときは、その事業年度の直前の事業年度）に係る第百二条第二項に規定する計算書類につき第百四条第二項の承認を受けた時（同条第四項前段に規定する場合にあっては、同項後段の報告をした時）における第百十四条第一項第二号から第四号までに掲げる額の合計額が同項第一号に掲げる額を超えるときは、当該取得に関する職務を行った取締役は、当該特定目的会社に対し、連帯して、その超過額（当該超過額が当該特定出資の取得により特定社員に対して交付した金銭の総額を超える場合にあっては、当該金銭の総額）を支払う義務を負う。ただし、当該取締役がその職務を行うについて注意を怠らなかったことを証明した場合は、この限りでない。

(4)If a specified purpose company acquires the specified equity referred to in paragraph (2), and the sum total of the amounts set forth in Article 114, paragraph (1), items (ii) through (iv) at the time when the approval referred to in Article 104, paragraph (2) is obtained (or, in the case prescribed in the first sentence of paragraph (4) of that Article, at the time when the report referred to in the second sentence of that paragraph is made) for the financial statements prescribed in Article 102, paragraph (2) in the business year in which the date of the equity's acquisition falls (or, if the preceding business year is not the most recent business year (meaning the most recent of the business years for which approval under Article 104, paragraph (2) has been obtained (or, in the case prescribed in the first sentence of paragraph (4) of that Article, for which the report referred to in the second sentence of that paragraph has been made) for the financial statements prescribed in Article 435, paragraph (2) in each business year; the same applies hereinafter), the business year preceding that one) exceeds the amount referred to in Article 114, paragraph (1), item (i), the directors undertaking the duty of acquiring the equity have a joint and several obligation to pay the excess amount (or, if the excess amount exceeds the total amount of monies delivered to specified members as a result of the acquisition of the specified equity, the total amount of those monies) to the specified purpose company; provided, however, that this does not apply to directors that prove that they did not neglect to exercise due care in undertaking that duty.

５第九十四条第四項の規定は、前項の取締役の責任について準用する。

(5)The provisions of Article 94, paragraph (4) apply mutatis mutandis to the liability of directors referred to in the preceding paragraph.

６特定目的会社は、第一項又は第二項本文に規定する場合において取得した特定出資又は質権を相当の時期に処分しなければならない。

(6)A specified purpose company must dispose of any specified equity or pledge it has acquired in a case prescribed in paragraph (1) or the main text of paragraph (2) at an appropriate time.

第三十五条特定出資は、第百八条の規定により特定資本金の額の減少をする場合を除き、消却することができない。

Article 35Specified equity may not be cancelled unless the amount of specified capital is reduced pursuant to the provisions of Article 108.

第三十六条特定目的会社は、その発行する特定出資を引き受ける者の募集をしようとするときは、その都度、募集特定出資（当該募集に応じて特定出資の引受けの申込みをした者に対して割り当てる特定出資をいう。以下この条において同じ。）について次に掲げる事項を定めなければならない。

Article 36(1)In seeking to solicit persons to subscribe for the specified equity it issues, a specified purpose company must, on each occasion, decide the following information about the specified equity for subscription (meaning the specified equity to be alloted to persons offering to subscribe for it in response to that solicitation; hereinafter the same applies in this Article):

２前項各号に掲げる事項（以下この条において「募集事項」という。）は、社員総会の決議によって定めなければならない。

(2)The information set forth in the items of the preceding paragraph (hereinafter referred to as the "subscription particulars" in this Article) must be decided by resolution at a general meeting of members.

３第一項第二号の払込金額が募集特定出資を引き受ける者に特に有利な金額である場合には、取締役は、前項の社員総会において、当該払込金額でその者の募集をすることを必要とする理由を開示しなければならない。

(3)If the amount to be paid in referred to in paragraph (1), item (ii) is particularly favorable to the persons subscribing for specified equity for subscription, the directors must disclose the reason for the need to solicit those persons at that amount to be paid in, at the general meeting of members referred to in the preceding paragraph.

４募集事項は、第一項の募集ごとに、均等に定めなければならない。

(4)The subscription particulars must be prescribed equally for each solicitation referred to in paragraph (1).

５会社法第二百二条から第二百十三条の三まで（第二百二条第三項、第二百六条の二、第二百七条第九項第三号及び第五号並びに第二百十三条第一項第三号を除く。）（株主に株式の割当てを受ける権利を与える場合、募集株式の申込み、募集株式の割当て、募集株式の申込み及び割当てに関する特則、募集株式の引受け、金銭以外の財産の出資、出資の履行、株主となる時期等、募集株式の発行等をやめることの請求、引受けの無効又は取消しの制限、不公正な払込金額で株式を引き受けた者等の責任、出資された財産等の価額が不足する場合の取締役等の責任、出資の履行を仮装した募集株式の引受人の責任、出資の履行を仮装した場合の取締役等の責任）、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第一項（第一号及び第四号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定は、第一項の特定目的会社の募集特定出資について準用する。この場合において、これらの規定中（同法第二百十三条の二第二項を除く。）「株主」とあるのは「特定社員」と、「株式」とあるのは「特定出資」と、「数」とあるのは「口数」と、「第百九十九条第一項第三号」とあるのは「資産流動化法第三十六条第一項第三号」と、「第百九十九条第一項第四号」とあるのは「資産流動化法第三十六条第一項第四号」と、同法第二百二条第一項中「募集事項」とあるのは「社員総会の決議により、募集事項」と、同条第二項中「一株」とあるのは「一口」と、同条第五項中「第百九十九条第二項から第四項まで及び前二条」とあるのは「資産流動化法第三十六条第二項及び第三項」と、同法第二百四条第二項及び第二百五条第二項中「株主総会」とあるのは「社員総会」と、同法第二百七条第九項第一号中「発行済株式の総数」とあるのは「特定出資の総口数」と、同法第二百十条中「自己株式」とあるのは「自己特定出資（資産流動化法第五十九条第二項に規定する自己特定出資をいう。）」と、同条第一号中「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と、同法第二百十三条第一項第一号中「業務執行取締役（指名委員会等設置会社にあっては、執行役。以下この号において同じ。）その他当該業務執行取締役」とあるのは「取締役その他当該取締役」と、同項第二号中「株主総会」とあるのは「社員総会」と、同法第二百十三条の二第二項中「総株主」とあるのは「総社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(5)The provisions of Articles 202 through 213-3 (excluding Article 202, paragraph (3), Article 206-2; Article 207, paragraph (9), items (iii) and (v); and Article 213, paragraph (1), item (iii)) (Cases Where Entitlement to Allotment of Shares Is Granted to Shareholders; Applications for Shares for Subscription; Allotment of Shares for Subscription; Special Provisions on Subscription and Allotment of Shares for Subscription; Subscription for Shares for Subscription; Contribution of Property Other Than Monies; Performance of Contributions; Timing of Shareholder Status; Demanding Cessation of the Issuing of Shares for Subscription; Restrictions on Invalidation or Rescission of Subscription; Liabilities of Persons Who Subscribed for Shares with Unfair Amount To Be Paid In; Liabilities of Directors in Case of Shortfall in Value of Property Contributed; Liabilities of Subscribers of Shares for Subscription for which the Performance of Contribution is Disguised; Liabilities of Directors in the Case of Disguising the Performance of Contribution); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (1) (but only the part that involves item (i) and item (iv)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 874 (but only the part that involves item (i)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis to the specified equity for subscription of a specified purpose company referred to in paragraph (1). In such a case, the term "shareholder" in those provisions is deemed to be replaced with "specified equity member"; the term "shares" in those provisions (excluding Article 213-2, paragraph (2) of that Act) is deemed to be replaced with "specified equity"; the term "number" in those provisions is deemed to be replaced with "number of units"; the term "Article 199, paragraph (1), item (iii)" in those provisions is deemed to be replaced with "Article 36, paragraph (1), item (iii) of the Asset Securitization Act"; the term "Article 199, paragraph (1), item (iv)" in those provisions is deemed to be replaced with "Article 36, paragraph (1), item (iv) of the Asset Securitization Act"; the term "subscription requirements" in Article 202, paragraph (1) of the Companies Act is deemed to be replaced with "subscription details decided by resolution at a general meeting of members"; the term "one share" in paragraph (2) of that Article is deemed to be replaced with "one unit"; the term "paragraphs (2) through (4) of Article 199 and the preceding two Articles" in Article 202, paragraph (5) of the Companies Act is deemed to be replaced with "Article 36, paragraphs (2) and (3) of the Asset Securitization Act"; the term "shareholders meeting" in Article 204, paragraph (2) and Article 205, paragraph (2) of that Act is deemed to be replaced with "general meeting of members"; the term "total number of issued shares" in Article 207, paragraph (9), item (i) of the Companies Act is replaced with "total number of units of specified equity"; the term "treasury shares" in Article 210 of the Companies Act is replaced with "the company's own specified equity (meaning the company's own specified equity as prescribed in Article 59, paragraph (2) of the Asset Securitization Act)"; the term "laws and regulations or articles of incorporation" in Article 210, item (i) of the Companies Act is deemed to be replaced with "laws and regulations, asset securitization plan, or articles of incorporation"; the phrase "executive directors who carried out duties regarding the solicitation of subscribers for such shares for subscription (or, for a company with a nominating committee, etc., executive officers; hereinafter the same applies in this item) and other persons prescribed by Order of the Ministry of Justice as persons who were involved, in the performance of their duties, in the execution of the business of such executive directors" in Article 213, paragraph (1), item (i) of that Act is deemed to be replaced with "directors engaged in duties involving the solicitation of subscribers for specified equity for subscription and persons that Ministry of Justice Order prescribed as being involved, in the course of their duties, in the executive management of the business that those directors carry out"; the term "shareholders meeting" in item (ii) of that paragraph is deemed to be replaced with "general meeting of members"; the term "all shareholders" in Article 213-2, paragraph (2) of that Act is deemed to be replaced with "all members"; and Cabinet Order provides for any other necessary technical replacement of terms.

６特定目的会社は、第一項第四号の期日（同号の期間を定めた場合にあっては、その期間の末日）に、払込み又は給付がされた財産の額に相当する額の特定資本金の額を増加する定款の変更をしたものとみなす。

(6)On the date referred to in paragraph (1), item (iv) (or if the period referred to in that paragraph has been determined, on the last day of that period), a specified purpose company is deemed to have amended the articles of incorporation to increase the amount of specified capital by the amount equivalent to that of the assets paid in or delivered.

７会社法第六十四条（払込金の保管証明）の規定は、第五項において準用する同法第二百八条第一項の払込みの取扱いをした銀行等について準用する。この場合において、同法第六十四条第一項中「第五十七条第一項」とあるのは「資産流動化法第三十六条第一項」と、「発起人」とあるのは「取締役」と、同条第二項中「成立後の株式会社」とあるのは「特定目的会社」と読み替えるものとする。

(7)The provisions of Article 64 (Certificate of Deposit of Paid Monies) of the Companies Act apply mutatis mutandis to a bank or equivalent entity that handles payment under the provisions of Article 208, paragraph (1) of that Act as applied mutatis mutandis pursuant to paragraph (5). In such a case, the term "Article 57, paragraph (1)" in Article 64, paragraph (1) of the Companies Act is deemed to be replaced with "Article 36, paragraph (1) of the Asset Securitization Act"; the term "incorporators" in Article 64, paragraph (1) of the Companies Act is replaced with "directors"; and the term "stock company after establishment" in paragraph (2) of that Article is deemed to be replaced with "specified purpose company".

８会社法第八百二十八条第一項（第二号に係る部分に限る。）及び第二項（第二号に係る部分に限る。）（会社の組織に関する行為の無効の訴え）、第八百三十四条（第二号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条第一項及び第三項（担保提供命令）、第八百三十七条から第八百四十条まで（弁論等の必要的併合、認容判決の効力が及ぶ者の範囲、無効又は取消しの判決の効力、新株発行の無効判決の効力）、第八百四十六条（原告が敗訴した場合の損害賠償責任）並びに第九百三十七条第一項（第一号ロに係る部分に限る。）（裁判による登記の嘱託）の規定は特定目的会社の成立後における特定出資の発行の無効の訴えについて、同法第八百六十八条第一項（非訟事件の管轄）、第八百七十一条本文（理由の付記）、第八百七十二条（第二号に係る部分に限る。）（即時抗告）、第八百七十三条本文（原裁判の執行停止）、第八百七十五条から第八百七十七条まで（非訟事件手続法の規定の適用除外、最高裁判所規則、審問等の必要的併合）及び第八百七十八条第一項（裁判の効力）の規定はこの項において準用する同法第八百四十条第二項の申立てについて、それぞれ準用する。この場合において、同法第八百二十八条第一項第二号中「六箇月以内（公開会社でない株式会社にあっては、株式の発行の効力が生じた日から一年以内）」とあるのは「一年以内」と、同条第二項第二号中「株主等」とあるのは「社員、取締役、監査役又は清算人」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(8)The provisions of Article 828, paragraph (1) (but only the part that involves item (ii)) and paragraph (2) (but only the part that involves item (ii)) (Actions Seeking Invalidation of Acts Concerning the Organization of a Company); Article 834 (but only the part that involves item (ii)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Article 836, paragraphs (1) and (3) (Order to Provide Security); Articles 837 through 840 (Mandatory Consolidation of Oral Arguments; Persons Affected by an Upholding Judgment; Effects of a Judgment of Invalidation, Revocation or Rescission; Effects of a Judgment of Invalidation of New Share Issue); Article 846 (Liability for Damages in Cases Where the Plaintiff Is Defeated); and Article 937, paragraph (1) (but only the part that involves item (i) (b)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action to invalidate the issuance of specified equity by a specified purpose company after its establishment, and the provisions of Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); the main text of Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (ii)) (Immediate Appeal); the main text of Article 873 (Stay of Execution of the Judicial Decision of the Prior Instance); Articles 875 through 877 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act; Supreme Court Rules; Mandatory Consolidation of Hearings); and Article 878, paragraph (1) (Effects of a Judicial Decision) of the Companies Act apply mutatis mutandis to a petition under Article 840, paragraph (2) of that Act as applied mutatis mutandis pursuant to this paragraph. In such a case, the phrase "within six months from the day on which the share issue became effective (or, for a stock company which is not a public company, within one year from the day on which the issuance of shares became effective)" in Article 828, paragraph (1), item (ii) of the Companies Act is deemed to be replaced with "within one year"; the term "shareholder, etc." in paragraph (2), item (ii) of that Article is deemed to be replaced with "member, director, company auditor, or liquidator"; and Cabinet Order provides for any other necessary technical replacement of terms.

９会社法第八百二十九条（第一号に係る部分に限る。）（新株発行等の不存在の確認の訴え）、第八百三十四条（第十三号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条から第八百三十八条まで（担保提供命令、弁論等の必要的併合、認容判決の効力が及ぶ者の範囲）及び第八百四十六条（原告が敗訴した場合の損害賠償責任）並びに第九百三十七条第一項（第一号ホに係る部分に限る。）（裁判による登記の嘱託）の規定は、特定目的会社の成立後における特定出資の発行の不存在の確認の訴えについて準用する。この場合において、必要な技術的読替えは、政令で定める。

(9)The provisions of Article 829 (but only the part that involves item (i)) (Action for Declaratory Judgment of Absence of a New Share Issue); Article 834 (but only the part that involves item (xiii)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Articles 836 through 838 (Order to Provide Security; Mandatory Consolidation of Oral Arguments; Persons Affected by an Upholding Judgment); Article 846 (Liability for Damages in Cases Where the Plaintiff Is Defeated); and Article 937, paragraph (1) (but only the part that involves item (i), sub-item (e)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action seeking a declaratory judgment establishing the non-issuance of specified equity by a specified purpose company after its establishment. In such a case, Cabinet Order provides for the necessary technical replacement of terms.

１０第九十七条第三項及び会社法第七編第二章第二節（第八百四十七条第二項、第八百四十七条の二、第八百四十七条の三、第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（株式会社における責任追及等の訴え）の規定は、第五項において準用する同法第二百十二条第一項の規定による支払を求める訴え、第五項において準用する同法第二百十三条第一項の規定による同項に規定する取締役等の責任を追及する訴え、第五項において準用する同法第二百十三条の二第一項の規定による支払又は給付を求める訴え及び第五項において準用する同法第二百十三条の三第一項の規定による同項に規定する取締役の責任を追及する訴えについて準用する。この場合において、同法第八百四十七条第一項中「六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き株式を有する株主（第百八十九条第二項の定款の定めによりその権利を行使することができない単元未満株主を除く。）」とあるのは「特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員」と、同条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主」とあるのは「特定社員若しくは優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員及び優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(10)The provisions of Article 97, paragraph (3) and the provisions of Part VII, Chapter II, Section 2 (excluding Article 847, paragraph (2); Article 847-2; Article 847-3; Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Action to Enforce Liability at a Stock Company) of the Companies Act apply mutatis mutandis to an action demand payment under the provisions of Article 212, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5); to an action under Article 213, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5) to enforce the liability of directors, etc. as prescribed in Article 213, paragraph (1) of the Companies Act; to an action to demand payment or delivery under the provisions of Article 213-2, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5); and to an action under the provisions of Article 213-3, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5) to enforce the liability of a director as prescribed in Article 213-3, paragraph (5) of the Companies Act. In such a case, the term "shareholder (excluding a holder of shares less than one unit who is unable to exercise rights pursuant to the provisions of the articles of incorporation) having the shares consecutively for the preceding six months or more (or, in cases where a shorter period is prescribed in the articles of incorporation, such period or more)" in Article 847, paragraph (1) of the Companies Act is deemed to be replaced with "specified equity member, or a preferred equity member that has held preferred equity continuously for the preceding six months (or, if a shorter period is prescribed in the articles of incorporation, that period)"; the term "shareholder" in paragraph (3) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "that specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849, paragraph (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholders" in paragraph (5) of that Article is deemed to be replaced with "specified equity members and preferred equity members"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

第三十七条特定目的会社は、特定出資については、指図式又は無記名式のいずれの証券も発行してはならない。

Article 37A specified purpose company must not issue securities that are payable to order or in bearer form for specified equity.

第三十八条会社法第百八十条（第二項第三号及び第四号、第三項並びに第四項を除く。）（株式の併合）、第百八十一条（株主に対する通知等）、第百八十二条第一項（効力の発生）、第百八十二条の二（株式の併合に関する事項に関する書面等の備置き及び閲覧等）、第百八十二条の三（株式の併合をやめることの請求）、第百八十二条の四（第五項を除く。）（反対株主の株式買取請求）、第百八十二条の五（第七項を除く。）（株式の価格の決定等）、第百八十二条の六（株式の併合に関する書面等の備置き及び閲覧等）、第二百三十四条第二項及び第二百三十五条第一項（一に満たない端数の処理）、第八百六十八条第一項（非訟事件の管轄）、第八百六十九条（疎明）、第八百七十一条（理由の付記）、第八百七十四条（第四号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）並びに第八百七十六条（最高裁判所規則）の規定は特定目的会社の特定出資の併合について、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第二項（第二号に係る部分に限る。）（陳述の聴取）、第八百七十条の二（申立書の写しの送付等）、第八百七十一条本文（理由の付記）、第八百七十二条（第五号に係る部分に限る。）（即時抗告）、第八百七十二条の二（抗告状の写しの送付等）、第八百七十三条本文（原裁判の執行停止）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定はこの条において準用する同法第百八十二条の四第一項の規定による請求について、それぞれ準用する。この場合において、同法第百八十条第二項中「株主総会」とあるのは「社員総会」と、同法第百八十一条第一項中「株主（種類株式発行会社にあっては、前条第二項第三号の種類の種類株主。以下この款において同じ。）」とあるのは「特定社員」と、「登録株式質権者」とあるのは「登録特定出資質権者」と、同法第百八十二条第一項中「株主」とあるのは「特定社員」と、「数」とあるのは「口数」と、「同条第二項第一号」とあるのは「第百八十条第二項第一号」と、同法第百八十二条の二第一項第一号中「株主総会（株式の併合をするために種類株主総会の決議を要する場合にあっては、当該種類株主総会を含む。第百八十二条の四第二項において同じ。）」とあるのは「社員総会」と、同条第二項中「株主」とあるのは「特定社員」と、同法第百八十二条の三中「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と、「株主」とあるのは「特定社員」と、同法第百八十二条の四第一項中「数に一株」とあるのは「口数に一口」と、「反対株主」とあるのは「反対特定社員」と、「うち一株」とあるのは「うち一口」と、同条第二項中「反対株主」とあるのは「反対特定社員」と、「株主を」とあるのは「特定社員を」と、同項第一号中「株主総会」とあるのは「社員総会」と、「株主（」とあるのは「特定社員（」と、同項第二号中「株主総会」とあるのは「社員総会」と、「できない株主」とあるのは「できない特定社員」と、同条第三項中「株主」とあるのは「特定社員」と、同条第四項中「株式買取請求」とあるのは「特定出資買取請求」と、「数（種類株式発行会社にあっては、株式の種類及び種類ごとの数）」とあるのは「口数」と、同条第六項中「株式買取請求」とあるのは「特定出資買取請求」と、「株主」とあるのは「特定社員」と、同条第七項中「株式買取請求」とあるのは「特定出資買取請求」と、同法第百八十二条の五第一項中「株式買取請求」とあるのは「特定出資買取請求」と、「株主」とあるのは「特定社員」と、同条第二項中「株主」とあるのは「特定社員」と、同条第三項中「株主」とあるのは「特定社員」と、「株式買取請求」とあるのは「特定出資買取請求」と、同条第五項中「株主」とあるのは「特定社員」と、同条第六項中「株式買取請求」とあるのは「特定出資買取請求」と、同法第百八十二条の六第一項中「数」とあるのは「口数」と、同条第三項中「株主」とあるのは「特定社員」と、同法第二百三十四条第二項中「前項」とあるのは「資産流動化法第三十八条において準用する第二百三十五条第一項」と、同法第二百三十五条第一項中「数」とあるのは「口数」と、「株主」とあるのは「特定社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 38The provisions of Article 180 (excluding paragraph (2), items (iii) and (iv) and paragraphs (3) and (4)) (Consolidation of Shares); Article 181 (Notices to Shareholders); Article 182, paragraph (1) (Effectuation), Article 182-2 (Keeping and Inspection of Documents related to the Consolidation of Shares); Article 182-3 (Request to Cease Consolidation of Shares); Article 182-4 (excluding paragraph (5)) (Dissenting Shareholders' Appraisal Rights); Article 182-5 (excluding paragraph (7)) (Determination of the Price of Shares); Article 182-6 (Keeping and Inspection of Documents related to Consolidation of Shares); Article 234, paragraph (2) and Article 235, paragraph (1) (Treatment of Fractions); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 869 (Prima Facie Showing); Article 871 (Appending of the Reason); Article 874 (but only the part that involves item (iv)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis to consolidation of a specified purpose company's specified equity, and the provisions of Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (2) (but only the part that involves item (ii)) (Hearing of Statements); Article 870-2 (Sending a Copy of the Written Petition); the main text of Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (v)) (Immediate Appeal); Article 872-2 (Sending of a Copy of Petition for Appeal); the main text of Article 873 (Stay of Execution of the Judicial Decision of the Prior Instance); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis to the demand under the provisions of Article 182-4, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to this Article. In such a case, the term "shareholders meeting" in Article 180, paragraph (2) of the Companies Act is deemed to be replaced with "general meeting of members"; the term "shareholders (or, for a company with class shares, meaning the class shareholders of the classes of shares under paragraph (2), item (iii) of the preceding Article; hereinafter the same applies in this Subsection)" in Article 181, paragraph (1) of that Act is deemed to be replaced with "specified equity members"; the term "registered pledgees of the shares" in Article 181, paragraph (1) of that Act is deemed to be replaced with "registered pledgees of specified equity"; the term "shareholders" in Article 182, paragraph (1) of that Act is deemed to be replaced with "specified equity members"; the term "number" in that paragraph is deemed to be replaced with "number of units"; the term "paragraph (2) item (i) of that Article" in that paragraph is deemed to be replaced with "Article 180, paragraph (2), item (i)"; the phrase "shareholders meeting under Article 180, paragraph (2) (in cases where a resolution of a class meeting is required for consolidation of shares, including the class meeting; the same applies in Article 182-4, paragraph (2))" in Article 182-2, paragraph (1), item (i) of that Act is deemed to be replaced with "general meeting of members"; the term "shareholders" in Article 182-2, paragraph (2) of that Act is deemed to be replaced with "specified equity members"; the term "laws and regulations or articles of incorporation" in Article 182-3 of that Act is deemed to be replaced with "laws and regulations, the asset securitization plan, or articles of incorporation"; the term "shareholders" in that Article is deemed to be replaced with "specified equity members"; the term "one share in the number" in Article 182-4, paragraph (1) of that Act is deemed to be replaced with "one unit in the number of units"; the term "dissenting shareholders" in that paragraph is deemed to be replaced with "dissenting specified equity members"; the term "one share from" in that paragraph is replaced with "one unit from"; the term "dissenting shareholders" in Article 182-4, paragraph (2) of that Act is deemed to be replaced with "dissenting specified equity members"; the term "the following shareholders" in that paragraph is deemed to be replaced with "the following specified equity members"; the term "shareholders meeting" in Article 182-4, paragraph (2), item (i) of that Act is deemed to be replaced with "general meeting of members"; the term "A shareholder who" in that item is deemed to be replaced with "A specified equity member that"; the term "shareholders meeting" in Article 182-4, paragraph (2), item (ii) of that Act is deemed to be replaced with "general meeting of members"; the term "A shareholder who may not" in that item is deemed to be replaced with "A specified equity member that may not"; the term "shareholders" in Article 182-4, paragraph (3) of that Act is deemed to be replaced with "specified equity members"; the term "exercise of appraisal rights" in Article 182-4, paragraph (4) of that Act is deemed to be replaced with "exercise of appraisal rights for specified equity"; the phrase "the number of shares with regard to which the shareholder is exercising appraisal rights (or, for a company with class shares, the classes of the shares and the number of shares for each class)" in that paragraph is deemed to be replaced with "the number of units with regard to which the specified equity member is exercising appraisal rights for specified equity"; the term "exercise of appraisal rights" in Article 182-4, paragraph (6) of that Act is deemed to be replaced with "exercise of appraisal rights for specified equity"; the term "shareholder" in that paragraph is deemed to be replaced with "specified equity member"; the term "exercise of appraisal rights" in Article 182-4, paragraph (7) of that Act is deemed to be replaced with "exercise of appraisal rights for specified equity"; the term "exercise of appraisal rights" in Article 182-5, paragraph (1) of that Act is deemed to be replaced with "exercise of appraisal rights for specified equity"; the term "shareholder" in that paragraph is deemed to be replaced with "specified equity member"; the term "shareholders" in Article 182-5, paragraph (2) of that Act is deemed to be replaced with "specified equity member"; the term "shareholders" in Article 182-5, paragraph (3) of that Act is deemed to be replaced with "specified equity members"; the term "exercise of appraisal rights" in that paragraph is deemed to be replaced with "exercise of appraisal rights for specified equity"; the term "shareholders" in Article 182-5, paragraph (5) of that Act is deemed to be replaced with "specified equity members"; the term "exercise of appraisal rights" in Article 182-5, paragraph (6) of that Act is deemed to be replaced with "exercise of appraisal rights for specified equity"; the term "number" in Article 182-6, paragraph (1) of that Act is deemed to be replaced with "number of units"; the term "shareholders" in Article 182-6, paragraph (3) of that Act is deemed to be replaced with "specified equity members"; the term "the preceding paragraph" in Article 234, paragraph (2) of that Act is deemed to be replaced with "Article 235, paragraph (1) as applied mutatis mutandis pursuant to Article 38 of the Asset Securitization Act"; the term "number" in Article 235, paragraph (1) of that Act is deemed to be replaced with "number of units"; the term "shareholders" in that paragraph is deemed to be replaced with "specified equity members"; and Cabinet Order provides for any other necessary technical replacement of terms.

第三十九条特定目的会社は、資産流動化計画の定めるところに従い、取締役の決定（取締役が数人あるときは、その過半数をもってする決定）により、優先出資を引き受ける者の募集をすることができる。

Article 39(1)A specified purpose company may solicit persons to subscribe for preferred equity in accordance with the provisions of the asset securitization plan and as decided by the director (or as decided by a majority of the directors, if there are multiple directors).

２第五十一条第一項第二号に掲げる第二種特定目的会社において、募集優先出資（前項の募集に応じて優先出資の引受けの申込みをした者に対して割り当てる優先出資をいう。以下この款において同じ。）の払込金額（募集優先出資一口と引換えに払い込む金銭をいう。以下この款において同じ。）が当該募集優先出資を引き受ける者に特に有利な金額である場合には、取締役は、社員総会において、当該払込金額でその者の募集をすることを必要とする理由を説明し、当該社員総会の決議によって、当該募集優先出資の種類、口数及び払込金額を定めなければならない。

(2)At a Type II Specified Purpose Company as set forth in Article 51, paragraph (1), item (ii), if the amount to be paid in for preferred equity for subscription (meaning preferred equity that is to be allotted to persons offering to subscribe for preferred equity in response to the solicitation referred to in the preceding paragraph; hereinafter the same applies in this Subsection) (such an amount means the amount of monies to be paid in exchange for one unit of preferred equity for subscription; hereinafter the same applies in this Subsection) is particularly favorable to the persons subscribing for that preferred equity for subscription, the directors, at a general meeting of members, must explain the reason for the need to solicit those persons at that amount to be paid in, and the class, the number of units, and the amount to be paid in for that preferred equity for subscription must be determined by resolution at a general meeting of members.

３優先出資社員は、前項の決議について議決権を有する。

(3)A preferred equity member is entitled to vote on the resolution referred to in the preceding paragraph.

４会社法第百九十九条第五項（募集事項の決定）の規定は、募集優先出資の払込金額について準用する。

(4)The provisions of Article 199, paragraph (5) (Determination of Subscription Requirements) of the Companies Act apply mutatis mutandis to the amount to be paid in for preferred equity for subscription.

第四十条特定目的会社は、前条第一項の募集に応じて募集優先出資の引受けの申込みをしようとする者に対し、次に掲げる事項を通知しなければならない。

Article 40(1)A specified purpose company must notify a person seeking to offer to subscribe for preferred equity for subscription in response to the solicitation referred to in paragraph (1) of the preceding Article of the following information:

２前条第一項の募集に応じて募集優先出資の引受けの申込みをする者は、次に掲げる事項を記載した書面を特定目的会社に交付しなければならない。

(2)A person seeking to offer to subscribe for preferred equity for subscription in response to the solicitation referred to in paragraph (1) of the preceding Article must deliver a document stating the following information to the specified purpose company:

３前項の申込みをする者は、同項の書面の交付に代えて、政令で定めるところにより、特定目的会社の承諾を得て、同項の書面に記載すべき事項を電磁的方法（電子情報処理組織を使用する方法その他の情報通信の技術を利用する方法であって内閣府令で定めるものをいう。第百九十四条第一項第三号を除き、以下同じ。）により提供することができる。この場合において、当該申込みをする者は、前項の書面を交付したものとみなす。

(3)In lieu of delivering a document referred to in the preceding paragraph, a person making an offer referred to in that paragraph may provide the company with the information that is required to be entered in the document referred to in that paragraph by electronic or magnetic means (meaning by using an electronic data processing system or applying other information and communications technology by means that Cabinet Office Order prescribes; hereinafter the same applies except in Article 194, paragraph (1), item (iii)) with the consent of the specified purpose company, pursuant to Cabinet Order provisions. In such a case, the person making the offer is deemed to have delivered the document referred to in the preceding paragraph.

４第一項の規定は、特定目的会社が同項各号に掲げる事項を記載した金融商品取引法第二条第十項に規定する目論見書を第一項の申込みをしようとする者に対して交付している場合その他募集優先出資の引受けの申込みをしようとする者の保護に欠けるおそれがないものとして内閣府令で定める場合には、適用しない。

(4)The provisions of paragraph (1) do not apply to cases in which the specified purpose company has delivered a prospectus as prescribed in Article 2, paragraph (10) of the Financial Instruments and Exchange Act stating the information set forth in the items of that paragraph to the person seeking to make an offer as referred to in paragraph (1), and to other cases that Cabinet Office Order prescribes as those that are unlikely to result in insufficient protection of the person seeking to make the offer to subscribe for preferred equity for subscription.

５特定目的会社は、第一項各号に掲げる事項について変更があったときは、直ちに、その旨及び当該変更があった事項を第二項の申込みをした者（以下この款において「申込者」という。）に通知しなければならない。

(5)If information as set forth in the items of paragraph (1) changes, the specified purpose company must immediately notify a person that has offered to subscribe as referred to in paragraph (2) (hereinafter the person is referred to as an "offeror" in this Subsection) of this and of the information that has changed.

６特定目的会社が申込者に対してする通知又は催告は、第二項第一号の住所（当該申込者が別に通知又は催告を受ける場所又は連絡先を当該特定目的会社に通知した場合にあっては、その場所又は連絡先）にあてて発すれば足りる。

(6)It is sufficient for a notice or demand that a specified purpose company issues to an offeror to be sent to the address referred to in paragraph (2), item (i) (or, if the offeror has notified the specified purpose company of another place or contact address for receiving notices or demands, that place or contact address).

７前項の通知又は催告は、その通知又は催告が通常到達すべきであった時に、到達したものとみなす。

(7)The notice or demand referred to in the preceding paragraph is deemed to have arrived at the time that it would normally arrive.

８取締役は、申込者から資産流動化計画の閲覧又は当該資産流動化計画の謄本若しくは抄本の交付の求めがあったときは、これに応じなければならない。

(8)A director must respond to a request by an offeror to inspect the asset securitization plan or to be issued a certified copy or extract of the asset securitization plan.

９取締役は、前項の規定による資産流動化計画の謄本又は抄本の交付に代えて、政令で定めるところにより、当該申込者の承諾を得て、当該資産流動化計画の謄本又は抄本に記載すべき事項を電磁的方法により提供することができる。この場合において、当該取締役は、当該資産流動化計画の謄本又は抄本を交付したものとみなす。

(9)With the consent of the offeror, in lieu of delivering a certified copy or extract of the asset securitization plan under the provisions of the preceding paragraph, a director may use electronic or magnetic means to provide the offeror with the information that is required to be entered in the certified copy or extract of the asset securitization plan, pursuant to Cabinet Order provisions. In such a case, the director is deemed to have issued the offeror a certified copy or extract of the asset securitization plan.

１０優先出資については、金銭以外の財産を出資の目的とすることができない。

(10)Assets other than money may not be the subject of contribution for preferred equity.

第四十一条特定目的会社は、申込者の中から募集優先出資の割当てを受ける者を定め、かつ、その者に割り当てる募集優先出資の口数を定めなければならない。この場合において、特定目的会社は、当該申込者に割り当てる募集優先出資の口数を、前条第二項第二号の口数よりも減少することができる。

Article 41(1)A specified purpose company must decide which of the persons among the offerors the preferred equity for subscription are to be allotted preferred equity for subscription and the number of units of preferred equity for subscription to be allotted to those persons.In this case, the specified purpose company may reduce the number of units of preferred equity for subscription to be allotted to the offerors to below the number referred to in paragraph (2), item (ii) of the preceding Article.

２前条第一項から第七項まで及び前項の規定は、募集優先出資を引き受けようとする者がその総口数の引受けを行う契約を締結する場合には、適用しない。

(2)The provisions of paragraphs (1) through (7) of the preceding Article and the preceding paragraph do not apply if a person seeking to subscribe for preferred equity for subscription concludes a contract to subscribe for the total number of units thereof.

３次の各号に掲げる者は、当該各号に定める募集優先出資の口数について募集優先出資の引受人となる。

(3)A person as set forth in one of the following items is a subscriber for the number of units of preferred equity for subscription prescribed in that item:

４取締役は、募集優先出資の総口数の引受けがあったときは、遅滞なく、各引受人が引き受けた募集優先出資につき、特定目的会社が定めた銀行等の払込みの取扱いの場所において、それぞれの募集優先出資の払込金額の全額の払込み（以下この款において「出資の履行」という。）をさせなければならない。

(4)Once the total number of units of preferred equity for subscription have been subscribed for, the director, without delay, must have each of the subscribers pay in the full amount to be paid in for the preferred equity for subscription for which they have subscribed (hereinafter referred to as "performance of contribution" in this Subsection), at the place where the bank or equivalent entity that the specified purpose company specifies for handling the payments.

５会社法第二百八条第四項及び第五項（出資の履行）の規定は、特定目的会社の募集優先出資について準用する。この場合において、同条第四項及び第五項中「株主」とあるのは、「優先出資社員」と読み替えるものとする。

(5)The provisions of Article 208, paragraphs (4) and (5) (Performance of Contributions) of the Companies Act apply mutatis mutandis to a specified purpose company's preferred equity for subscription. In such a case, the term "shareholder" in paragraphs (4) and (5) of that Article is deemed to be replaced with "preferred equity member".

６会社法第六十四条（払込金の保管証明）の規定は第四項の出資の履行を取り扱う銀行等について、同法第二百十一条（引受けの無効又は取消しの制限）の規定は募集優先出資について、それぞれ準用する。この場合において、同法第六十四条第一項中「第五十七条第一項」とあるのは「資産流動化法第三十九条第一項」と、「発起人」とあるのは「取締役」と、同条第二項中「成立後の株式会社」とあるのは「特定目的会社」と、同法第二百十一条第一項中「第二百五条第一項」とあるのは「資産流動化法第四十一条第二項」と、同条第二項中「第二百九条第一項」とあるのは「資産流動化法第四十二条第二項」と、「株主」とあるのは「優先出資社員」と、「株式」とあるのは「優先出資」と読み替えるものとする。

(6)The provisions of Article 64 (Certificate of Deposit of Paid Monies) of the Companies Act apply mutatis mutandis to a bank or equivalent entity handling the performance of contributions as referred to in paragraph (4), and the provisions of Article 211 (Restrictions on Invalidation or Rescission of Subscription) of that Act apply mutatis mutandis to preferred equity for subscription. In such a case, the term "Article 57, paragraph (1)" in Article 64, paragraph (1) of the Companies Act is deemed to be replaced with "Article 39, paragraph (1) of the Asset Securitization Act"; the term "incorporators" in Article 64, paragraph (1) of the Companies Act is deemed to be replaced with "directors"; the term "stock company after establsihment" in paragraph (2) of that Article is deemed to be replaced with "specified purpose company"; the term "Article 205, paragraph (1)" in Article 211, paragraph (1) of the Companies Act is deemed to be replaced with "Article 41, paragraph (2) of the Asset Securitization Act"; the term "Article 209, paragraph (1)" in Article 211, paragraph (2) of the Companies Act is deemed to be replaced with "Article 42, paragraph (2) of the Asset Securitization Act"; the term "shareholder" in Article 211, paragraph (2) of the Companies Act is deemed to be replaced with "preferred equity member"; and the term "shares" in that paragraph is replaced with "preferred equity".

第四十二条特定目的会社は、その発行に係る優先出資の総口数の全額の払込みがあった日から二週間以内に、その本店の所在地において、優先出資の発行に係る事項として次に掲げる事項を登記しなければならない。

Article 42(1)A specified purpose company must register the following information in the locality of its head office as information about the issuance of preferred equity within two weeks from the date on which payment is made in full for the total number of units of preferred equity it has issued:

２募集優先出資の引受人は、前項の登記の日に、前条第四項の規定による払込みをした募集優先出資の優先出資社員となる。

(2)A subscriber for preferred equity for subscription becomes a preferred equity member holding the preferred equity for subscription for which the subscriber has made a payment under the provisions of paragraph (4) of the preceding Article on the date of registration referred to in the preceding paragraph.

３特定目的会社の発行に係る優先出資につき第一項の登記の時において引受けのない部分があるときは、取締役は、共同して、当該部分について引き受けたものとみなす。特定目的会社の発行に係る優先出資につき第一項の登記後に優先出資の引受人の募集優先出資の引受けに係る意思表示が取り消されたときも、同様とする。

(3)If any part of the preferred equity issued by a specified purpose company remains unsubscribed for at the time of the registration referred to in paragraph (1), the directors are deemed to have jointly subscribed for that part of the equity. The same applies if a subscriber for preferred equity rescinds its manifestation of intention to subscribe for the preferred equity for subscription issued by the specified purpose company after the registration referred to in paragraph (1) has been made.

４特定目的会社の発行に係る優先出資につき第一項の登記の時において前条第四項の規定による払込みがされていないものがあるときは、取締役は、連帯して、当該払込みがされていない額を支払う義務を負う。

(4)If there is preferred equity issued by a specified purpose company for which a payment under the provisions of paragraph (4) of the preceding Article has not been made at the time of the registration referred to in paragraph (1), the directors have a joint and several obligation to pay the amount that has not been paid in.

５会社法第二百十条（募集株式の発行等をやめることの請求）の規定は特定目的会社の第三十九条第一項の募集に係る優先出資の発行について、同法第二百十二条第一項（第一号に係る部分に限る。）（不公正な払込金額で株式を引き受けた者等の責任）の規定は特定目的会社の募集優先出資の引受人について、それぞれ準用する。この場合において、同法第二百十条中「株主」とあるのは「社員」と、同条第一号中「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(5)The provisions of Article 210 (Demanding Cessation of the Issuing of Shares for Subscription) of the Companies Act apply mutatis mutandis to the issuance of preferred equity in connection with solicitation referred to in Article 39, paragraph (1) by a specified purpose company, and the provisions of Article 212, paragraph (1) (Liabilities of Persons who Subscribed for Shares with Unfair Amount To Be Paid In) (but only the part that involves item (i)) of that Act apply mutatis mutandis to a subscriber for a specified purpose company's preferred equity for subscription. In such a case, the term "shareholders" in Article 210 of the Companies Act is deemed to be replaced with "members"; the phrase "any law or regulation, or articles of incorporation" in item (i) of that Article is deemed to be replaced with "any law or regulation, the asset securitization plan, or the articles of incorporation"; and Cabinet Order provides for any other necessary technical replacement of terms.

６会社法第八百二十八条第一項（第二号に係る部分に限る。）及び第二項（第二号に係る部分に限る。）（会社の組織に関する行為の無効の訴え）、第八百三十四条（第二号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条第一項及び第三項（担保提供命令）、第八百三十七条から第八百四十条まで（弁論等の必要的併合、認容判決の効力が及ぶ者の範囲、無効又は取消しの判決の効力、新株発行の無効判決の効力）、第八百四十六条（原告が敗訴した場合の損害賠償責任）並びに第九百三十七条第一項（第一号ロに係る部分に限る。）（裁判による登記の嘱託）の規定は特定目的会社の優先出資の発行の無効の訴えについて、同法第八百六十八条第一項（非訟事件の管轄）、第八百七十一条本文（理由の付記）、第八百七十二条（第二号に係る部分に限る。）（即時抗告）、第八百七十三条本文（原裁判の執行停止）、第八百七十五条から第八百七十七条まで（非訟事件手続法の規定の適用除外、最高裁判所規則、審問等の必要的併合）及び第八百七十八条第一項（裁判の効力）の規定はこの項において準用する同法第八百四十条第二項の申立てについて、それぞれ準用する。この場合において、同法第八百二十八条第一項第二号中「六箇月以内（公開会社でない株式会社にあっては、株式の発行の効力が生じた日から一年以内）」とあるのは「一年以内」と、同条第二項第二号中「株主等」とあるのは「社員、取締役、監査役又は清算人」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(6)The provisions of Article 828, paragraph (1) (but only the part that involves item (ii)) and paragraph (2) (but only the part that involves item (ii)) (Actions Seeking Invalidation of Acts Concerning the Organization of a Company); Article 834 (but only the part that involves item (ii)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Article 836, paragraph (1) and paragraph (3) (Order to Provide Security); Articles 837 through 840 (Mandatory Consolidation of Oral Arguments; Persons Affected by an Upholding Judgment; Effects of a Judgment of Invalidation, Revocation or Rescission; Effects of a Judgment of Invalidation of New Share Issue); Article 846 (Liability for Damages in Cases Where the Plaintiff Is Defeated); and Article 937, paragraph (1) (but only the part that involves item (i), sub-item (b)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action to invalidate the issuance of preferred equity by a specified purpose company, and the provisions of Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); the main text of Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (ii)) (Immediate Appeal); the main text of Article 873 (Stay of Execution of the Judicial Decision of the Prior Instance); Articles 875 through 877 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act; Supreme Court Rules; Mandatory Consolidation of Hearings); and Article 878, paragraph (1) (Effects of a Judicial Decision) of that Act apply mutatis mutandis to a petition under Article 840, paragraph (2) of that Act as applied mutatis mutandis pursuant to this paragraph. In such a case, the phrase "within six months from the day on which the share issue became effective (or, for a stock company which is not a public company, within one year from the day on which the share issue became effective)" in Article 828, paragraph (1), item (ii) of the Companies Act is is deemd to be replaced with "within one year"; the term "Shareholder, etc." in paragraph (2), item (ii) of that Article is deemed to be replaced with "member, director, company auditor, or liquidator"; and Cabinet Order provides for any other necessary technical replacement of terms.

７会社法第八百二十九条（第一号に係る部分に限る。）（新株発行等の不存在の確認の訴え）、第八百三十四条（第十三号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条から第八百三十八条まで（担保提供命令、弁論等の必要的併合、認容判決の効力が及ぶ者の範囲）、第八百四十六条（原告が敗訴した場合の損害賠償責任）及び第九百三十七条第一項（第一号ホに係る部分に限る。）（裁判による登記の嘱託）の規定は、特定目的会社の優先出資の発行の不存在の確認の訴えについて準用する。この場合において、必要な技術的読替えは、政令で定める。

(7)The provisions of Article 829 (but only the part that involves item (i)) (Action for Declaratory Judgment of Absence of a New Share Issue); Article 834 (but only the part that involves item (xiii)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Articles 836 through 838 (Order to Provide Security; Mandatory Consolidation of Oral Arguments; Persons Affected by an Upholding Judgment); Article 846 (Liability for Damages in Cases Where the Plaintiff Is Defeated); and Article 937, paragraph (1) (but only the part that involves item (i), sub-item (e)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action seeking a declaratory judgment establishing the non-issuance of preferred equity by a specified purpose company. In such a case, Cabinet Order provides for the necessary technical replacement of terms.

８第九十七条第三項及び会社法第七編第二章第二節（第八百四十七条第二項、第八百四十七条の二、第八百四十七条の三、第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（株式会社における責任追及等の訴え）の規定は、第五項において準用する同法第二百十二条第一項の規定による支払を求める訴えについて準用する。この場合において、同法第八百四十七条第一項中「六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き株式を有する株主（第百八十九条第二項の定款の定めによりその権利を行使することができない単元未満株主を除く。）」とあるのは「特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員」と、同条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主又は同項の発起人等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員及び優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(8)The provisions of Article 97, paragraph (3) and the provisions of Part VII, Chapter II, Section 2 (excluding Article 847, paragraph (2); Article 847-2; Article 847-3; Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Action to Enforce Liability at a Stock Company) of the Companies Act apply mutatis mutandis to an action for demanding payment under the provisions of Article 212, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5). In such a case, the term "shareholder (excluding a holder of shares less than one unit who may not exercise rights pursuant to the provisions of the articles of incorporation) having the shares consecutively for the preceding six months (or, in cases where a shorter period is prescribed in the articles of incorporation, that period)" in Article 847, paragraph (1) of the Companies Act is deemed to be replaced with "specified equity member, or a preferred equity member that has held preferred equity continuously for the preceding six months or more (or, if a shorter period is prescribed in the articles of incorporation, that period or more)"; the term "shareholder" in paragraph (3) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder who made such demand or the incorporator, etc. referred to in that paragraph" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "that specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849, paragraph (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholders" in paragraph (5) of that Article is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

９会社法第九百十五条第一項（変更の登記）の規定は、特定目的会社について準用する。この場合において、同項中「第九百十一条第三項各号又は前三条各号」とあるのは、「資産流動化法第四十二条第一項各号」と読み替えるものとする。

(9)The provisions of Article 915, paragraph (1) (Registration of a Change) of the Companies Act apply mutatis mutandis to a specified purpose company. In such a case, the phrase "in the items of Article 911, paragraph (3) or in the items of the preceding three Articles" in that paragraph is deemed to replaced with "in the items of Article 42, paragraph (1) of the Asset Securitization Act".

第四十三条特定目的会社は、優先出資社員名簿を作成し、これに次に掲げる事項を記載し、又は記録しなければならない。

Article 43(1)A specified purpose company must prepare a register of preferred equity members and enter or record the following information in the register:

２特定目的会社は、一定の日（以下この款において「基準日」という。）を定めて、基準日において優先出資社員名簿に記載され、又は記録されている優先出資社員をその権利を行使することができる者と定めることができる。

(2)A specified purpose company may fix a specific date (hereinafter referred to as the "reference date" in this Subsection) and establish that the preferred equity members entered or recorded in the register of preferred equity members as of the reference date are the persons that may exercise their rights.

３会社法第百二十三条（株主名簿管理人）、第百二十四条第二項及び第三項（基準日）、第百二十五条第一項から第三項まで（株主名簿の備置き及び閲覧等）並びに第百二十六条（株主に対する通知等）の規定は特定目的会社の優先出資社員に係る優先出資社員名簿について、同法第百九十六条第一項及び第二項（株主に対する通知の省略）の規定は優先出資社員に対する通知について、それぞれ準用する。この場合において、これらの規定中「株主名簿管理人」とあるのは「優先出資社員名簿管理人」と、「基準日株主」とあるのは「基準日において優先出資社員名簿に記載され、又は記録されている優先出資社員」と、「株式」とあるのは「優先出資」と、同法第百二十五条第二項及び第三項中「株主」とあるのは「社員」と、同法第百二十六条第五項中「第二百九十九条第一項（第三百二十五条」とあるのは「資産流動化法第五十六条第一項（第六十六条第三項」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 123 (Administrator of Shareholder Register); Article 124, paragraphs (2) and (3) (Record Date), Article 125, paragraphs (1) through (3) (Keeping and Making Available for Inspection of Shareholder Register); and Article 126 (Notice to Shareholders) of the Companies Act apply mutatis mutandis to a register of preferred equity members listing the preferred equity members of a specified purpose company, and the provisions of Article 196, paragraphs (1) and (2) (Omission of Notices to Shareholders) of the Companies Act apply mutatis mutandis to a notice to a preferred equity member. In such a case, the term "administrator of shareholder register" in those provisions is deemed to be replaced with "administrator of the register of preferred equity members"; the term "shareholders as of the record date" in those provisions is deemed to be replaced with "preferred equity members entered or recorded in the register of preferred equity members as of the reference date"; the term "shares" in those provisions is deemed to be replaced with "preferred equity"; the terms "shareholder" and "shareholders" in Article 125, paragraphs (2) and (3) of that Act are deemed to be replaced with "member" and "members", respectively; the term "Article 299, paragraph (1) (including as applied mutatis mutandis pursuant to Article 325)" in Article 126, paragraph (5) of that Act is deemed to be replaced with "Article 56, paragraph (1) of the Asset Securitization Act (including as applied mutatis mutandis pursuant to Article 66, paragraph (3)) of that Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

４第二項、前項において準用する会社法第百二十四条第二項及び第三項並びに同法第百九十六条第三項（株主に対する通知の省略）の規定は、第四十五条第四項において準用する同法第百四十八条各号に掲げる事項が優先出資社員名簿に記載され、又は記録された質権者（以下「登録優先出資質権者」という。）について準用する。

(4)The provisions of paragraph (2), the provisions of Article 124, paragraphs (2) and (3) of the Companies Act as applied mutatis mutandis pursuant to the preceding paragraph, and the provisions of Article 196, paragraph (3) (Omission of Notices to Shareholders) of the Companies Act apply mutatis mutandis to a pledgee for which the information set forth in the items of Article 148 of the Companies Act as applied mutatis mutandis pursuant to Article 45, paragraph (4) has been entered or recorded in the register of preferred equity members (hereinafter referred to as a "registered pledgee of preferred equity").

５特定目的会社が優先出資の全部について第四十九条第二項において準用する会社法第二百十七条第四項の規定により優先出資証券を発行していない場合には、第三項において準用する同法第百二十四条第三項（前項において準用する場合を含む。）の公告に代えて、公告すべき事項を優先出資社員、その登録優先出資質権者及び転換特定社債又は新優先出資の引受権を有する者に通知することができる。

(5)If a specified purpose company has not issued preferred equity securities pursuant to the provisions of Article 217, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to Article 49, paragraph (2) for all of the preferred equity, the company may, in lieu of the public notice referred to in Article 124, paragraph (3) of that Act as applied mutatis mutandis pursuant to paragraph (3) (including as applied mutatis mutandis pursuant to the preceding paragraph), notify the preferred equity members, the registered pledgees of preferred equity, and persons holding convertible specified bonds or subscription rights for new preferred equity of the information for which public notice is required to be given.

第四十四条優先出資社員は、その有する優先出資を譲渡することができる。

Article 44(1)A preferred equity member may transfer the preferred equity the member holds.

２特定目的会社は、優先出資の譲渡を制限してはならない。

(2)A specified purpose company must not restrict the transfer of preferred equity.

３優先出資の譲渡は、当該優先出資に係る優先出資証券を交付しなければ、その効力を生じない。

(3)A transfer of preferred equity does not become effective unless the preferred equity security representing that preferred equity is delivered.

４優先出資証券の発行前にした優先出資の譲渡は、特定目的会社に対し、その効力を生じない。

(4)A transfer of preferred equity that is made prior to the issuance of preferred equity securities is not effective against the specified purpose company.

第四十五条優先出資の譲渡は、その優先出資を取得した者の氏名又は名称及び住所を優先出資社員名簿に記載し、又は記録しなければ、特定目的会社に対抗することができない。

Article 45(1)A transfer of preferred equity may not be asserted against the specified purpose company unless the name and address of the person acquiring the preferred equity have been entered or recorded in the register of preferred equity members.

２優先出資証券の占有者は、当該優先出資証券に係る優先出資についての権利を適法に有するものと推定する。

(2)The possessor of a preferred equity security is presumed to be the lawful holder of rights to the preferred equity associated with the preferred equity security.

３会社法第百三十一条第二項（権利の推定等）の規定は優先出資証券について、同法第百三十二条第一項並びに第二項（株主の請求によらない株主名簿記載事項の記載又は記録）並びに第百三十三条（株主の請求による株主名簿記載事項の記載又は記録）の規定は特定目的会社の優先出資について、それぞれ準用する。この場合において、これらの規定中「株主」とあるのは「優先出資社員」と、「株主名簿記載事項」とあるのは「資産流動化法第四十三条第一項各号に掲げる事項」と、「株主名簿」とあるのは「優先出資社員名簿」と、同法第百三十一条第二項中「株式」とあるのは「優先出資」と、同法第百三十二条第一項第三号中「自己株式」とあるのは「自己優先出資（資産流動化法第五十九条第二項に規定する自己優先出資をいう。）」と読み替えるものとする。

(3)The provisions of Article 131, paragraph (2) (Presumption of Rights) of the Companies Act apply mutatis mutandis to a preferred equity security, and the provisions of Article 132, paragraph (1) and paragraph (2) (Entry or Recording of Information Required to Be Entered in the Shareholder Register Not Requested by Shareholders) and Article 133 (Entering or Recording Information Required to Be Entered in the Shareholder Register at the Request of Shareholders) of that Act apply mutatis mutandis to preferred equity of a specified purpose company. In such a case, the terms "shareholder" and "shareholders" in those provisions are deemed to be replaced with "preferred equity member" and "preferred equity members", respectively; the phrase "information that is required to be entered in the shareholder register" in those provisions is deemed to be replaced with "information set forth in the items of Article 43, paragraph (1) of the Asset Securitization Act"; the term "shareholder register" in those provisions is deemed to be replaced with "register of preferred equity members"; the term "shares" in Article 131, paragraph (2) of the Companies Act is deemed to be replaced with "preferred equity"; and the term "treasury shares" in Article 132, paragraph (1), item (iii) of that Act is deemed to be replaced with "the company's own preferred equity (meaning the company's own preferred equity prescribed in Article 59, paragraph (2) of the Asset Securitization Act)".

４会社法第百四十六条（株式の質入れ）、第百四十七条第二項及び第三項（株式の質入れの対抗要件）、第百四十八条（株主名簿の記載等）、第百五十一条第一項（第四号、第八号、第九号及び第十四号に係る部分に限る。）、第百五十三条第二項並びに第百五十四条第一項及び第二項（第一号に係る部分に限る。）（株式の質入れの効果）の規定は、特定目的会社の優先出資の質入れについて準用する。この場合において、これらの規定中「株主」とあるのは「優先出資社員」と、「株券」とあるのは「優先出資証券」と、「登録株式質権者」とあるのは「登録優先出資質権者」と、同法第百四十八条中「株主名簿」とあるのは「優先出資社員名簿」と、同法第百五十一条第一項第八号中「剰余金」とあるのは「利益」と、同法第百五十三条第二項中「前条第二項に規定する場合」とあるのは「優先出資を併合した場合」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(4)The provisions of Article 146 (Pledge of Shares); Article 147, paragraph (2) and paragraph (3) (Perfection of Pledges of Shares); Article 148 (Entries in Shareholder Register); Article 151, paragraph (1) (but only the part that involves items (iv), (viii), (ix), and (xiv)); Article 153, paragraph (2); and Article 154, paragraph (1) and paragraph (2) (but only the part that involves item (i)) (Effect of Pledge of Shares) of the Companies Act apply mutatis mutandis to pledge of a specified purpose company's preferred equity. In such a case, the term "shareholders" in those provisions is deemed to be replaced with "preferred equity members"; the term "share certificates" in those provisions is deemed to be replaced with "preferred equity securities"; the term "registered pledgees of shares" in those provisions is deemed to be replaced with "registered pledgees of preferred equity"; the term "shareholder register" in Article 148 of the Companies Act is deemed to be replaced with "register of preferred equity members"; the term "surplus" in Article 151, paragraph (1) (viii) of that Act is deemed to be replaced with "profits"; the phrase "the cases provided for in paragraph (2) of the preceding Article" in Article 153, paragraph (2) of that Act is deemed to be replaced with "if preferred equity has been consolidated"; and Cabinet Order provides for any other necessary technical replacement of terms.

第四十六条特定目的会社は、次に掲げる場合を除き、自己の優先出資を取得し、又は質権の目的として発行済優先出資（特定目的会社が発行している優先出資をいう。以下同じ。）の総口数の二十分の一を超える口数の自己の優先出資を受けてはならない。

Article 46(1)Except in the following cases, a specified purpose company must not acquire its own preferred equity or receive a number of units of its own preferred equity exceeding one-twentieth of the total number of units of issued preferred equity (meaning preferred equity that the specified purpose company has issued; the same applies hereinafter) as the subject of a pledge:

２特定目的会社は、前項第一号に掲げる場合において取得した優先出資については遅滞なくその失効の手続をとり、同項第二号及び第三号に掲げる場合において取得した優先出資又は質権についてはこれを相当の時期に処分しなければならない。

(2)A specified purpose company must undertake the process to invalidate preferred equity acquired as referred to in item (i) of the preceding paragraph without delay, and must dispose of preferred equity or a pledge acquired as referred to in item (ii) or item (iii) of that paragraph at an appropriate time.

第四十七条特定目的会社は、次項、第百九条及び第百十条の規定による場合又は第百五十九条第一項の社員総会の承認を経てする場合を除き、優先出資の消却をすることができない。

Article 47(1)A specified purpose company may not cancel preferred equity other than pursuant to the provisions of the following paragraph, Article 109, or Article 110, or after obtaining approval at a general meeting of members referred to in Article 159, paragraph (1).

２特定目的会社は、資産流動化計画の定めるところにより、優先出資社員に配当すべき利益をもって優先出資を買い受けて消却することができる。この場合においては、取締役は、当該消却がその効力を生ずる日を定めなければならない。

(2)A specified purpose company may, pursuant to the provisions of the asset securitization plan, cancel preferred equity by purchasing preferred equity using the profits to be distributed to preferred equity members. In such a case, the director must fix the date on which the cancellation becomes effective.

３特定目的会社が優先出資の消却をする場合には、取締役が定めた当該消却の効力が生ずる日（次項において「効力発生日」という。）までに当該特定目的会社に対し当該優先出資に係る優先出資証券を提出しなければならない旨を当該日の一箇月前までに、公告し、かつ、当該優先出資の優先出資社員及びその登録優先出資質権者には、各別にこれを通知しなければならない。

(3)If a specified purpose company cancels preferred equity, the specified purpose company must issue public notice by one month prior to the date that has been fixed by the director as the date on which the cancellation is to become effective (referred to as the "effective date" in the following paragraph), indicating that preferred equity securities representing the preferred equity must be submitted to the specified purpose company by that date, and must separately notify each preferred equity member and registered pledgee of preferred equity associated with the preferred equity of this.

４前項の規定にかかわらず、特定目的会社が優先出資の全部について第四十九条第二項において準用する会社法第二百十七条第四項の規定により優先出資証券を発行していない場合には、当該特定目的会社は、効力発生日の二週間前までに、第一項の規定により優先出資の消却をする旨及び当該効力発生日において当該優先出資の消却の効力が生ずる旨を公告しなければならない。

(4)Notwithstanding the provisions of the preceding paragraph, if a specified purpose company has not issued preferred equity securities pursuant to the provisions of Article 217, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to Article 49, paragraph (2) for all of the preferred equity, the specified purpose company must issue public notice by two weeks prior to the effective date, indicating that it will cancel preferred equity pursuant to the provisions of paragraph (1) and that the cancellation of the preferred equity is to become effective on the effective date.

５第四十三条第五項の規定は、前項の公告について準用する。

(5)The provisions of Article 43, paragraph (5) apply mutatis mutandis to the public notice referred to in the preceding paragraph.

６会社法第二百十九条第二項（第一号に係る部分に限る。）及び第三項（株券の提出に関する公告等）並びに第二百二十条（株券の提出をすることができない場合）の規定は、特定目的会社の優先出資の消却に係る優先出資証券の提出について準用する。この場合において、同法第二百十九条第二項中「株券提出日」とあるのは「当該行為の効力が生ずる日」と、「株主」とあるのは「優先出資社員」と、同項第一号中「前項第一号から第四号までに掲げる行為」とあるのは「優先出資の消却」と、同条第三項中「第一項各号に定める株式」とあるのは「消却する優先出資」と、「株券提出日」とあるのは「当該消却の効力が生ずる日」と、同法第二百二十条第一項中「前条第一項各号に掲げる行為」とあるのは「優先出資の消却」と読み替えるものとする。

(6)The provisions of Article 219, paragraph (2) (but only the part that involves item (i)) and paragraph (3) (Public Notice in Relation to Submission of Share Certificate) and Article 220 (Cases Where Share Certificates Cannot Be Submitted) of the Companies Act apply mutatis mutandis to submission of preferred equity securities in connection with the cancellation of preferred equity in a specified purpose company. In such a case, the term "share certificate submission day" in Article 219, paragraph (2) of the Companies Act is deemed to be replaced with "the date on which the action becomes effective"; the term "shareholders" in that paragraph is deemed to be replaced with "preferred equity members"; the phrase "acts listed in items (i) through (iv) of the preceding paragraph" in item (i) of that paragraph is deemed to be replaced with "cancellation of preferred equity"; the phrase "the shares provided for in each item of paragraph (1)" in paragraph (3) of that Article is deemed to be replaced with "the preferred equity that is to be cancelled"; the term "share certificate submission day" in that paragraph is deemed to be replaced with "the date on which the action becomes effective"; and the term "the acts listed in each item of paragraph (1) of the preceding Article" in Article 220, paragraph (1) of that Act is deemed to be replaced with "the cancellation of preferred equity".

第四十八条特定目的会社は、第四十二条第一項の規定による登記をした日以後遅滞なく、優先出資証券を発行しなければならない。

Article 48(1)A specified purpose company must issue preferred equity securities without delay on or after the date on which the company makes the registration under the provisions of Article 42, paragraph (1).

２優先出資証券は、前項の登記後でなければ発行することができない。

(2)Preferred equity securities may not be issued until after the registration referred to in the preceding paragraph has been made.

３会社法第二百十五条第二項（株券の発行）の規定は、特定目的会社の優先出資証券について準用する。この場合において、同項中「株式」とあるのは「優先出資」と、「第百八十条第二項第二号」とあるのは「資産流動化法第五十条第一項において準用する第百八十条第二項第二号」と読み替えるものとする。

(3)The provisions of Article 215, paragraph (2) (Issuing of Share Certificate) of the Companies Act apply mutatis mutandis to the preferred equity securities of a specified purpose company. In such a case, the term "shares" in that paragraph is deemed to be replaced with "preferred equity" and the term "Article 180, paragraph (2), item (ii)" in that paragraph is deemed to be replaced with "Article 180, paragraph (2), item (ii) as applied mutatis mutandis pursuant to Article 50, paragraph (1) of the Asset Securitization Act".

第四十九条優先出資証券には、次に掲げる事項及びその番号を記載し、特定目的会社の代表取締役がこれに署名し、又は記名押印しなければならない。

Article 49(1)A specified purpose company must enter the following information and the serial number in a preferred equity security, and the representative directors of the specified purpose company must sign it or affix their names and personal seals to it:

２会社法第二百十七条（株券不所持の申出）及び第二百九十一条（新株予約権証券の喪失）の規定は、特定目的会社の優先出資社員の有する優先出資に係る優先出資証券について準用する。この場合において、同法第二百十七条第二項中「数（種類株式発行会社」とあるのは「口数（二以上の種類の優先出資を発行する特定目的会社」と、「数）」とあるのは「口数）」と、同条第三項中「株主名簿」とあるのは「優先出資社員名簿」と読み替えるものとする。

(2)The provisions of Article 217 (Offer Not to Possess Share Certificates) and Article 291 (Loss of Share Option Certificates) of the Companies Act apply mutatis mutandis to a preferred equity security representing preferred equity held by a preferred equity member of a specified purpose company. In such a case, the terms "number" and "company with class shares" in Article 217, paragraph (2) of the Companies Act are deemed to be replaced with "number of units" and "specified purpose company issuing two or more classes of preferred equity", respectively; and the term "shareholder register" in paragraph (3) of that Article is deemed to be replaced with "register of preferred equity members".

第五十条会社法第百八十条（第二項第四号、第三項及び第四項を除く。）（株式の併合）、第百八十一条（株主に対する通知等）、第百八十二条第一項（効力の発生）及び第百八十二条の二から第百八十二条の六まで（株式の併合に関する事項に関する書面等の備置き及び閲覧等、株式の併合をやめることの請求、反対株主の株式買取請求、株式の価格の決定等、株式の併合に関する書面等の備置き及び閲覧等）の規定は、特定目的会社の優先出資の併合について準用する。この場合において、同法第百八十条第二項中「株主総会」とあるのは「社員総会」と、同項第三号中「種類株式発行会社」とあるのは「二以上の種類の優先出資を発行する特定目的会社」と、同法第百八十一条第一項中「株主（種類株式発行会社にあっては、前条第二項第三号の種類の種類株主」とあるのは「優先出資社員（二以上の種類の優先出資を発行する特定目的会社にあっては、前条第二項第三号の種類の優先出資社員」と、「登録株式質権者」とあるのは「登録優先出資質権者」と、同法第百八十二条第一項中「株主」とあるのは「優先出資社員」と、「株式（種類株式発行会社にあっては、第百八十条第二項第三号の種類の株式」とあるのは「優先出資（二以上の種類の優先出資を発行する特定目的会社にあっては、第百八十条第二項第三号の種類の優先出資」と、「数」とあるのは「口数」と、同法第百八十二条の二第一項第一号中「株主総会（株式の併合をするために種類株主総会の決議を要する場合にあっては、当該種類株主総会を含む。第百八十二条の四第二項において同じ。）」とあるのは「社員総会」と、「第三百十九条第一項」とあるのは「資産流動化法第六十三条第一項」と、同条第二項中「株主」とあるのは「優先出資社員」と、同法第百八十二条の三中「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と、「株主」とあるのは「優先出資社員」と、同法第百八十二条の四第一項中「数に一株」とあるのは「口数に一口」と、「反対株主」とあるのは「反対優先出資社員」と、「うち一株」とあるのは「うち一口」と、同条第二項中「反対株主」とあるのは「反対優先出資社員」と、「株主を」とあるのは「優先出資社員を」と、同項第一号中「株主総会」とあるのは「社員総会」と、「株主（」とあるのは「優先出資社員（」と、同項第二号中「株主総会」とあるのは「社員総会」と、「できない株主」とあるのは「できない優先出資社員」と、同条第三項中「株主」とあるのは「優先出資社員」と、同条第四項中「株式買取請求」とあるのは「優先出資買取請求」と、「数（種類株式発行会社にあっては、株式の種類及び種類ごとの数）」とあるのは「口数（二以上の種類の優先出資を発行する特定目的会社にあっては、優先出資の種類及び種類ごとの口数）」と、同条第五項中「株式買取請求」とあるのは「優先出資買取請求」と、「株主」とあるのは「優先出資社員」と、同条第六項中「株式買取請求」とあるのは「優先出資買取請求」と、「株主」とあるのは「優先出資社員」と、同条第七項中「株式買取請求」とあるのは「優先出資買取請求」と、同法第百八十二条の五第一項中「株式買取請求」とあるのは「優先出資買取請求」と、「株主」とあるのは「優先出資社員」と、同条第二項中「株主」とあるのは「優先出資社員」と、同条第三項中「株主」とあるのは「優先出資社員」と、「株式買取請求」とあるのは「優先出資買取請求」と、同条第五項中「株主」とあるのは「優先出資社員」と、同条第六項及び第七項中「株式買取請求」とあるのは「優先出資買取請求」と、同法第百八十二条の六第一項中「発行済株式（種類株式発行会社にあっては、第百八十条第二項第三号の種類の発行済株式）」とあるのは「発行済優先出資（二以上の種類の優先出資を発行する特定目的会社にあっては、第百八十条第二項第三号の種類の発行済優先出資）」と、「数」とあるのは「口数」と、同条第三項中「株主」とあるのは「優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 50(1)The provisions of Article 180 (excluding paragraph (2), item (iv) and paragraphs (3) and (4)) (Consolidation of Shares); Article 181 (Notices to Shareholders); Article 182, paragraph (1) (Effectuation); and Articles 182-2 through 182-6 (Keeping and Inspection of Documents related to the Consolidation of Shares; Request to Cease Consolidation of Shares; Dissenting Shareholders' Appraisal Rights; Determination of the Price of Shares; Keeping and Inspection of Documents related to Consolidation of Shares) of the Companies Act apply mutatis mutandis to consolidation of a specified purpose company's preferred equity. In such a case, the term "shareholders meeting" in Article 180, paragraph (2) of the Companies Act is deemed to be replaced with "general meeting of members"; the term "company with class shares" in item (iii) of that paragraph is deemed to be replaced with "specified purpose company issuing two or more classes of preferred equity"; the term "shareholders (or, for a company with class shares, the class shareholders for the classes of shares under paragraph (2), item (iii) of the preceding Article" in Article 181, paragraph (1) of that Act is deemed to be replaced with "preferred equity members (or, for a specified purpose company issuing two or more classes of preferred equity, the preferred equity members for the classes of preferred equity under paragraph (2), item (iii) of the preceding Article"; the term "registered pledgees of the shares" in that paragraph is deemed to be replaced with "registered pledgees of preferred equity"; the term "shareholders" in Article 182, paragraph (1) of that Act is deemed to be replaced with "preferred equity members"; the term "shares (or, for a company with class shares, shares of the classes provided for in Article 180, paragraph (2), item (iii)" in that Article is deemed to be replaced with "preferred equity (or, for a specified purpose company issuing two or more classes of preferred equity, preferred equity of the classes provided for in Article 180, paragraph (2), item (iii)"; the term "number" in that paragraph is deemed to be replaced with "number of units"; the phrase "shareholders meeting under Article 180, paragraph (2) (in cases where a resolution of a class meeting is required for consolidation of shares, including the class meeting; the same applies in Article 182-4, paragraph (2))" in Article 182-2, paragraph (1), item (i) of that Act is deemed to be replaced with "general meeting of members"; the term "Article 319, paragraph (1)" in that item is deemed to be replaced with "Article 63, paragraph (1) of the Asset Securitization Act"; the term "shareholders" in Article 182-2, paragraph (2) of that Act is deemed to be replaced with "preferred equity members"; the term "laws and regulations or the articles of incorporation" in Article 182-3 of that Act is deemed to be replaced with "laws and regulations, the asset securitization plan, or the articles of incorporation"; the term "shareholders" in that Article is deemed to be replaced with "preferred equity members"; the term "one share in the number" in Article 182-4, paragraph (1) of that Act is deemed to be replaced with "one unit in the number of units"; the term "dissenting shareholders" in that paragraph is deemed to be replaced with "dissenting preferred equity members"; the term "one share from" in that paragraph is deemed to be replaced with "one unit from"; the term "dissenting shareholders" in Article 182-4, paragraph (2) of that Act is deemed to be replaced with "dissenting preferred equity members"; the term "following shareholders" in that paragraph is deemed to be replaced with "following preferred equity members"; the term "shareholders meeting" in Article 182-4, paragraph (2), item (i) of that Act is deemed to be replaced with "general meeting of members"; the term "A shareholder who" in that item is deemed to be replaced with "A preferred equity member that"; the term "shareholders meeting" in Article 182-4, paragraph (2), item (ii) of that Act is deemed to be replaced with "general meeting of members"; the term "A shareholder who cannot" in that item is deemed to be replaced with "A preferred equity member that cannot"; the term "shareholders" in Article 182-4, paragraph (3) of that Act is deemed to be replaced with "preferred equity members"; the term "exercise of appraisal rights" in Article 182-4, paragraph (4) of that Act is deemed to be replaced with "demand for a preferred equity buy-out"; the term "the number of shares with regard to which the shareholder is exercising appraisal rights (or, for a company with class shares, the classes of the shares and the number of shares for each class)" in that paragraph is deemed to be replaced with "the number of units with regard to which the preferred equity member is demanding to be bought out of its preferred equity (or, for a specified purpose company issuing two or more classes of preferred equity, the classes of preferred equity and the number of units of preferred equity for each class)"; the term "exercise of appraisal rights" in Article 182-4, paragraph (5) of that Act is deemed to be replaced with "demand for a preferred equity buy-out"; the term "shareholders" in that paragraph is deemed to be replaced with "preferred equity members"; the term "exercise of appraisal rights" in Article 182-4, paragraph (6) of that Act is deemed to be replaced with "demand for a preferred equity buy-out"; the term "shareholder" in that paragraph is deemed to be replaced with "preferred equity member"; the term "exercise of appraisal rights" in Article 182-4, paragraph (7) of that Act is is deemed to be replaced with "demand for a preferred equity buy-out"; the term "exercise of appraisal rights" in Article 182-5, paragraph (1) of that Act is deemed to be replaced with "demand for a preferred equity buy-out"; the term "shareholder" in that paragraph is deemed to be replaced with "preferred equity member"; the term "shareholders" in Article 182-5, paragraph (2) of that Act is deemed to be replaced with "preferred equity member"; the term "shareholders" in Article 182-5, paragraph (3) of that Act is deemed to be replaced with "preferred equity members"; the term "exercise of appraisal rights" in that paragraph is deemed to be replaced with "demand for a preferred equity buy-out"; the term "shareholders" in Article 182-5, paragraph (5) of that Act is deemed to be replaced with "preferred equity members"; the term "exercise of appraisal rights" in Article 182-5, paragraphs (6) and (7) of that Act is deemed to be replaced with "demand for a preferred equity buy-out"; the phrase "issued shares at the time when consolidation of shares comes into effect (in cases of a company with class shares, the total number of the issued shares of the classes under Article 180, paragraph (2), item (iii))" in Article 182-6, paragraph (1) of that Act is deemed to be replaced with "issued preferred equity at the time when consolidation of preferred equity comes into effect (or, for a specified purpose company issuing two or more classes of preferred equity, the total number of units of issued preferred equity of the classes under Article 180, paragraph (2), item (iii))"; the term "number" in that paragraph is deemed to be replaced with "number of units"; the term "shareholders" in Article 182-6, paragraph (3) of that Act is deemed to be replaced with "preferred equity preferred equity members"; and Cabinet Order provides for any other necessary technical replacement of terms.

２会社法第二百十九条第一項（第二号に係る部分に限る。）、第二項（第一号に係る部分に限る。）及び第三項（株券の提出に関する公告等）並びに第二百二十条（株券の提出をすることができない場合）の規定は、特定目的会社の優先出資の併合に係る優先出資証券の提出について準用する。この場合において、同法第二百十九条第一項中「第四号の二に掲げる行為をする場合にあっては、第百七十九条の二第一項第五号に規定する取得日。以下この条において「株券提出日」とあるのは「以下この条において「優先出資証券提出日」と、「株券提出日の」とあるのは「優先出資証券提出日の」と、「株主」とあるのは「優先出資社員」と、「登録株式質権者」とあるのは「登録優先出資質権者」と、同項第二号中「株式（種類株式発行会社にあっては、第百八十条第二項第三号の種類の株式）」とあるのは「優先出資（二以上の種類の優先出資を発行する特定目的会社にあっては、資産流動化法第五十条第一項において準用する第百八十条第二項第三号の種類の優先出資）」と、同条第二項中「株券提出日」とあるのは「優先出資証券提出日」と、「株主」とあるのは「優先出資社員」と、同項第一号中「前項第一号から第四号までに掲げる行為」とあるのは「優先出資の併合」と、同条第三項中「株券提出日」とあるのは「優先出資証券提出日」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 219, paragraph (1) (but only the part that involves item (ii)), paragraph (2) (but only the part that involves item (i)), and paragraph (3) (Public Notice in Relation to Submission of Share Certificate) and Article 220 (Cases Where Share Certificates Cannot Be Submitted) of the Companies Act apply mutatis mutandis to submission of preferred equity securities in connection with the consolidation of a specified purpose company's preferred equity. In such a case, the phrase "in cases of performing the act set forth in item (iv)-2, the acquisition day prescribed in Article 179-2, paragraph (1), item (v); hereinafter the day is referred to as the 'share certificate submission day'" in Article 219, paragraph (1) of the Companies Act is deemed to be replaced with "hereinafter referred to in this Article as the 'preferred equity securities submission day'"; the term "before the share certificate submission day" in that paragraph is deemed to be replaced with "before the preferred equity securities submission day"; the term "shareholder" in that paragraph is deemed to be replaced with "preferred equity member"; the term "registered pledgee of shares" in that paragraph is deemed to be replaced with "registered pledgee of preferred equity"; the term "shares (or, for a company with class shares, the class shares under Article 180, paragraph (2), item (iii))" in item (ii) of that paragraph is deemed to be replaced with "preferred equity (or, for a specified purpose company issuing two or more classes of preferred equity, preferred equity of the classes under Article 180, paragraph (2), item (iii) as applied mutatis mutandis pursuant to Article 50, paragraph (1) of the Asset Securitization Act)"; the term "share certificate submission day" in Article 219, paragraph (2) of the Companies Act is deemed to be replaced with "preferred equity securities submission day"; the term "shareholders" in that paragraph is deemed to be replaced with "preferred equity members"; the term "acts listed in the items (i) through (iv) of the preceding paragraph" in item (i) of that paragraph is deemed to be replaced with "consolidation of preferred equity"; the term "share certificate submission day" in paragraph (3) of that Article is deemed to be replaced with "preferred equity securities submission day"; and Cabinet Order provides for any other necessary technical replacement of terms.

３会社法第二百三十四条第二項及び第二百三十五条第一項（一に満たない端数の処理）、第八百六十八条第一項（非訟事件の管轄）、第八百六十九条（疎明）、第八百七十一条（理由の付記）、第八百七十四条（第四号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）並びに第八百七十六条（最高裁判所規則）の規定は特定目的会社の優先出資の消却及び併合について、同法第八百六十八条第一項（非訟事件の管轄）、第八百七十条第二項（第二号に係る部分に限る。）（陳述の聴取）、第八百七十条の二（申立書の写しの送付等）、第八百七十一条本文（理由の付記）、第八百七十二条（第五号に係る部分に限る。）（即時抗告）、第八百七十二条の二（抗告状の写しの送付等）、第八百七十三条本文（原裁判の執行停止）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定は第一項において準用する同法第百八十二条の四第一項の規定による請求について、それぞれ準用する。この場合において、同法第二百三十四条第二項中「前項」とあるのは「資産流動化法第五十条第三項において準用する第二百三十五条第一項」と、同法第二百三十五条第一項中「数に一株」とあるのは「口数に一口」と、「合計数」とあるのは「合計口数」と、「株主」とあるのは「優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 234, paragraph (2) and Article 235, paragraph (1) (Treatment of Fractions); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 869 (Prima Facie Showing); Article 871 (Appending of the Reason); Article 874 (but only the part that involves item (iv)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis to the cancellation and consolidation of a specified purpose company's preferred equity, and the provisions of Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (2) (but only the part that involves item (ii)) (Hearing of Statements); Article 870-2 (Sending a Copy of the Written Petition); the main text of Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (v)) (Immediate Appeal); Article 872-2 (Sending of a Copy of Petition for Appeal); the main text of Article 873 (Stay of Execution of the Judicial Decision of the Prior Instance); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis to a demand under Article 182-4 (1) of the Companies Act as applied mutatis mutandis pursuant to paragraph (1). In such a case, the term "the preceding paragraph" in Article 234, paragraph (2) of the Companies Act is deemed to be replaced with "Article 235, paragraph (1) as applied mutatis mutandis pursuant to Article 50, paragraph (3) of the Asset Securitization Act"; the term "one share in the number" in Article 235, paragraph (1) of Companies Act is deemed to be replaced with "one unit in the number of units"; the term "shareholders" in that paragraph is deemed to be replaced with "preferred equity members"; and Cabinet Order provides for any other necessary technical replacement of terms.

第五十一条この節から第七節まで、第十節及び第十一節において、次の各号に掲げる用語の意義は、当該各号に定めるところによる。

Article 51(1)In the provisions of this Section through Section 7, Section 10, and Section 11, the meanings of the terms set forth as follows are as prescribed in each respective item:

２社員総会は、この法律に規定する事項及び特定目的会社の組織、運営、管理その他特定目的会社に関する一切の事項について決議をすることができる。

(2)At a general meeting of members, members may pass resolutions on the particulars prescribed in this Act, on the organization, operations, and administration of the specified purpose company, and on all particulars concerning the specified purpose company.

３この法律の規定により社員総会の決議を必要とする事項について、取締役その他の社員総会以外の機関が決定することができることを内容とする定款の定めは、その効力を有しない。

(3)A provision of the articles of incorporation is null and void if it provides that the directors or an administrative organ other than a general meeting of members may decide on a matter that, pursuant to the provisions of this Act, requires a resolution at a general meeting of members.

第五十二条定時社員総会は、毎事業年度の終了後一定の時期に招集しなければならない。

Article 52(1)Annual general meetings of members must be convened at a certain time after the end of each business year.

２社員総会は、必要がある場合には、いつでも、招集することができる。

(2)A general meeting of members may be convened whenever necessary.

３社員総会は、次条第五項において準用する会社法第二百九十七条第四項の規定により招集する場合を除き、取締役が招集する。

(3)A general meeting of members is convened by the directors, except for cases in which it is convened pursuant to the provisions of Article 297, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5) of the following Article.

第五十三条総特定社員の議決権の百分の三（これを下回る割合を定款で定めた場合にあっては、その割合）以上の議決権を有する特定社員は、取締役に対し、社員総会の目的である事項（当該特定社員が議決権を行使することができる事項に限る。）及び招集の理由を示して、社員総会の招集を請求することができる。

Article 53(1)Specified equity members holding voting rights that account for three percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) or more of all specified equity members' voting rights may demand that the directors convene a general meeting of members, indicating a matter that is the subject for a general meeting of members (but only one with respect to which those specified equity members are entitled to vote) and a reason for convocation.

２前項の規定による場合を除くほか、有議決権事項を会議の目的とする社員総会については、総優先出資社員の議決権の百分の三（これを下回る割合を定款で定めた場合にあっては、その割合）以上の議決権を六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き有する優先出資社員は、取締役に対し、社員総会の目的である事項（当該優先出資社員が議決権を行使することができる事項に限る。）及び招集の理由を示して、社員総会の招集を請求することができる。

(2)Other than in the case referred to in the preceding paragraph, for a general meeting of members with a matter subject to inclusive voting as its subject, preferred equity members holding voting rights that account for three percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) or more of all preferred equity members' voting rights continuously for the preceding six months (or, if a shorter period is provided for in the articles of incorporation, that period) may demand that the directors convene a general meeting of members, indicating a matter that is the subject for a general meeting of members (but only one with respect to which those preferred equity members are entitled to vote) and a reason for convocation.

３第一項又は前項の社員総会の目的である事項について議決権を行使することができない特定社員又は優先出資社員が有する議決権の数は、それぞれ第一項の総特定社員又は前項の総優先出資社員の議決権の数に算入しない。

(3)Voting rights held by specified equity members that are not entitled to a vote with regard to a matter that is the subject of a general meeting of members as referred to in paragraph (1) are not included in the calculation of the number of all specified equity members' voting rights as referred to in paragraph (1); and voting rights held by preferred equity members that are not entitled to a vote with regard to a matter that is the subject of a general meeting of members as referred to in the preceding paragraph are not included in the calculation of the number of all preferred equity members' voting rights as referred to in the preceding paragraph.

４取締役の選任又は解任を会議の目的とする社員総会の招集については、前三項の規定にかかわらず、定款によってこれを請求することができない旨の定めをすることを妨げない。

(4)Notwithstanding the provisions of the preceding three paragraphs, the articles of incorporation may provide that it is not permissible to demand convocation of a general meeting of members for which the subject of the meeting is the appointment or dismissal of a director.

５会社法第二百九十七条第四項（株主による招集の請求）、第八百六十八条第一項（非訟事件の管轄）、第八百六十九条（疎明）、第八百七十一条（理由の付記）、第八百七十四条（第四号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定は、第一項又は第二項の規定による社員総会の招集の請求があった場合について準用する。この場合において、同法第二百九十七条第四項中「第一項の規定による請求をした株主」とあるのは「資産流動化法第五十三条第一項の規定による請求をした特定社員又は同条第二項の規定による請求をした優先出資社員」と、同項第一号及び第二号中「第一項の規定による請求」とあるのは「資産流動化法第五十三条第一項又は第二項の規定による請求」と読み替えるものとする。

(5)The provisions of Article 297, paragraph (4) (Demand for Calling of Meeting by Shareholders); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 869 (Prima Facie Showing); Article 871 (Appending of the Reason); Article 874 (but only the part that involves item (iv)) (Restrictions of Appeal); Article 875 (Exclusion from the Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis if a member demands that a general meeting of members be convened pursuant to the provisions of paragraph (1) or paragraph (2). In such a case, the phrase "the shareholders who made the request pursuant to the provisions of paragraph (1)" in Article 297, paragraph (4) of that Act is deemed to be replaced with "the specified equity members making the demand pursuant to Article 53, paragraph (1) of the Asset Securitization Act or the preferred equity members making the demand pursuant to paragraph (2) of that Article" and the phrase "the request pursuant to the provisions of paragraph (1)" in Article 297, paragraph (4), items (i) and (ii) of the Companies Act is deemed to be replaced with "the demand under the provisions of Article 53, paragraph (1) or (2) of the Asset Securitization Act".

第五十四条取締役（前条第五項において準用する会社法第二百九十七条第四項の規定により社員が社員総会を招集する場合にあっては、当該社員。次条及び第五十六条において同じ。）は、社員総会を招集する場合には、次に掲げる事項を定めなければならない。

Article 54(1)In convening a general meeting of members, a director (or, if the members convene a general meeting of members pursuant to the provisions of Article 297, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to paragraph (5) of the preceding Article, those members; the same applies in the following Article and Article 56) must specify the following particulars:

２社員総会に出席しない優先出資社員は、有議決権事項について書面によって議決権を行使することができる。

(2)A preferred equity member not attending a general meeting of members may vote in writing on matters subject to inclusive voting.

３取締役が数人ある場合には、第一項各号に掲げる事項の決定は、その過半数をもってしなければならない。

(3)If there are two or more directors, the decision on the particulars set forth in the items of paragraph (1) must be made by a majority of the directors.

第五十五条第一種特定目的会社の社員総会又は第二種特定目的会社の無議決権事項のみを会議の目的とする社員総会を招集するには、取締役は、社員総会の日の二週間（前条第一項第三号又は第四号に掲げる事項を定めた場合以外の場合にあっては、一週間（これを下回る期間を定款で定めた場合にあっては、その期間））前までに、各特定社員（社員総会において決議をすることができる事項の全部につき議決権を行使することができない特定社員を除く。以下この条において同じ。）に対してその通知を発しなければならない。

Article 55(1)To convene a general meeting of members of a Type I Specified Purpose Company or to convene a general meeting of members of a Type II Specified Purpose Company that has only matters subject to exclusive voting as the subject, the director must send a notice to each of the specified equity members (other than specified equity members not entitled to vote on all of the matters that may be resolved at the general meeting of members; hereinafter the same applies in this Article) by two weeks prior (or, in a case other than one in which the particulars set forth in Article 54, paragraph (1), item (iii) or (iv) have been specified, one week (or, if a shorter period is provided for in the articles of incorporation, that period)) prior to the day of the general meeting of members.

２前条第一項第三号又は第四号に掲げる事項を定めた場合には、前項の通知は、書面でしなければならない。

(2)If the particulars set forth in Article 54, paragraph (1), item (iii) or (iv) have been spcified, the notice referred to in the preceding paragraph must be given in writing.

３取締役は、前項の書面による通知の発出に代えて、政令で定めるところにより、特定社員の承諾を得て、電磁的方法により通知を発することができる。この場合において、当該取締役は、同項の書面による通知を発したものとみなす。

(3)In lieu of sending a notice in writing as referred to in the preceding paragraph, a director, pursuant to the provisions of Cabinet Order and with the consent of the specified equity members, may send the notice by electronic or magnetic means. In such a case, the director is deemed to have sent the notice in writing as referred to in that paragraph.

４前二項の通知には、前条第一項各号に掲げる事項を記載し、又は記録しなければならない。

(4)The particulars set forth in the items of Article 54, paragraph (1) must be entered or recorded in the notice referred to in the preceding two paragraphs.

５前各項の規定にかかわらず、第一項の社員総会は、特定社員の全員の同意があるときは、招集の手続を経ることなく開催することができる。ただし、前条第一項第三号又は第四号に掲げる事項を定めた場合は、この限りでない。

(5)Notwithstanding the provisions of the preceding paragraphs, a general meeting of members as referred to in paragraph (1) may be held without following the procedures for convening such a meeting, with the consent of all of the specified equity members; provided, however, that this does not apply if the particulars set forth in Article 54, paragraph (1), item (iii) or (iv) have been specified.

６会社法第三百一条（株主総会参考書類及び議決権行使書面の交付等）の規定は前条第一項第三号に掲げる事項を定めた場合において第一項の通知を発するときについて、同法第三百二条（株主総会参考書類及び議決権行使書面の交付等）の規定は前条第一項第四号に掲げる事項を定めた場合において第一項の通知を発するときについて、それぞれ準用する。この場合において、同法第三百一条及び第三百二条中「株主」、「株主総会参考書類」及び「第二百九十九条第三項」とあるのはそれぞれ「特定社員」、「社員総会参考書類」及び「資産流動化法第五十五条第三項」と、同条第四項中「株主総会」とあるのは「社員総会」と読み替えるものとする。

(6)The provisions of Article 301 (Giving of Reference Documents for Shareholders Meeting and Voting Forms) of the Companies Act apply mutatis mutandis if the particulars set forth in Article 54, paragraph (1), item (iii) have been specified and the notice referred to in paragraph (1) is to be sent; and the provisions of Article 302 (Giving of Reference Documents for Shareholders Meeting and Voting Forms) of that Act apply mutatis mutandis if the particulars set forth in Article 54, paragraph (1), item (iv) have been specified and the notice referred to in paragraph (1) is to be sent. In such a case, the terms "shareholder", "reference documents for shareholders meeting", and "Article 299, paragraph (3)" in Article 301 and Article 302 of the Companies Act are deemed to be replaced with "specified equity members", "reference documents for a general meeting of members", and "Article 55, paragraph (3) of the Asset Securitization Act", respectively; and the term "the shareholders meeting" in Article 302, paragraph (4) of that Act is deemed to be replaced with "the general meeting of members".

第五十六条有議決権事項を会議の目的に含む社員総会を招集するには、取締役は、社員総会の日の二週間前までに、各社員（社員総会において決議をすることができる事項の全部につき議決権を行使することができない社員を除く。以下この条において同じ。）に対して、書面をもって招集の通知を発しなければならない。

Article 56(1)In convening a general meeting of members that includes a matter subject to inclusive voting as the subject of the meeting, the director must send a convocation notice of that meeting in writing to each member (excluding any member not entitled to vote on all of the matters that may be resolved at the general meeting of members; hereinafter the same applies in this Article) by two weeks prior to the day of the general meeting of members.

２前項の通知には、第五十四条第一項各号に掲げる事項を記載し、又は記録しなければならない。

(2)The particulars set forth in the items of Article 54, paragraph (1) must be entered or recorded in the notice referred to in the preceding paragraph.

３前条第三項及び会社法第三百一条（株主総会参考書類及び議決権行使書面の交付等）の規定は第一項の通知について、同法第三百二条（株主総会参考書類及び議決権行使書面の交付等）の規定は第五十四条第一項第四号に掲げる事項を定めた場合において第一項の通知を発するときについて、それぞれ準用する。この場合において、前条第三項中「特定社員」とあるのは「社員」と、同法第三百一条及び第三百二条中「株主」、「株主総会参考書類」及び「第二百九十九条第三項」とあるのはそれぞれ「社員」、「社員総会参考書類」及び「資産流動化法第五十六条第三項において準用する資産流動化法第五十五条第三項」と、同条第四項中「株主総会」とあるのは「社員総会」と読み替えるものとする。

(3)The provisions of paragraph (3) of the preceding Article and Article 301 (Giving of Reference Documents for Shareholder Meeting and Voting Forms) of the Companies Act apply mutatis mutandis to the notice referred to in paragraph (1) and the provisions of Article 302 (Giving of Reference Documents for Shareholder Meeting and Voting Forms) of that Act apply mutatis mutandis if the particulars set forth in Article 54, paragraph (1), item (iv) are specified and the notice referred to in paragraph (1) is to be sent. In such a case, the term "the specified equity members" in paragraph (3) of the preceding Article is deemed to be replaced with "the members"; the terms "shareholder", "reference documents for shareholders meeting", and "Article 299, paragraph (3)" in Article 301 and Article 302 of the Companies Act are deemed to be replaced with "members", "reference documents for a general meeting of members", and "Article 55, paragraph (3) of the Asset Securitization Act as applied mutatis mutandis pursuant to Article 56, paragraph (3) of the Asset Securitization Act", respectively; and the term "shareholders meeting" in Article 302, paragraph (4) of the Companies Act is deemed to be replaced with "general meeting of members".

第五十七条第二種特定目的会社の特定社員又は優先出資社員は、取締役に対し、一定の事項（有議決権事項（当該優先出資社員が議決権を行使することができる事項に限る。次項及び第三項において同じ。）に限る。）を社員総会の目的とすることを請求することができる。

Article 57(1)A specified equity member or preferred equity member of a Type II Specified Purpose Company may demand that the director make a certain matter (but only a matter subject to inclusive voting (but only a matter with regard to which the preferred equity member is entitled to vote; the same applies in the following paragraph and paragraph (3))) the subject of a general meeting of members.

２第二種特定目的会社の特定社員又は優先出資社員は、社員総会において、社員総会の目的である有議決権事項につき議案を提出することができる。ただし、当該議案が法令、資産流動化計画若しくは定款に違反する場合又は実質的に同一の議案につき社員総会において総社員（当該議案につき議決権を行使することができない社員を除く。）の議決権の十分の一（これを下回る割合を定款で定めた場合にあっては、その割合）以上の賛成を得られなかった日から三年を経過していない場合は、この限りでない。

(2)A specified equity member or preferred equity member of a Type II Specified Purpose Company may submit a proposal at a general meeting of members with regard to a matter subject to inclusive voting that is the subject for a general meeting of members; provided, however, that this does not apply if the proposal violates a law or regulation, the asset securitization plan, or the articles of incorporation, or if three years have not elapsed since the date on which a proposal that was substantially the same as the proposal in question failed to obtain votes in favor constituting at least one-tenth (or, if a smaller proportion is provided for in the articles of incorporation, that proportion) of the votes of all members (other than members not entitled to vote on that proposal).

３社員は、取締役に対し、社員総会の日の八週間（これを下回る期間を定款で定めた場合にあっては、その期間）前までに、社員総会の目的である有議決権事項につき当該社員が提出しようとする議案の要領を社員に通知すること（第五十五条第二項又は第三項（前条第三項において準用する場合を含む。）の通知をする場合にあっては、その通知に記載し、又は記録すること）を請求することができる。ただし、当該議案が法令、資産流動化計画若しくは定款に違反する場合又は実質的に同一の議案につき社員総会において総社員（当該議案につき議決権を行使することができない社員を除く。）の議決権の十分の一（これを下回る割合を定款で定めた場合にあっては、その割合）以上の賛成を得られなかった日から三年を経過していない場合は、この限りでない。

(3)A member may demand that the director notify the other members of the outline of the proposal that the member seeks to submit (or, if the notice referred to in Article 55, paragraph (2) or (3) is given (including as applied mutatis mutandis pursuant to paragraph (3) of the preceding Article), that the director enter or record the outline in that notice) with regard to a matter subject to inclusive voting that is the subject of a general meeting of members, by eight weeks (or, if a shorter period is provided for in the articles of incorporation, that period) prior to the day of the general meeting of members; provided, however, that this does not apply if the proposal violates a law or regulation, the asset securitization plan, or the articles of incorporation, or if three years have not elapsed since the date on which a proposal that was substantially the same as the proposal in question failed to obtain votes in favor constituting at least one-tenth (or, if a smaller proportion is provided for in the articles of incorporation, that proportion) of the votes of all members (other than members not entitled to vote on that proposal).

４前三項の規定は、特定社員が社員総会において一定の事項（無議決権事項に限る。）を会議の目的とすることを請求し、又は当該事項につき議案を提出することを妨げるものと解してはならない。

(4)The preceding three paragraphs must not be construed to preclude a specified equity member from requesting that a certain matter (but only a matter subject to exclusive voting) be made the subject of a meeting or from submitting a proposal with regard to that matter at a general meeting of members.

５前各項の規定は、取締役の選任又は解任に係る事項について、定款で別段の定めをすることを妨げない。

(5)The provisions of the preceding paragraphs do not preclude the articles of incorporation from providing otherwise with regard to a particular that involves the appointment or dismissal of directors.

第五十八条特定目的会社、総特定社員（社員総会において決議をすることができる事項の全部につき議決権を行使することができない社員を除く。）の議決権の百分の一（これを下回る割合を定款で定めた場合にあっては、その割合）以上の議決権を有する特定社員又は総優先出資社員（社員総会において決議をすることができる事項の全部につき議決権を行使することができない優先出資社員を除く。）の議決権の百分の一（これを下回る割合を定款で定めた場合にあっては、その割合）以上の議決権を有する優先出資社員は、社員総会に係る招集の手続及び決議の方法を調査させるため、当該社員総会に先立ち、裁判所に対し、検査役の選任の申立てをすることができる。

Article 58(1)Prior to a general meeting of members, the specified purpose company, specified equity members holding at least one percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) of the voting rights of all the specified equity members (other than members not entitled to vote on all of the matters that may be resolved at a general meeting of members), or preferred equity members holding at least one percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) of the voting rights of all the preferred equity members (other than preferred equity members not entitled to vote on all of the matters that may be resolved at a general meeting of members) may file a petition with the court to appoint an inspector to investigate the procedures for convening the general meeting of members and the means of resolution.

２会社法第三百六条第三項から第七項まで（株主総会の招集手続等に関する検査役の選任）及び第三百七条（裁判所による株主総会招集等の決定）、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第一項（第一号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）並びに第八百七十六条（最高裁判所規則）の規定は、前項の申立てがあった場合について準用する。この場合において、同法第三百六条第四項及び第七項中「株式会社」とあるのは「特定目的会社」と、同法第三百七条第一項第一号、第二項及び第三項中「株主総会」とあるのは「社員総会」と、同条第一項第二号中「株主」とあるのは「社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 306, paragraphs (3) through (7) (Election of Inspector on Calling Procedures of Shareholders Meeting); Article 307 (Determination by the Court of the Calling of Shareholders Meeting); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (1) (but only the part that involves item (i)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal), Article 874 (but only the part that involves item (i)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis if the petition referred to in the preceding paragraph is filed. In such a case, the term "the stock company" in Article 306, paragraphs (4) and (7) of that Act is deemed to be replaced with "the specified purpose company"; the term "a shareholders meeting" in Article 307, paragraph (1), item (i) and Article 307, paragraphs (2) and (3) of that Act is deemed to be replaced with "a general meeting of members"; the term "the shareholders" in Article 307, paragraph (1), item (ii) of that Act is deemed to be replaced with "the members"; and Cabinet Order provides for any other necessary technical replacement of terms.

３前項において準用する会社法第三百七条第二項及び第三項に規定する社員総会は、有議決権事項を会議の目的とする社員総会について第一項の申立てがあった場合には、有議決権事項をその会議の目的とする社員総会とみなす。

(3)If the petition referred to in the preceding paragraph has been filed with regard to a general meeting of members whose subject is a matter subject to inclusive voting, the general meeting of members referred to in Article 307, paragraphs (2) and (3) of the Companies Act as applied mutatis mutandis pursuant to the preceding paragraph is deemed to be the general meeting of members whose subject is a matter subject to inclusive voting.

第五十九条社員総会において、会議の目的である事項のうち、無議決権事項については特定社員（特定目的会社がその総株主の議決権の四分の一以上を有することその他の事由を通じて特定目的会社がその経営を実質的に支配することが可能な関係にあるものとして内閣府令で定める特定社員を除く。）はその有する特定出資一口につき一個の議決権を、有議決権事項については社員（特定目的会社がその総株主の議決権の四分の一以上を有することその他の事由を通じて特定目的会社がその経営を実質的に支配することが可能な関係にあるものとして内閣府令で定める社員を除く。）はその有する特定出資又は優先出資一口につき一個の議決権を有する。ただし、無議決権事項についての特定社員の議決権の数については、定款で別段の定めをすることができる。

Article 59(1)At a general meeting of members, a specified equity member (other than a specified equity member that Cabinet Office Order prescribes as being related to the specified purpose company in a way that makes it possible for the specified purpose company to substantially control its operations, due to the specified purpose company's holding one-quarter or more of all shareholders' voting rights in the member or for any other grounds) is entitled to one vote per unit of specified equity it holds for matters subject to exclusive voting that are the subject of that meeting; and a member (other than a member that Cabinet Office Order prescribes as being related to the specified purpose company in a way that makes it possible for the specified purpose company to substantially control its operations, due to the specified purpose company's holding one-quarter or more of all shareholders' voting rights in the member or for any other grounds) is entitled to one vote per unit of specified equity or preferred equity it holds for matters subject to inclusive voting that are the subject of that meeting; provided, however, that the number of voting rights of specified equity members for matters subject to exclusive voting may be otherwise specified in the articles of incorporation.

２前項の規定にかかわらず、特定目的会社は、自己特定出資（特定目的会社が有する自己の特定出資をいう。以下同じ。）又は自己優先出資（特定目的会社が有する自己の優先出資をいう。以下同じ。）については、議決権を有しない。

(2)Notwithstanding the provisions of the preceding paragraph, a specified purpose company is not entitled to a vote in association with its specified equity (meaning specified equity in a specified purpose company that the specified purpose company holds in itself; the same applies hereinafter) or its preferred equity (meaning preferred equity in a specified purpose company that the specified purpose company holds in itself; the same applies hereinafter).

第六十条社員総会の決議のうち無議決権事項に係るものは、定款に別段の定めがある場合を除き、議決権を行使することができる特定社員の議決権の過半数を有する特定社員が出席し、出席した当該特定社員の議決権の過半数をもって行う。

Article 60(1)Unless otherwise provided for in the articles of incorporation, a resolution at a general meeting of members on a matter subject to exclusive voting is adopted by the majority vote of the specified equity members attending the meeting, with the specified equity members in attendance holding the majority of the voting rights of all those that are entitled to vote.

２社員総会の決議のうち有議決権事項に係るものは、定款に別段の定めがある場合を除き、議決権を行使することができる社員の議決権の過半数を有する社員が出席し、出席した当該社員の議決権の過半数をもって行う。

(2)Unless otherwise provided for in the articles of incorporation, a resolution at a general meeting of members on a matter subject to inclusive voting is adopted by the majority vote of the members attending the meeting, with the members in attendance holding the majority of the voting rights of all those that are entitled to vote.

３前二項の規定にかかわらず、次に掲げる社員総会の決議は、当該社員総会において議決権を行使することができる社員の議決権の過半数を有する社員が出席し、出席した当該社員の議決権の三分の二（これを上回る割合を定款で定めた場合にあっては、その割合）以上に当たる多数をもって行わなければならない。この場合においては、当該決議の要件に加えて、一定の数以上の社員の賛成を要する旨その他の要件を定款で定めることを妨げない。

(3)Notwithstanding the provisions of the preceding two paragraphs, a resolution at any of the following general meetings of members must be adopted by at least a two-thirds majority vote (or, if a higher proportion is provided for in the articles of incorporation, that proportion) of the members attending the meeting, with the members in attendance holding the majority of the voting rights of all of the members entitled to vote at that general meeting of members. In such a case, in addition to the requirements for a resolution, the specified purpose company is not precluded from providing in the articles of incorporation that votes in favor are required from at least a certain number of members or from providing for any other requirements.

４前三項の規定にかかわらず、次に掲げる社員総会の決議は、総特定社員の半数（これを上回る割合を定款で定めた場合にあっては、その割合）以上であって、総特定社員の議決権の四分の三（これを上回る割合を定款で定めた場合にあっては、その割合）以上に当たる多数をもって行わなければならない。

(4)Notwithstanding the provisions of the preceding three paragraphs, a resolution at any of the following general meetings of members must be adopted by at least half of all specified equity members (or, if a higher proportion is provided for in the articles of incorporation, that proportion), and by at least a three-quarters majority vote of all of the specified equity members (or, if a higher proportion is provided for in the articles of incorporation, that proportion):

第六十一条会社法第三百十一条（書面による議決権の行使）の規定は、特定目的会社の優先出資社員の書面による議決権の行使について準用する。この場合において、同条第三項中「株主総会」とあるのは「社員総会」と読み替えるものとする。

Article 61The provisions of Article 311 of the Companies Act (Voting in Writing) apply mutatis mutandis to the exercise of voting rights in writing by the preferred equity member of a specified purpose company. In such a case, the term "the shareholders meeting" in Article 311, paragraph (3) of that Act is deemed to be replaced with "the general meeting of members".

第六十二条特定目的会社は、定款をもって、優先出資社員が社員総会に出席せず、かつ、議決権を行使しないときは、当該優先出資社員はその社員総会に提出された有議決権事項に係る議案（複数の議案が提出された場合において、これらのうちに相反する趣旨の議案があるときは、当該議案のいずれをも除く。）について賛成するものとみなす旨を定めることができる。

Article 62(1)A specified purpose company may provide in its articles of incorporation that if a preferred equity member neither attends a general meeting of members nor exercises voting rights, the preferred equity member is deemed to have voted in favor of any proposal concerning a matter subject to inclusive voting that has been submitted at the general meeting of members (if multiple proposals are submitted and there are conflicting proposals among them, those conflicting proposals are excluded).

２前項の規定による定めをした特定目的会社は、第五十六条第一項の通知にその定めを記載し、又は記録しなければならない。

(2)A specified purpose company that has determined as prescribed in the preceding paragraph must enter or record the relevant provisions in the notice referred to in Article 56, paragraph (1).

３第一項の規定による定めに基づき議案に賛成するものとみなされた優先出資社員の有する議決権の数は、出席した優先出資社員の議決権の数に算入する。

(3)The votes of preferred equity members that are deemed to have voted in favor of a proposal based on provisions as under paragraph (1) are included in the number of votes of the preferred equity members attending the general meeting of members.

第六十三条取締役又は特定社員が社員総会の目的である事項のうち無議決権事項について提案をした場合において、当該提案につき特定社員（当該事項について議決権を行使することができるものに限る。）の全員が書面又は電磁的記録により同意の意思表示をしたときは、当該提案を可決する旨の社員総会の決議があったものとみなす。

Article 63(1)If a director or a specified equity member makes a proposal on a matter subject to exclusive voting that is the subject of a general meeting of members, and all of the specified equity members (but only those entitled to exercise voting rights on that matter) manifest the intention to agree with the proposal by documents or electronic or magnetic records, a resolution approving that proposal is deemed to have been made at a general meeting of members.

２特定目的会社は、前項の規定により社員総会の決議があったものとみなされた日から一年間、同項の書面又は電磁的記録をその本店に備え置かなければならない。

(2)A specified purpose company must keep the documents or electronic or magnetic records referred to in the preceding paragraph for one year from the day on which the resolution at the general meeting of members is deemed to be have been made pursuant to the preceding paragraph.

３特定社員及び優先出資社員は、特定目的会社の営業時間内は、いつでも、次に掲げる請求をすることができる。

(3)A specified equity member or preferred equity member may make the following requests at any time during the business hours of the specified purpose company:

４第一項の規定により定時社員総会の目的である事項のすべてについての提案を可決する旨の社員総会の決議があったものとみなされた場合には、その時に当該定時社員総会が終結したものとみなす。

(4)If a resolution is deemed to be made at an annual general meeting of members approving proposals on all of the subjects for the meeting, the annual general meeting of members is deemed to have been concluded at that time.

５会社法第三百二十条（株主総会への報告の省略）の規定は、特定目的会社の社員総会について準用する。この場合において、同条中「株主」とあるのは、「社員」と読み替えるものとする。

(5)The provisions of Article 320 (Omission of Reports to Shareholders Meetings) of the Companies Act apply mutatis mutandis to general meetings of members of a specified purpose company. In such a case, the term "shareholders" in that Article is deemed to be replaced with "members".

第六十四条社員総会の決議の内容が資産流動化計画に違反するときは、社員、取締役、監査役、清算人、特定社債権者、特定約束手形の所持人又は特定借入れに係る債権者は、社員総会の決議の日から三箇月以内に、訴えをもって当該決議の取消しを請求することができる。当該決議の取消しにより取締役、監査役又は清算人（第七十六条第一項（第百六十八条第五項において準用する場合を含む。）の規定により取締役、監査役又は清算人としての権利義務を有する者を含む。）となる者も、同様とする。

Article 64(1)If the details of a resolution at a general meeting of members violate the asset securitization plan, a member, director, company auditor, liquidator, specified bondholder, holder of a specified promissory note, or creditor from which specified borrowings have been borrowed may demand that the resolution be rescinded by filing an action within three months from the date of the resolution at the general meeting of members. The same applies to a person that is to become a director, company auditor, or liquidator (or that is to become a person holding the rights and obligations of a director, company auditor, or liquidator pursuant to Article 76, paragraph (1) (including as applied mutatis mutandis pursuant to Article 168, paragraph (5))) as a result of the rescission of that resolution.

２会社法第八百三十四条（第十七号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条第一項及び第三項（担保提供命令）、第八百三十七条（弁論等の必要的併合）、第八百三十八条（認容判決の効力が及ぶ者の範囲）、第八百四十六条（原告が敗訴した場合の損害賠償責任）並びに第九百三十七条第一項（第一号ト（２）に係る部分に限る。）（裁判による登記の嘱託）の規定は、前項の決議の取消しの訴えについて準用する。この場合において、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 834 (but only the part that involves item (xvii)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Article 836, paragraphs (1) and (3) (Order to Provide Security); Article 837 (Mandatory Consolidation of Oral Arguments); Article 838 (Persons Affected by an Upholding Judgment); Article 846 (Liabilities for Damages in Cases Where the Plaintiff Is Defeated); and Article 937, paragraph (1) (but only the part that involves item (i), sub-item (g)-2) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action to rescind a resolution referred to in the preceding paragraph. In such a case, Cabinet Order provides for the necessary technical replacement of terms.

第六十五条会社法第三百条本文（招集手続の省略）の規定は第五十六条第一項の社員総会（第百五十二条第一項に規定する計画変更決議を行う社員総会を除く。）について、同法第三百十条（議決権の代理行使）並びに第三百十三条第一項及び第三項（議決権の不統一行使）の規定は特定目的会社の社員の議決権の行使について、それぞれ準用する。この場合において、同法第三百条中「株主」とあるのは「社員（当該社員総会において決議をすることができる事項の全部につき議決権を行使することができない社員を除く。）」と、同法第三百十条第二項及び第五項から第七項までの規定中「株主総会」とあるのは「社員総会」と、同条第四項中「第二百九十九条第三項」とあるのは「資産流動化法第五十五条第三項（資産流動化法第五十六条第三項において準用する場合を含む。）」と、同法第三百十三条第三項中「株式」とあるのは「特定出資又は優先出資」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 65(1)The main text of Article 300 (Omission of Calling Procedures) of the Companies Act apply mutatis mutandis to a general meeting of members referred to in Article 56, paragraph (1) (other than a general meeting of members for voting on a resolution for changing the plan prescribed in Article 152, paragraph (1)) and the provisions of Article 310 (Proxy Voting), and Article 313, paragraphs (1) and (3) (Diverse Exercise of Votes) of the Companies Act apply mutatis mutandis to the exercise of voting rights by the members of a specified purpose company. In such a case, the term "shareholders" in Article 300 of that Act is deemed to be replaced with "members (other than members not entitled to vote on all of the matters that may be resolved at the general meeting of members)"; the term "shareholders meeting" in Article 310, paragraph (2) and paragraphs (5) through (7) of that Act is deemed to be replaced with "general meeting of members"; the term "Article 299, paragraph (3)" in Article 310, paragraph (4) of that Act is deemed to be replaced with "Article 55, paragraph (3) (including as applied mutatis mutandis pursuant to Article 56, paragraph (3) of the Asset Securitization Act) of the Asset Securitization Act"; the term "the shares" in Article 313, paragraph (3) of the Companies Act is deemed to be replaced with "the specified equity or preferred equity"; and Cabinet Order provides for any other necessary technical replacement of terms.

２会社法第三百十一条（書面による議決権の行使）の規定は第五十四条第一項第三号に掲げる事項の定めをした特定目的会社の社員総会について、同法第三百十二条（電磁的方法による議決権の行使）の規定は第五十四条第一項第四号に掲げる事項の定めをした特定目的会社の社員総会について、それぞれ準用する。この場合において、同法第三百十一条第二項中「株主」とあるのは「特定社員」と、同条第四項並びに同法第三百十二条第二項、第三項及び第五項中「株主」とあるのは「社員」と、同条第二項中「第二百九十九条第三項」とあるのは「資産流動化法第五十五条第三項（資産流動化法第五十六条第三項において準用する場合を含む。）」と読み替えるものとする。

(2)The provisions of Article 311 (Voting in Writing) of the Companies Act apply mutatis mutandis to the general meetings of members of a specified purpose company that has specified the particulars set forth in Article 54, paragraph (1), item (iii); and the provisions of Article 312 (Voting by Electronic or Magnetic Means) of that Act apply mutatis mutandis to the general meetings of members of a specified purpose company that has specified the particulars set forth in Article 54, paragraph (1), item (iv). In such a case, the term "shareholders" in Article 311, paragraph (2) of that Act is deemed to be replaced with "specified equity members"; the term "shareholders" in Article 311, paragraph (4) and Article 312, paragraphs (2), (3), and (5) of that Act is deemed to be replaced with "members"; and the term "Article 299, paragraph (3)" in Article 312, paragraph (2) of that Act is deemend to be replaced with "Article 55, paragraph (3) of the Asset Securitization Act (including as applied mutatis mutandis pursuant to Article 56, paragraph (3) of the Asset Securitization Act) ".

３会社法第三百十四条から第三百十七条まで（取締役等の説明義務、議長の権限、株主総会に提出された資料等の調査、延期又は続行の決議）及び第三百十八条第一項から第四項まで（議事録）の規定は、特定目的会社の社員総会について準用する。この場合において、同法第三百十四条中「株主から」とあるのは「社員から」と、同法第三百十六条第二項中「第二百九十七条」とあるのは「資産流動化法第五十三条」と、同法第三百十七条中「第二百九十八条及び第二百九十九条」とあるのは「資産流動化法第五十四条から第五十六条まで（第五十五条第五項を除く。）」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Articles 314 through 317 (Accountability of Directors; Authority of Chairperson; Investigation of Material Submitted to the Shareholders Meeting; Resolution for Postponement or Adjournment) and Article 318, paragraphs (1) through (4) (Minutes) of the Companies Act apply mutatis mutandis to a specified purpose company's general meetings of members. In such a case, the term "by the shareholders" in Article 314 of that Act is deemed to be replaced with "by the members"; the term "Article 297" in Article 316, paragraph (2) of that Act is deemed to be replaced with "Article 53 of the Asset Securitization Act"; the term "Article 298 and Article 299" in Article 317 of the Companies Act is deemed to be replaced with "Articles 54 through Article 56 (other than Article 55, paragraph (5)) of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

４会社法第八百三十条（株主総会等の決議の不存在又は無効の確認の訴え）、第八百三十一条（株主総会等の決議の取消しの訴え）、第八百三十四条（第十六号及び第十七号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条第一項及び第三項（担保提供命令）、第八百三十七条（弁論等の必要的併合）、第八百三十八条（認容判決の効力が及ぶ者の範囲）、第八百四十六条（原告が敗訴した場合の損害賠償責任）並びに第九百三十七条第一項（第一号トに係る部分に限る。）（裁判による登記の嘱託）の規定は、特定目的会社の社員総会の決議の不存在若しくは無効の確認又は取消しの訴えについて準用する。この場合において、同法第八百三十一条第一項中「株主等（当該各号の株主総会が創立総会又は種類創立総会である場合にあっては、株主等、設立時株主、設立時取締役又は設立時監査役）」とあるのは「社員、取締役、監査役又は清算人」と、「株主（当該決議が創立総会の決議である場合にあっては、設立時株主）又は取締役（監査等委員会設置会社にあっては、監査等委員である取締役又はそれ以外の取締役。以下この項において同じ。）、監査役若しくは清算人（当該決議が株主総会又は種類株主総会の決議である場合にあっては第三百四十六条第一項（第四百七十九条第四項において準用する場合を含む。）の規定により取締役、監査役又は清算人としての権利義務を有する者を含み、当該決議が創立総会又は種類創立総会の決議である場合にあっては設立時取締役（設立しようとする株式会社が監査等委員会設置会社である場合にあっては、設立時監査等委員である設立時取締役又はそれ以外の設立時取締役）又は設立時監査役を含む。）」とあるのは「社員又は取締役、監査役若しくは清算人（資産流動化法第七十六条第一項（資産流動化法第百六十八条第五項において準用する場合を含む。）の規定により取締役、監査役又は清算人としての権利義務を有する者を含む。）」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(4)The provisions of Article 830 (Action for Declaratory Judgment of Non-existence or Invalidation of a Resolution of a Shareholders Meeting); Article 831 (Action Seeking Revocation of a Resolution of a Shareholders Meeting); Article 834 (but only the part that involves item (xvi) and item (xvii)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Article 836, paragraphs (1) and (3) (Order to Provide Security); Article 837 (Mandatory Consolidation of Oral Arguments); Article 838 (Persons Affected by an Upholding Judgment); Article 846 (Liability for Damage in Cases Where the Plaintiff is Defeated); and Article 937 (1) (but only the part that involves item (i), sub-item (g), 2.) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action seeking a declaratory judgment establishing the non-existence or invalidity of a resolution at a general meeting of members of a specified purpose company or an action to rescind the resolution. In such a case, the phrases "a shareholder, etc. (or, in cases where the shareholders meeting, etc., referred to respectively in each such items is an organizational meeting or a class organizational meeting, a shareholder, etc., a shareholder at incorporation, a director at incorporation or a company auditor at incorporation" and "a shareholder (or, in cases where the resolution is the resolution of an organizational meeting, shareholders at incorporation) or director (or, in cases of a company with a supervisory committee, directors who are supervisory committee members or other directors; hereinafter the same applies in this paragraph), company auditor or liquidator (or, in cases where such resolution is a resolution of shareholders meeting or a class meeting, it includes a person who has the rights and obligations of a director, company auditor or liquidator pursuant to the provisions of Article 346, paragraph (1) (including as applied mutatis mutandis pursuant to Article 479, paragraph (4)), and in cases where such resolution is a resolution of an organizational meeting or organizational meeting of class shareholders, a director at incorporation (in cases where a stock company to be incorporated is a company with a supervisory committee, directors at incorporation who are supervisory committee members at incorporation or other directors at incorporation) or a company auditor at incorporation)" in Article 831, paragraph (1) of the Companies Act are deemed to be replaced with "members, directors, company auditors, or liquidators" and "member, director, company auditor, or liquidator (or a person holding the rights and obligations of a director, company auditor, or liquidator pursuant to the provisions of Article 76, paragraphs (1) of the Asset Securitization Act (including as applied mutatis mutandis pursuant to Article 168, paragraph (5) of the Asset Securitization Act))", respectively; and Cabinet Order provides for any other necessary technical replacement of terms.

第六十六条第二種特定目的会社が定款の変更をする場合において、優先出資社員に損害を及ぼすおそれがあるときは、当該定款の変更は、第百五十条の規定による決議のほか、当該優先出資社員を構成員とする総会（当該定款の変更が損害を及ぼすおそれのある優先出資社員に係る優先出資の種類が二以上ある場合には、当該二以上の種類別に区分された優先出資に係る優先出資社員を構成員とする各総会）の承認がなければ、その効力を生じない。ただし、当該総会において議決権を行使することができる優先出資社員が存しない場合には、この限りでない。

Article 66(1)If a Type II Specified Purpose Company amends its articles of incorporation and this is likely to cause detriment to preferred equity members, in addition to requiring a resolution under the provisions of Article 150, the amendment of the articles of incorporation does not become effective unless approved at a general meeting of those preferred equity members (or, if there are two or more classes of preferred equity held by preferred equity members that the amendment of the articles of incorporation is likely to cause detriment, at each separate general meeting whose constituent members are preferred equity members that hold one of those two or more classes of preferred equity); provided, however, that this does not apply if there are no preferred equity members that may exercise voting rights at the general meeting.

２前項の規定による承認の決議は、同項の定款の変更が損害を及ぼすおそれのある優先出資社員に係る発行済優先出資の総口数（当該決議が二以上の種類別に区分された優先出資に係る優先出資社員を構成員とする各総会において行われる場合には、当該種類別の各総会の構成員たる優先出資社員に係る発行済優先出資の口数）の過半数に当たる優先出資を有する優先出資社員が出席し、かつ、その議決権の三分の二以上に当たる多数をもって行わなければならない。この場合においては、当該決議の要件に加えて、一定の数以上の優先出資社員の賛成を要する旨その他の要件を定款で定めることを妨げない。

(2)The resolution for approval under the preceding paragraph must be adopted by at least a two-thirds majority vote of preferred equity members attending the meeting, with the preferred equity members in attendance holding a majority of the total number of units of issued preferred equity held by the preferred equity members that the amendment of the articles of incorporation referred to in that paragraph is likely to cause detriment (or, if resolutions are to be made at each separate general meeting whose constituent members are preferred equity members that hold one of two or more classes of preferred equity, the total number of units of issued preferred equity held by the preferred equity members that are the constituent members of the general meeting for each of those classes). In such a case, in addition to these requirements for a resolution, the specified purpose company is not precluded from providing in the articles of incorporation that votes in favor are required from at least a certain number of preferred equity members or from providing for any other requirements.

３有議決権事項を会議の目的とする社員総会に関する規定は、第一項の総会について準用する。

(3)The provisions on general meetings of members that have matters subject to inclusive voting as the subject apply mutatis mutandis to a general meeting referred to in paragraph (1).

４第一項に規定する定款の変更に関する議案の要領は、同項の総会の招集の通知に記載し、又は記録しなければならない。

(4)An outline of the proposal for amendment to the articles of incorporation prescribed in paragraph (1) must be entered or recorded in the notice of convocation of the general meeting referred to in that paragraph.

第六十七条特定目的会社には、次に掲げる機関を置かなければならない。ただし、第三号に掲げる機関については、資産対応証券として特定社債のみを発行する特定目的会社であって、資産流動化計画に定められた特定社債の発行総額と特定借入れの総額との合計額が政令で定める額に満たないものにあっては、この限りでない。

Article 67(1)A specified purpose company must have the following administrative organs; provided, however, that this does not apply to the administrative organ set forth in item (iii) if it is a specified purpose company that issues only specified bonds as asset-backed securities and the sum of the total amount of issuance of specified bond and the total amount of specified borrowings is less than the amount specified by Cabinet Order:

２特定目的会社は、定款の定めによって、会計参与を置くことができる。

(2)A specified purpose company may employ an accounting advisor pursuant to the provisions of the articles of incorporation.

３第一項ただし書の規定は、定款をもって、同項ただし書に規定する特定目的会社が会計監査人を置くことを妨げるものと解してはならない。

(3)The provisions of the proviso to paragraph (1) must not be construed as precluding the specified purpose company referred to in the proviso to that paragraph from having accounting auditors.

第六十八条役員（取締役、会計参与及び監査役をいう。以下この款（第七十条第一項第七号から第十号まで（第七十二条第二項において準用する場合を含む。）を除く。）において同じ。）及び会計監査人は、社員総会の決議によって選任する。

Article 68(1)Officers (meaning directors, accounting advisors, and company auditors; hereinafter the same applies in this Subsection (other than in Article 70, paragraph (1), items (vii) through (x) (including as applied mutatis mutandis pursuant to Article 72, paragraph (2)))) and accounting auditors are appointed by resolution at a general meeting of members.

２会社法第三百二十九条第三項（選任）の規定は、前項の決議について準用する。

(2)The provisions of Article 329, paragraph (3) (Election) of the Companies Act apply mutatis mutandis to the resolution referred to in the preceding paragraph.

第六十九条特定目的会社と役員及び会計監査人との関係は、委任に関する規定に従う。

Article 69The relationship between a specified purpose company and its officers and accounting auditors is governed by the provisions on mandates.

第七十条次に掲げる者は、取締役となることができない。

Article 70(1)The following persons may not become a director:

２会社法第三百三十一条第二項本文（取締役の資格等）の規定は、特定目的会社の取締役について準用する。この場合において、同項本文中「株主」とあるのは、「社員」と読み替えるものとする。

(2)The main text of Article 331, paragraph (2) (Qualifications of Directors) of the Companies Act apply mutatis mutandis to the director of a specified purpose company. In such a case, the term "shareholders" in the main text of that Article is deemed to be replaced with "members".

第七十一条会計参与は、公認会計士（公認会計士法（昭和二十三年法律第百三号）第十六条の二第五項に規定する外国公認会計士を含む。以下同じ。）若しくは監査法人又は税理士若しくは税理士法人でなければならない。

Article 71(1)An accounting advisor must be a certified public accountant (or a foreign certified public accountant prescribed in Article 16-2, paragraph (5) of the Certified Public Accountants Act (Act No. 103 of 1948); hereinafter the same applies), audit corporation, certified tax accountant, or tax accountant corporation.

２会社法第三百三十三条第二項及び第三項（会計参与の資格等）の規定は、特定目的会社の会計参与について準用する。この場合において、同項第一号中「株式会社又はその子会社」とあるのは「特定目的会社」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 333, paragraphs (2) and (3) (Qualifications of Accounting Advisors) of the Companies Act apply mutatis mutandis to the accounting advisors of a specified purpose company. In such a case, the term "a stock company or its subsidiary" in Article 333, paragraph (3), item (i) of that Act is deemed to be replaced with "a specified purpose company", and Cabinet Order provides for any other necessary technical replacement of terms.

第七十二条監査役は、特定目的会社の取締役又は使用人を兼ねることができない。

Article 72(1)A company auditor may not concurrently act as the director or employee of a specified purpose company.

２第七十条の規定は、監査役について準用する。

(2)The provisions of Article 70 apply mutatis mutandis to company auditors.

第七十三条会計監査人は、公認会計士又は監査法人でなければならない。

Article 73(1)An accounting auditor must be a certified public accountant or an audit corporation.

２会計監査人に選任された監査法人は、その社員の中から会計監査人の職務を行うべき者を選定し、これを特定目的会社に通知しなければならない。この場合においては、次項第二号に掲げる者を選定することはできない。

(2)An audit corporation appointed as accounting auditor must select a person to act as accounting auditor from among its members and notify the specified purpose company of this. In such a case, the person referred to in item (ii) of the following paragraph may not be selected.

３次に掲げる者は、会計監査人となることができない。

(3)The following persons may not become an accounting auditor:

４会社法第三百三十八条（会計監査人の任期）の規定は、特定目的会社の会計監査人について準用する。この場合において、同条第一項及び第二項中「定時株主総会」とあるのは、「定時社員総会」と読み替えるものとする。

(4)The provisions of Article 338 (Accounting Auditors' Terms of Office) of the Companies Act apply mutatis mutandis to the accounting auditors of a specified purpose company. In such a case, the term "annual shareholders meeting" in Article 338, paragraphs (1) and (2) of that Act is deemed to be replaced with "annual general meeting of members".

第七十四条役員及び会計監査人は、いつでも、社員総会の決議によって解任することができる。

Article 74(1)An officer or accounting auditor may be dismissed at any time through a resolution at a general meeting of members.

２前項の規定により解任された者は、その解任について正当な理由がある場合を除き、特定目的会社に対し、解任によって生じた損害の賠償を請求することができる。

(2)Unless there are legitimate grounds for a person's dismissal, a person dismissed pursuant to the preceding paragraph may demand the specified purpose company to compensate for damage arising from the dismissal.

３役員の職務の執行に関し不正の行為又は法令、資産流動化計画若しくは定款に違反する重大な事実があったにもかかわらず、当該役員を解任する旨の議案が社員総会において否決されたときは、次に掲げる社員は、当該社員総会の日から三十日以内に、訴えをもって当該役員の解任を請求することができる。

(3)If, notwithstanding the presence of misconduct or a material fact in violation of laws and regulations, the asset securitization plan, or the articles of incorporation in the performance of an officer's duties, the proposal to dismiss the officer is rejected at a general meeting of members, the following members may file an action within thirty days from the date of that general meeting of members demanding the dismissal of the officer:

４会社法第八百五十五条（被告）、第八百五十六条（訴えの管轄）及び第九百三十七条第一項（第一号ヌに係る部分に限る。）（裁判による登記の嘱託）の規定は、前項の役員の解任の訴えについて準用する。この場合において、必要な技術的読替えは、政令で定める。

(4)The provisions of Article 855 (Defendant), Article 856 (Jurisdiction over an Action), and Article 937, paragraph (1) (but only the part that involves item (i), sub-item (j)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action to dismiss an officer referred to in the preceding paragraph. In such a case, Cabinet Order provides for the necessary technical replacement of terms.

第七十五条監査役は、会計監査人が次の各号のいずれかに該当するときは、その会計監査人を解任することができる。

Article 75(1)A company auditor may dismiss an accounting auditor if that accounting auditor falls under any of the following items:

２前項の規定による解任は、監査役が二人以上ある場合には、監査役の全員の同意によって行わなければならない。

(2)If there are two or more company auditors, a dismissal under the preceding paragraph must be effected by a unanimous consent of the company auditors.

３第一項の規定により会計監査人を解任したときは、監査役（監査役が二人以上ある場合にあっては、監査役の互選によって定めた監査役）は、その旨及び解任の理由を解任後最初に招集される社員総会に報告しなければならない。

(3)If an accounting auditor is dismissed pursuant to the provisions of paragraph (1), a company auditor (if the company has two or more company auditors, a company auditor appointed from among themselves) must report this and give the reason for the dismissal at the first general meeting of members convened after the dismissal.

第七十六条役員が欠けた場合又はこの法律若しくは定款で定めた役員の員数が欠けた場合には、任期の満了又は辞任により退任した役員は、新たに選任された役員（次項の一時役員の職務を行うべき者を含む。）が就任するまで、なお役員としての権利義務を有する。

Article 76(1)If there is a position vacancy among the officers or a shortfall in the number of officers prescribed by this Act or the articles of incorporation, an officer that has left office due to the expiration of that officer's term of office or due to resignation continues to have the rights and duties of an officer until a newly appointed officer (or a person that will temporarily perform the duties of an officer as prescribed in the following paragraph) takes office.

２前項に規定する場合において、裁判所は、必要があると認めるときは、利害関係人の申立てにより、一時役員の職務を行うべき者を選任することができる。

(2)In the case referred to in the preceding paragraph, the court may appoint a person who is to temporarily perform the duties of an officer at the petition of an interested party, if it finds this to be necessary.

３裁判所は、前項の一時役員の職務を行うべき者を選任した場合には、特定目的会社がその者に対して支払う報酬の額を定めることができる。

(3)If the court appoints a person who is to temporarily perform the duties of an officer as prescribed in the preceding paragraph, it may fix the amount of remuneration that the specified purpose company is to pay to that person.

４会計監査人が欠けた場合又は定款で定めた会計監査人の員数が欠けた場合において、遅滞なく会計監査人が選任されないときは、監査役は、一時会計監査人の職務を行うべき者を選任しなければならない。

(4)If there is a position vacancy among the accounting auditors or a shortfall in the number of accounting auditors prescribed by the articles of incorporation, unless a new accounting auditor is appointed without delay, a company auditor must appoint a person who is to temporarily perform the duties of accounting auditor.

５第七十三条第一項から第三項まで及び前条の規定は、前項の一時会計監査人の職務を行うべき者について準用する。

(5)The provisions of Article 73, paragraphs (1) through (3) and the preceding Article apply mutatis mutandis to a person who is to temporarily perform the duties of accounting auditor as prescribed in the preceding paragraph.

６会社法第八百六十八条第一項（非訟事件の管轄）、第八百七十条第一項（第一号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）、第八百七十六条（最高裁判所規則）及び第九百三十七条第一項（第二号イ及びハに係る部分に限る。）（裁判による登記の嘱託）の規定は、第二項の申立てがあった場合について準用する。

(6)The provisions of Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (1) (but only the part that involves item (i)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 874 (but only the part that involves item (i)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); Article 876 (Supreme Court Rule); and Article 937, paragraph (1) (but only the part that involves item (ii), sub-items (a) and (c)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis if a petition prescribed in paragraph (2) has been filed.

第七十七条会社法第三百四十一条（役員の選任及び解任の株主総会の決議）の規定は、取締役の選任の決議について準用する。この場合において、同条中「第三百九条第一項」とあるのは「資産流動化法第六十条第一項」と、「株主総会」とあるのは「社員総会」と、「株主」とあるのは「社員」と読み替えるものとする。

Article 77(1)The provisions of Article 341 (Resolution at Shareholders Meeting for Election and Dismissal of Officers) of the Companies Act apply mutatis mutandis to a resolution on the appointment of a director. In such a case, the terms "Article 309, paragraph (1)", "the meeting", and "shareholder" in that Article are deemed to be replaced with "Article 60, paragraph (1) of the Asset Securitization Act", "the general meeting of members", and "members", respectively.

２会社法第三百四十二条（累積投票による取締役の選任）の規定は社員が特定目的会社の取締役を選任する場合について、同法第三百四十四条第一項及び第二項（会計監査人の選任等に関する議案の内容の決定）の規定は特定目的会社について、それぞれ準用する。この場合において、これらの規定中「株主総会」とあるのは「社員総会」と、同法第三百四十二条第三項中「第三百八条第一項」とあるのは「資産流動化法第五十九条第一項」と、「株式一株（単元株式数を定款で定めている場合にあっては、一単元の株式）」とあるのは「特定出資又は優先出資一口」と読み替えるものとする。

(2)The provisions of Article 342 (Election of Directors by Cumulative Vote) of the Companies Act apply mutatis mutandis if the members appoint the director of a specified purpose company, and Article 344, paragraphs (1) and (2) (Determination of Content of Proposal on the Election of Accounting Auditors) of that Act apply mutatis mutandis to a specified purpose company. In such a case, the term "shareholders meeting" in those provisions is deemed to be replaced with "general meeting of members"; and the terms "Article 308, paragraph (1)" and "for each one share the shareholder holds (or, in cases where the share units are provided for in the articles of incorporation, for each one unit of the shares the shareholder holds)" in Article 342, paragraph (3) of that Act are deemed to be replaced with "Article 59, paragraph (1) of the Asset Securitization Act" and "for each one unit of specified equity or preferred equity", respectively.

３会社法第三百四十五条（会計参与等の選任等についての意見の陳述）の規定は、特定目的会社について準用する。この場合において、同条中「株主総会」とあるのは「社員総会」と、同条第三項中「第二百九十八条第一項第一号」とあるのは「資産流動化法第五十四条第一項第一号」と、同条第五項中「第三百四十条第一項」とあるのは「資産流動化法第七十五条第一項」と読み替えるものとする。

(3)The provisions of Article 345 (Statement of Opinions on Election of Accounting Advisors) of the Companies Act apply mutatis mutandis to a specified purpose company. In such a case, the term "the shareholders meeting" in that Article is deemed to be replaced with "the general meeting of members"; the term "Article 298, paragraph (1), item (i)" in Article 345, paragraph (3) of that Act is deemed to be replaced with "Article 54, paragraph (1), item (i) of the Asset Securitization Act"; and the term "Article 340, paragraph (1)" in Article 345, paragraph (5) of the Companies Act is deemed to be replaced with "Article 75, paragraph (1) of the Asset Securitization Act".

第七十八条取締役は、定款に別段の定めがある場合を除き、特定目的会社の業務を執行する。

Article 78(1)Unless otherwise provided for in the articles of incorporation, a director engages in the execution of business of the specified purpose company.

２取締役が二人以上ある場合には、特定目的会社の業務は、定款に別段の定めがある場合を除き、取締役の過半数をもって決定する。

(2)Unless otherwise provided for in the articles of incorporation, if there are two or more directors, the business of a specified purpose company is decided by the majority of the directors.

第七十九条取締役は、特定目的会社を代表する。ただし、他に代表取締役その他特定目的会社を代表する者を定めた場合は、この限りでない。

Article 79(1)A director represents a specified purpose company; provided, however, that this does not apply if other representative director or other person is designated to represent the specified purpose company.

２前項本文の取締役が二人以上ある場合には、取締役は、各自、特定目的会社を代表する。

(2)If there are two or more directors referred to in the main text of the preceding paragraph, each director represents the specified purpose company.

３特定目的会社は、定款、定款の定めに基づく取締役の互選又は社員総会の決議によって、取締役の中から代表取締役を定めることができる。

(3)A specified purpose company may designate a representative director from among the directors pursuant to the articles of incorporation, through appointment by the directors from among themselves pursuant to the provisions of the articles of incorporation, or through a resolution at a general meeting of members.

４会社法第三百四十九条第四項及び第五項（株式会社の代表）の規定は特定目的会社の代表取締役について、同法第三百五十条（代表者の行為についての損害賠償責任）の規定は特定目的会社について、それぞれ準用する。

(4)The provisions of Article 349, paragraphs (4) and (5) (Representatives of Companies) of the Companies Act apply mutatis mutandis to the representative director of a specified purpose company, and the provisions of Article 350 (Liability for Damages Caused by Acts of Directors) of that Act apply mutatis mutandis to a specified purpose company.

第八十条取締役は、次に掲げる場合には、社員総会において、当該取引につき重要な事実を開示し、その承認を受けなければならない。

Article 80(1)In the following cases, a director must disclose the material facts of the transactions at a general meeting of members and obtain approval for the transactions:

２民法（明治二十九年法律第八十九号）第百八条（自己契約及び双方代理等）の規定は、前項の承認を受けた同項第二号又は第三号の取引については、適用しない。

(2)The provisions of Article 108 (Self-Contracting and Representation of Both Parties) of the Civil Code (Act No. 89 of 1896) do not apply to transactions referred to in item (ii) or (iii) of the preceding paragraph that have obtained the approval referred to in that paragraph.

第八十一条特定目的会社の業務の執行に関し、不正の行為又は法令、資産流動化計画若しくは定款に違反する重大な事実があることを疑うに足りる事由があるときは、次に掲げる社員は、当該特定目的会社の業務及び財産の状況を調査させるため、裁判所に対し、検査役の選任の申立てをすることができる。

Article 81(1)If there are sufficient grounds to suspect presence of misconduct or a material fact that constitutes a violation of laws and regulations, the asset securitization plan, or the articles of incorporation in connection with the execution of business of a specified purpose company, any of the following members may file a petition with the court to appoint an inspector in order to have that inspector investigate the status of business and assets of the specified purpose company:

２会社法第三百五十八条第二項、第三項及び第五項から第七項まで（業務の執行に関する検査役の選任）、第三百五十九条（裁判所による株主総会招集等の決定）、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第一項（第一号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）並びに第八百七十六条（最高裁判所規則）の規定は、前項の申立てがあった場合の検査役及びその報告があった場合について準用する。この場合において、同法第三百五十八条第三項及び第七項中「株式会社」とあるのは「特定目的会社」と、同項中「株主」とあるのは「社員」と、同法第三百五十九条第一項第一号、第二項及び第三項中「株主総会」とあるのは「社員総会」と、同条第一項第二号中「株主」とあるのは「社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 358, paragraph (2), paragraph (3), and paragraphs (5) through (7) (Election of Inspector of Execution of Business); Article 359 (Decision by Court to Call Shareholders Meeting); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (1) (but only the part that involves item (i)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 874 (but only the part that involves item (i)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rule) of the Companies Act apply mutatis mutandis to an inspector in the case the petition referred to in the preceding paragraph has been filed and when that inspector makes a report. In such a case, the term "the stock company" in Article 358, paragraphs (3) and (7) of the Companies Act is deemed to be replaced with "the specified purpose company"; the term "the shareholders" in Article 358, paragraph (7) of that Act is deemed to be replaced with "members"; the term "shareholders meeting" in Article 359, paragraph (1), item (i), paragraphs (2) and (3) of that Act is deemed to be replaced with "general meeting of members"; the term "shareholders" in Article 359, paragraph (1), item (ii) of that Act is deemed to be replaced with "members"; and Cabinet Order provides for any other necessary technical replacement of terms.

３前項において読み替えて準用する会社法第三百五十九条に規定する社員総会は、第二種特定目的会社にあっては、有議決権事項をその会議の目的とする社員総会とみなす。

(3)For a Type II Specified Purpose Company, the general meeting of members prescribed in Article 359 of the Companies Act as applied mutatis mutandis following the deemed replacement of terms pursuant to the preceding paragraph is deemed to be a general meeting of members whose subject is a matter subject to inclusive voting.

第八十二条社員、特定社債権者、特定約束手形の所持人又は特定借入れに係る債権者は、取締役が法令又は資産流動化計画に違反する行為をし、又はこれらの行為をするおそれがある場合には、当該取締役に対し、当該行為をやめることを請求することができる。

Article 82If a director is engaging, or is likely to engage, in an act that violates a law or regulation or the asset securitization plan, a member, specified bondholder, holder of a specified promissory note, or creditor from which specified borrowings have been borrowed may demand that the director cease engaging in that act.

第八十三条特定社員又は六箇月前から引き続き優先出資を有する優先出資社員は、取締役が特定目的会社の目的の範囲外の行為その他定款に違反する行為をし、又はこれらの行為をするおそれがある場合において、当該行為によって当該特定目的会社に著しい損害が生ずるおそれがあるときは、当該取締役に対し、当該行為をやめることを請求することができる。

Article 83If a director is engaging, or is likely to engage, in an act outside the scope of the purpose of the specified purpose company or in an act that violates the articles of incorporation, and that act is likely to cause substantial detriment to the specified purpose company, a specified equity member or a preferred equity member that has held preferred equity continuously for the preceding six months may demand that the director to cease engaging in that act.

第八十四条締役の報酬、賞与その他の職務執行の対価として特定目的会社から受ける財産上の利益（以下この節において「報酬等」という。）についての次に掲げる事項は、定款に当該事項を定めていないときは、社員総会の決議によって定める。

Article 84(1)The following particulars concerning a director's remuneration and bonuses and other financial benefits that a director receives from a specified purpose company as consideration for performing their duties (hereinafter referred to as "remuneration, etc." in this Section) are determined by resolution at a general meeting of members if those particulars are not provided for in the articles of incorporation:

２会社法第三百六十一条第四項（取締役の報酬等）の規定は、前項の決議について準用する。この場合において、同条第四項中「第一項第二号」とあるのは「資産流動化法第八十四条第一項第二号」と、「株主総会」とあるのは「社員総会」と読み替えるものとする。

(2)The provisions of Article 361, paragraph (4) (Remuneration for Directors) of the Companies Act apply mutatis mutandis to the resolution referred to in the preceding paragraph. In such a case, the terms "paragraph (1), item (ii) of " and "shareholders meeting" in paragraph (4) of that Article are deemed to be replaced with "Article 84, paragraph (1), item (ii) of the Asset Securitization Act" and "general meeting of members", respectively.

第八十五条会社法第三百五十一条（代表取締役に欠員を生じた場合の措置）、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第一項（第一号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）、第八百七十六条（最高裁判所規則）及び第九百三十七条第一項（第二号イ及びハに係る部分に限る。）（裁判による登記の嘱託）の規定は特定目的会社の代表取締役について、同法第三百五十二条（取締役の職務を代行する者の権限）、第八百六十八条第一項（非訟事件の管轄）、第八百七十条第一項（第一号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定は特定目的会社の職務代行者について、同法第三百五十四条（表見代表取締役）の規定は特定目的会社について、同法第三百五十五条（忠実義務）及び第三百五十七条第一項（取締役の報告義務）の規定は特定目的会社の取締役について、それぞれ準用する。この場合において、同法第三百五十五条中「法令及び定款」とあるのは「法令、資産流動化計画及び定款」と、「株主総会」とあるのは「社員総会」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 85The provisions of Article 351 (Measures When a Vacancy Arises in an Office of a Representative Director); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (1) (but only the part that involves item (i)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 874 (but only the part that involves item (i)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); Article 876 (Supreme Court Rule); and Article 937, paragraph (1) (but only the part that involves item (ii), sub-items (a) and (c)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to the representative director of a specified purpose company; the provisions of Article 352 (Authority of Persons Who Perform Duties on Behalf of Directors); Article 868, paragraph (1) (Jurisdiction over Non-Contentious Cases); Article 870, paragraph (1) (but only the part that involves item (i)) (Hearing of Statements); Article 871 (Appending of the Reason), Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 874 (but only the part that involves item (i)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rule) of that Act apply mutatis mutandis to an acting representative for a specified purpose company; the provisions of Article 354 (Apparent Representative Directors) of that Act apply mutatis mutandis to a specified purpose company; and the provisions of Article 355 (Duty of Loyalty) and Article 357, paragraph (1) (Director's Duty to Report) of that Act apply mutatis mutandis to the director of a specified purpose company. In such a case, the terms "laws and regulations, the articles of incorporation" and "shareholders meeting" in Article 355 of that Act are deemed to be replaced with "laws and regulations, the asset securitization plan, the articles of incorporation" and "general meeting of members", respectively; and Cabinet Order provides for any other necessary technical replacement of terms.

第八十六条会計参与は、取締役と共同して、計算書類（第百二条第二項に規定する計算書類をいう。以下この節において同じ。）及びその附属明細書を作成する。この場合において、会計参与は、内閣府令で定めるところにより、会計参与報告を作成しなければならない。

Article 86(1)An accounting advisor, together with the directors, must prepare financial statements (meaning the financial statements prescribed in Article 102, paragraph (2); hereinafter the same applies in this Section) and their annexed detailed statements. In doing so, the accounting advisor must prepare an accounting advisor's report pursuant to Cabinet Office Order provisions.

２会社法第三百七十四条第二項、第三項及び第五項（会計参与の権限）、第三百七十五条第一項（会計参与の報告義務）、第三百七十七条第一項（株主総会における意見の陳述）並びに第三百七十八条第一項（第一号に係る部分に限る。）及び第二項（会計参与による計算書類等の備置き等）の規定は、会計参与設置会社について準用する。この場合において、同法第三百七十四条第三項中「会計参与設置会社の子会社に対して会計に関する報告を求め、又は会計参与設置会社若しくはその子会社」とあるのは「会計参与設置会社」と、同条第五項中「第三百三十三条第三項第二号又は第三号とあるのは「資産流動化法第七十一条第二項において準用する第三百三十三条第三項第二号又は第三号」と、同法第三百七十五条第一項中「法令若しくは定款」とあるのは「法令、資産流動化計画若しくは定款」と、同法第三百七十七条第一項中「第三百七十四条第一項」とあるのは「資産流動化法第八十六条第一項」と、「株主総会」とあるのは「社員総会」と、同法第三百七十八条第一項第一号中「定時株主総会」とあるのは「定時社員総会」と、同条第二項中「株主」とあるのは「社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 374, paragraphs (2), (3), and (5) (Authority of Accounting Advisors); Article 375, paragraph (1) (Accounting Advisor's Duty to Report); Article 377, paragraph (1) (Statement of Opinions at Shareholders Meeting); and Article 378, paragraph (1) (but only the part that involves item (i)) and paragraph (2) (Keeping and Inspection of Financial Statements by Accounting Advisors) of the Companies Act apply mutatis mutandis to a company with accounting advisors. In such a case, the term "may request reports on accounting from a subsidiary of the company with accounting advisors, or investigate the status of the operations and financial status of the company with accounting advisors or of its subsidiary" in Article 374, paragraph (3) of that Act is deemed to be replaced with "may investigate the operational and financial status of the company with accounting advisors"; the term "item (ii) or item (iii) of Article 333, paragraph (3)" in paragraph (5) of that Article is deemed to be replaced with "Article 333, paragraph (3), item (ii) or (iii) of the Companies Act as applied mutatis mutandis pursuant to Article 71, paragraph (2) of the Asset Securitization Act"; the term "laws and regulations or the articles of incorporation" in Article 375, paragraph (1) of the Companies Act is deemed to be replaced with "laws and regulations, the asset securitization plan, or the articles of incorporation"; the terms "Article 374, paragraph (1)" and "the shareholders meeting" in Article 377, paragraph (1) of the Companies Act are deemed to be replaced with "Article 86, paragraph (1) of the Asset Securitization Act" and "the general meeting of members", respectively; the term "the annual shareholders meeting" in Article 378, paragraph (1), item (i) of the Companies Act is deemed to be replaced with "the annual general meeting of members"; the term "shareholders" in Article 378, paragraph (2) of that Act is deemed to be replaced with "members"; and Cabinet Order provides for any other necessary technical replacement of terms.

３会社法第三百七十九条（会計参与の報酬等）及び第三百八十条（費用等の請求）の規定は、特定目的会社の会計参与について準用する。この場合において、同法第三百七十九条中「株主総会」とあるのは「社員総会」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 379 (Remunerations for Accounting Advisors) and Article 380 (Requests for Indemnification of Expenses) of the Companies Act apply mutatis mutandis to the accounting advisors of a specified purpose company. In such a case, the term "shareholders meeting" in Article 379 of that Act is deemed to be replaced with "general meeting of members"; and Cabinet Order provides for any other necessary technical replacement of terms.

第八十七条監査役は、取締役（会計参与設置会社にあっては、取締役及び会計参与）の職務の執行を監査する。この場合において、監査役は、内閣府令で定めるところにより、監査報告を作成しなければならない。

Article 87(1)Company auditors audit directors' performance of their duties (or, at a company with accounting advisors, the directors' and accounting advisors' performance of their duties). In doing so, the company auditors must prepare audit reports pursuant to Cabinet Office Order provisions.

２監査役は、いつでも、取締役及び会計参与並びに使用人に対して事業の報告を求め、若しくは特定目的会社の業務及び財産の状況の調査をし、又は取締役に対し意見を述べることができる。

(2)Company auditors may request reports on business from the directors and accounting advisors as well as the employees, may investigate a specified purpose company's status of business and assets, and may state an opinion to the directors at any time.

第八十八条監査役は、取締役が不正の行為をし、若しくは当該行為をするおそれがあると認めるとき、又は法令、資産流動化計画若しくは定款に違反する事実若しくは著しく不当な事実があると認めるときは、遅滞なく、当該取締役（以下この項及び第四項において「非行取締役」という。）以外に他の取締役があるときは当該他の取締役に対し、非行取締役以外に他の取締役がないときは社員総会（特定社員を構成員とするものに限る。）において、その旨を報告しなければならない。

Article 88(1)If a company auditor finds that a director is engaging in, or is likely to engage in, misconduct; finds there to be a fact that constitutes a violation of laws and regulations, the asset securitization plan, or the articles of incorporation; or finds there to be a fact that constitutes a gross impropriety, the company auditor must report this without delay to the directors other than the director in question (hereinafter referred to as the "delinquent director" in this paragraph and paragraph (4)), if any; or report this at a general meeting of members (but only one composed of specified equity members) if there are no directors other than the delinquent director.

２監査役は、前項に規定する場合において必要があると認めるときは、取締役に社員総会の招集を請求することができる。

(2)On finding it to be necessary to do so in a case as prescribed in the preceding paragraph, a company auditor may request that a director convene a general meeting of members.

３前項の請求があった場合において、当該請求の日から一週間以内に、当該請求の日から二週間以内の日を会日とする社員総会の招集の通知が発せられないときは、当該請求をした監査役は、社員総会の招集をすることができる。

(3)If the request referred to in the preceding paragraph has been made, but a notice of convocation is not issued within one week from the date of the request setting a date within two weeks of the date of the request as the day for the general meeting of members, the company auditor that made the request may convene a general meeting of members.

４監査役は、社員総会において、非行取締役の解任に関する議案を提出することができる。

(4)A company auditor may submit a proposal to dismiss a delinquent director at a general meeting of members.

第八十九条監査役の報酬等は、定款でその額を定めていないときは、社員総会の決議によって定める。

Article 89(1)Remuneration, etc. of company auditors is to be determined by resolution at a general meeting of members, if their amounts are not provided for in the articles of incorporation.

２会社法第三百八十七条第二項及び第三項（監査役の報酬等）の規定は、特定目的会社の監査役の報酬等について準用する。この場合において、同条中「株主総会」とあるのは「社員総会」と、同条第二項中「前項」とあるのは「資産流動化法第八十九条第一項」と読み替えるものとする。

(2)The provisions of Article 387, paragraphs (2) and (3) (Remunerations for Company Auditors) of the Companies Act apply mutatis mutandis to remuneration, etc. of the company auditor of a specified purpose company. In such a case, the term "shareholders meeting" in that Article is deemed to be replaced with "general meeting of members" and the term "the preceding paragraph" in Article 387, paragraph (2) of that Act is deemed to be replaced with "Article 89, paragraph (1) of the Asset Securitization Act".

第九十条会社法第三百八十四条（株主総会に対する報告義務）、第三百八十五条（監査役による取締役の行為の差止め）、第三百八十六条第一項（第一号に係る部分に限る。）及び第二項（第一号及び第二号に係る部分に限る。）（監査役設置会社と取締役との間の訴えにおける会社の代表等）並びに第三百八十八条（費用等の請求）の規定は、特定目的会社の監査役について準用する。この場合において、同法第三百八十四条中「株主総会」とあるのは「社員総会」と、同条及び同法第三百八十五条第一項中「法令若しくは定款」とあるのは「法令、資産流動化計画若しくは定款」と、同法第三百八十六条第一項中「第三百四十九条第四項、第三百五十三条及び第三百六十四条」とあり、及び同条第二項中「第三百四十九条第四項」とあるのは「資産流動化法第七十九条第四項において準用する第三百四十九条第四項」と、同項第一号中「第八百四十七条第一項、第八百四十七条の二第一項若しくは第三項（同条第四項及び第五項において準用する場合を含む。）又は第八百四十七条の三第一項」とあるのは「資産流動化法第九十七条第一項又は資産流動化法第二十五条第四項、第三十六条第十項若しくは第百十九条第二項において準用する第八百四十七条第一項」と、同項第二号中「第八百四十九条第四項」とあるのは「資産流動化法第二十五条第四項、第三十六条第十項、第九十七条第二項又は第百十九条第二項において準用する第八百四十九条第四項」と、「第八百五十条第二項」とあるのは「資産流動化法第二十五条第四項、第三十六条第十項、第九十七条第二項又は第百十九条第二項において準用する第八百五十条第二項」と読み替えるものとする。

Article 90The provisions of Article 384 (Duty to Report to Shareholders Meeting); Article 385 (Enjoinment of Acts of Directors by Company Auditors); Article 386, paragraph (1) (but only the part that involves item (i)) and paragraph (2) (but only the part that involves items (i) and (ii)) (Representation of Company in Actions between Company with Auditors and Directors); and Article 388 (Requests for Indemnification of Expenses) of the Companies Act apply mutatis mutandis to the company auditor of a specified purpose company. In such a case, the term "shareholders meeting" in Article 384 of that Act is deemed to be replaced with "general meeting of members"; the term "laws and regulations or the articles of incorporation" in Article 384 and Article 385, paragraph (1) of that Act is deemed to be replaced with "laws and regulations, the asset securitization plan, or the articles of incorporation"; the terms "Article 349, paragraph (4), Article 353 and Article 364" in Article 386, paragraph (1) of that Act and "Article 349, paragraph (4)" in Article 386, paragraph (2) of that Act are deemed to be replaced with "Article 349, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to Article 79, paragraph (4) of the Asset Securitization Act"; the phrase "Article 847, paragraph (1), Article 847-2, paragraph (1) or (3) (including as applied mutatis mutandis pursuant to paragraphs (4) and (5) of that Article), or Article 847-3, paragraph (1)" in Article 386, paragraph (2), item (i) of the Companies Act is deemed to be replaced with "Article 97, paragraph (1) of the Asset Securitization Act or Article 847, paragraph (1) as applied mutatis mutandis pursuant to Article 25, paragraph (4), Article 36, paragraph (10), or Article 119, paragraph (2) of the Asset Securitization Act"; and the terms "Article 849, paragraph (4)" and "Article 850, paragraph (2)" in Article 386, paragraph (2), item (ii) of the Companies Act are deemed to be replaced with " Article 849, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to Article 25, paragraph (4), Article 36, paragraph (10), Article 97, paragraph (2), or Article 119, paragraph (2) of the Asset Securitization Act" and "Article 850, paragraph (2) of the Companies Act as applied mutatis mutandis pursuant to Article 25, paragraph (4), Article 36, paragraph (10), Article 97, paragraph (2), or Article 119, paragraph (2) of the Asset Securitization Act", respectively.

第九十一条会計監査人は、次節第三款の定めるところにより、特定目的会社の計算書類及びその附属明細書を監査する。この場合において、会計監査人は、内閣府令で定めるところにより、会計監査報告を作成しなければならない。

Article 91(1)An accounting auditor audits the financial statements of a specified purpose company and their annexed detailed statements pursuant to the provisions of Subsection 3 of the following Section. In doing so, the accounting auditor must prepare financial audit reports pursuant to Cabinet Office Order provisions.

２会計監査人は、いつでも、次に掲げるものの閲覧及び謄写をし、又は取締役及び会計参与並びに使用人に対し、会計に関する報告を求めることができる。

(2)An accounting auditor may inspect and copy the following things or request reports on accounting from directors, accounting advisors, and employees, at any time:

３会計監査人は、その職務を行うため必要があるときは、特定目的会社の業務及び財産の状況の調査をすることができる。

(3)If it is necessary to do so in order for an accounting auditor to carry out their duties, an accounting auditor may investigate the status of business and assets of the specified purpose company.

４会計監査人は、その職務を行うに当たっては、次のいずれかに該当する者を使用してはならない。

(4)An accounting auditor must not employ a person falling under one of the following items in carrying out their duties:

第九十二条会計監査人は、その職務を行うに際して取締役の職務の執行に関し不正の行為又は法令、資産流動化計画若しくは定款に違反する重大な事実があることを発見したときは、遅滞なく、これを監査役に報告しなければならない。

Article 92(1)If an accounting auditor, in the course of carrying out duties, discovers the presence of misconduct or a material fact in connection to violation of laws and regulations, the asset securitization plan, or the articles of incorporation in the performance of a director's duties, the accounting auditor must report this to the company auditor without delay.

２監査役は、その職務を行うため必要があるときは、会計監査人に対し、その監査に関する報告を求めることができる。

(2)If it is necessary for a company auditor to do so in order to carry out their duties, the company auditor may ask the accounting auditor to report on their audit.

第九十三条会社法第三百九十八条第一項及び第二項（定時株主総会における会計監査人の意見の陳述）の規定は特定目的会社の会計監査人について、同法第三百九十九条第一項（会計監査人の報酬等の決定に関する監査役の関与）の規定は特定目的会社の会計監査人及び一時会計監査人の職務を行うべき者について、それぞれ準用する。この場合において、同法第三百九十八条第一項中「第三百九十六条第一項」とあるのは「資産流動化法第九十一条第一項」と、「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と、同項及び同条第二項中「定時株主総会」とあるのは「定時社員総会」と読み替えるものとする。

Article 93The provisions of Article 398, paragraphs (1) and (2) (Statement of Opinions at Annual Shareholders Meeting) of the Companies Act apply mutatis mutandis to the accounting auditors of a specified purpose company; and the provisions of Article 399, paragraph (1) (Involvement of Company Auditors in Decision on Remuneration for Accounting Auditors) of that Act apply mutatis mutandis to the accounting auditors and the persons who are to temporarily act as the accounting auditors of a specified purpose company. In such a case, the terms "Article 396, paragraph (1)" and "laws and regulations or the articles of incorporation" in Article 398, paragraph (1) of that Act are deemed to be replaced with "Article 91, paragraph (1) of the Asset Securitization Act" and "laws and regulations, the asset securitization plan, or the articles of incorporation", respectively; and the term "annual shareholders meeting" in Article 398, paragraphs (1) and (2) of the Companies Act is deemed to be replaced with "annual general meeting of members".

第九十四条取締役、会計参与、監査役又は会計監査人（以下この款において「役員等」という。）は、その任務を怠ったときは、特定目的会社に対し、これによって生じた損害を賠償する責任を負う。

Article 94(1)If a director, an accounting advisor, a company auditor, or an accounting auditor (hereinafter referred to as an "officer, etc." in this Subsection) neglects their duties, the officer, etc. is liable to compensate the specified purpose company for damage resulting from this.

２取締役が第八十条第一項の規定に違反して同項第一号の取引をしたときは、当該取引によって取締役又は第三者が得た利益の額は、前項の損害の額と推定する。

(2)If a director engages in the transactions referred to in Article 80, paragraph (1), item (i) in violation of Article 80, paragraph (1), the amount of the profit gained by the director or a third party as a result of the transactions is presumed to be the amount of the damage referred to in the preceding paragraph.

３第八十条第一項第二号又は第三号の取引によって特定目的会社に損害が生じたときは、次に掲げる取締役は、その任務を怠ったものと推定する。

(3)If a specified purpose company incurs damage as a result of the transactions referred to in Article 80, paragraph (1), item (ii) or (iii), the following directors are presumed to have neglected their duties:

４第一項の責任は、総社員の同意がなければ、免除することができない。

(4)Exemptions from the liability referred to in paragraph (1) may not be granted without the consent of all members.

５第八十条第一項第二号の取引（自己のためにした取引に限る。）をした取締役の第一項の責任は、任務を怠ったことが当該取締役の責めに帰することができない事由によるものであることをもって免れることができない。

(5)Even if a director's neglect of duties is due to grounds not attributable to the director, this may not be used to exempt the director that has engaged in the transactions referred to in Article 80, paragraph (1), item (ii) (but only transactions engaged in for a personal benefit) from the liability referred to in paragraph (1).

第九十五条役員等がその職務を行うについて悪意又は重大な過失があったときは、当該役員等は、これによって第三者に生じた損害を賠償する責任を負う。

Article 95(1)If an officer, etc. has acted in bad faith or with gross negligence in carrying out their duties, the officer, etc. is liable to compensate third parties for damage resulting from this.

２次の各号に掲げる者が、当該各号に定める行為をしたときも、前項と同様とする。ただし、その者が当該行為をすることについて注意を怠らなかったことを証明した場合は、この限りでない。

(2)The provisions of the preceding paragraph also apply if a person as set forth in one of the following items performs an act that the item prescribes; provided, however, that this does not apply if the person proves that they did not neglect to exercise due care in performing the act:

第九十六条役員等が特定目的会社又は第三者に生じた損害を賠償する責任を負う場合において、他の役員等も当該損害を賠償する責任を負うときは、これらの者は、連帯債務者とする。

Article 96If an officer, etc. is liable to compensate a specified purpose company or a third party for damages incurred by them, and another officer, etc. is also liable for the damages, those persons are joint and several obligors.

第九十七条特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員は、特定目的会社に対し、書面その他の内閣府令で定める方法により、役員等の責任を追及する訴え（以下この条において「責任追及の訴え」という。）の提起を請求することができる。ただし、責任追及の訴えが当該社員若しくは第三者の不正な利益を図り又は当該特定目的会社に損害を加えることを目的とする場合は、この限りでない。

Article 97(1)A specified equity member or preferred equity member that has held preferred equity continuously for the preceding six months (or, if a shorter period is provided for in the articles of incorporation, that period) may request that the specified purpose company file an action to enforce the liability of an officer, etc. (hereinafter referred to as an "action to enforce liability" in this Article) in writing or by any other means that Cabinet Office Order prescribes; provided, however, that this does not apply to actions to enforce liability filed to seek unlawful benefits of the member or a third party or to inflict damage on the specified purpose company.

２会社法第八百四十七条第三項から第五項まで（株主による責任追及等の訴え）、第八百四十七条の四（責任追及等の訴えに係る訴訟費用等）及び第八百四十八条から第八百五十三条まで（第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（訴えの管轄、訴訟参加、和解、費用等の請求、再審の訴え）の規定は、特定目的会社における責任追及の訴えについて準用する。この場合において、同法第八百四十七条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主」とあるのは「特定社員若しくは優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「公告し、又は株主」とあるのは「特定社員に通知し、かつ第二種特定目的会社にあっては、その旨を公告し、又は優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 847, paragraphs (3) through (5) (Action to Enforce Liability by Shareholders); Article 847-4 (Court Costs for an Action to Enforce Liability); and Articles 848 through 853 (excluding Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Jurisdiction of an Action, Intervention, Settlement, Claim for Costs, Action for Retrial) of the Companies Act apply mutatis mutandis to actions to enforce liability filed by a specified purpose company. In such a case, the term "shareholder" in Article 847, paragraph (3) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "that specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849, paragraph (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the phrase "give public notice to that effect or give notice thereof to its shareholders" in paragraph (5) of that Article is deemed to be replaced with "notify its specified equity members of this, and in the case of a Type II Specified Purpose Company, issue public notice of this or notify its preferred equity members of this"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

３特定目的会社が、取締役若しくは清算人又はこれらの者であった者を補助するため、責任追及の訴えに係る訴訟に参加するには、特定社員の全員の同意を得なければならない。

(3)In order for a specified purpose company to participate in litigation in an action to enforce liability in order to assist a director, a liquidator, or a person formerly in those positions, the specified purpose company must obtain the consent of all of the specified equity members.

第九十八条特定目的会社の会計は、一般に公正妥当と認められる企業会計の慣行に従うものとする。

Article 98The accounting of a specified purpose company is to be subject to business accounting practices that are generally accepted as fair and appropriate.

第九十九条特定目的会社は、内閣府令で定めるところにより、適時に、正確な会計帳簿を作成しなければならない。

Article 99(1)A specified purpose company must prepare accurate accounting books in a timely manner, pursuant to Cabinet Office Order provisions.

２特定目的会社は、会計帳簿の閉鎖の時から十年間、その会計帳簿及びその事業に関する重要な資料を保存しなければならない。

(2)A specified purpose company must preserve its accounting books and significant materials concerning its business for ten years from the time of closing the accounting books.

第百条総特定社員（社員総会において決議をすることができる事項の全部につき議決権を行使することができない特定社員を除く。）の議決権の百分の三（これを下回る割合を定款で定めた場合にあっては、その割合）以上の議決権を有する特定社員若しくは総優先出資社員（社員総会において決議をすることができる事項の全部につき議決権を行使することができない優先出資社員を除く。）の議決権の百分の三（これを下回る割合を定款で定めた場合にあっては、その割合）以上の議決権を有する優先出資社員又は特定出資（自己特定出資を除く。）の総口数の百分の三（これを下回る割合を定款で定めた場合にあっては、その割合）以上の口数の特定出資を有する特定社員若しくは発行済優先出資（自己優先出資を除く。）の百分の三（これを下回る割合を定款で定めた場合にあっては、その割合）以上の口数の優先出資を有する優先出資社員は、特定目的会社の営業時間内は、いつでも、次に掲げる請求をすることができる。この場合においては、当該請求の理由を明らかにしてしなければならない。

Article 100(1)A specified equity member holding voting rights that account for three percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) or more of the voting rights of all specified equity members (other than specified equity members not entitled to vote on all of the matters that may be resolved at a general meeting of members), a preferred equity member holding voting rights that account for three percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) or more of the voting rights of all preferred equity members (other than preferred equity members not entitled to vote on all of the matters that may be resolved at a general meeting of members), a specified equity member holding a number of units of specified equity that accounts for three percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) or more of the total number of units of specified equity (other than the company's own specified equity), or a preferred equity member holding a number of units of preferred equity that accounts for three percent (or, if a smaller percentage is provided for in the articles of incorporation, that percentage) or more of the issued preferred equity (other than the company's own preferred equity) may make the following requests at any time during the business hours of the specified purpose company. In such a case, the member must disclose the reason for the request:

２会社法第四百三十三条第二項（会計帳簿の閲覧等の請求）の規定は、特定目的会社について準用する。この場合において、同項第一号及び第二号中「株主」とあるのは、「社員」と読み替えるものとする。

(2)The provisions of Article 433, paragraph (2) (Request to Inspect Account Books) of the Companies Act apply mutatis mutandis to a specified purpose company. In such a case, the term "shareholder" in Article 433, paragraph (2), items (i) and (ii) of that Act is deemed to be replaced with "member".

第百一条裁判所は、申立てにより又は職権で、訴訟の当事者に対し、会計帳簿の全部又は一部の提出を命ずることができる。

Article 101The court may order the parties to an action to submit their accounting books in whole or in part, upon petition or by its own authority.

第百二条特定目的会社は、内閣府令で定めるところにより、その成立の日における貸借対照表を作成しなければならない。

Article 102(1)A specified purpose company must prepare a balance sheet as of the date of its establishment, pursuant to Cabinet Office Order provisions.

２特定目的会社は、内閣府令で定めるところにより、各事業年度に係る計算書類（貸借対照表、損益計算書その他特定目的会社の財産及び損益の状況を示すために必要かつ適当なものとして内閣府令で定めるものをいう。以下この款並びに第百十一条第二項第二号及び第百十八条において同じ。）、事業報告及び利益の処分又は損失の処理に関する議案（以下この款において「利益処分案」という。）並びにこれらの附属明細書を作成しなければならない。

(2)Pursuant to Cabinet Office Order provisions, a specified purpose company must prepare financial statements (meaning balance sheets, profit and loss statements, and statements that Cabinet Office Order prescribes as being necessary and appropriate for showing the state of the specified purpose company's assets and its profits and losses; hereinafter the same applies in this Subsection, Article 111, paragraph (2), item (ii) and Article 118) and a business report for each business year, a proposal on the appropriation of profits or handling of losses (hereinafter referred to as a "profit appropriation proposal" in this Subsection), and their annexed detailed statements.

３計算書類、事業報告及び利益処分案並びにこれらの附属明細書は、電磁的記録をもって作成することができる。

(3)Financial statements, business reports, profit appropriation proposals, and their annexed detailed statements may be prepared as electronic or magnetic records.

４特定目的会社は、計算書類を作成した時から十年間、当該計算書類及びその附属明細書を保存しなければならない。

(4)A specified purpose company must preserve its financial statements and their annexed detailed statements for ten years from the date on which the financial statements were prepared.

５会計監査人設置会社においては、次の各号に掲げるものは、内閣府令で定めるところにより、当該各号に定める者の監査を受けなければならない。

(5)At a company with accounting auditors, the documents set forth in the following items must be audited by the person that the item prescribes, pursuant to Cabinet Office Order provisions:

６会計監査人設置会社でない特定目的会社においては、第二項の計算書類及び事業報告並びにこれらの附属明細書は、内閣府令で定めるところにより、監査役の監査を受けなければならない。

(6)A specified purpose company that is not a company with accounting auditors must have the financial statements and business report referred to in paragraph (2) and their annexed detailed statements audited by the company auditors pursuant to Cabinet Office Order provisions.

第百三条会計監査人設置会社の取締役は、定時社員総会の招集の通知に際して、内閣府令で定めるところにより、社員に対し、前条第五項の監査を受けた計算書類、事業報告及び利益処分案並びに監査報告及び会計監査報告を提供しなければならない。ただし、次条第二項の承認につき議決権を有しない者に対し第五十六条第一項の規定により招集の通知が発せられる場合における当該招集の通知については、この限りでない。

Article 103(1)When issuing a notice of convocation for an annual general meeting of members, the director of a company with accounting auditors must provide the members with the financial statements, business report, and the the profit appropriation proposal which have been audited as referred to in paragraph (5) of the preceding Article, as well as the audit report and the financial audit report, pursuant to Cabinet Office Order provisions; provided, however, that this does not apply to a notice of convocation that is sent pursuant to the provisions of Article 56, paragraph (1) to persons not entitled to vote on the approval referred to in paragraph (2) of the following Article.

２前項本文の規定は、会計監査人設置会社でない特定目的会社について準用する。この場合において、同項本文中「前条第五項」とあるのは「前条第六項」と、「並びに監査報告及び会計監査報告」とあるのは「及び監査報告」と読み替えるものとする。

(2)The provisions of the main text of the preceding paragraph apply mutatis mutandis to a specified purpose company that is not a company with accounting auditors. In such a case, the terms "paragraph (5) of the preceding Article" and "as well as the audit report and the financial audit report" in the main text of the preceding paragraph are deemed to be replaced with "paragraph (6) of the preceding Article" and "as well as the audit report", respectively.

第百四条取締役は、第百二条第五項又は第六項の監査を受けた計算書類、事業報告及び利益処分案を定時社員総会に提出し、又は提供しなければならない。

Article 104(1)The director must submit or provide the financial statements, the business report, and the profit appropriation proposal that have been audited as referred to in Article 102, paragraph (5) or (6) at the annual general meeting of members.

２前項の規定により提出され、又は提供された計算書類及び利益処分案は、定時社員総会の決議による承認を受けなければならない。

(2)The financial statements and profit appropriation proposal submitted or provided pursuant to the provisions of the preceding paragraph must be approved by resolution at an annual general meeting of members.

３取締役は、第一項の規定により提出され、又は提供された事業報告の内容を定時社員総会に報告しなければならない。

(3)The director must report the details of the business reports submitted or provided pursuant to the provisions of paragraph (1) at the annual general meeting of members.

４会計監査人設置会社については、第百二条第五項の監査を受けた計算書類が法令、資産流動化計画及び定款に従い特定目的会社の財産及び損益の状況を正しく表示しているものとして内閣府令で定める要件に該当する場合には、当該計算書類については、第二項の規定は、適用しない。この場合においては、取締役は、当該計算書類の内容を定時社員総会に報告しなければならない。

(4)For a company with accounting auditors, if the financial statements audited pursuant to Article 102, paragraph (5) satisfy the requirements that Cabinet Office Order prescribes as accurately indicating the state of a specified purpose company's assets, and its profits and losses in compliance with laws and regulations, the asset securitization plan, and the articles of incorporation, the provisions of paragraph (2) do not apply to those financial statements. In such a case, the director must report the details of the financial statements at the annual general meeting of members.

５特定目的会社は、内閣府令で定めるところにより、定時社員総会の終結後遅滞なく、貸借対照表及び損益計算書（会計監査人設置会社でない特定目的会社にあっては、貸借対照表）を公告しなければならない。

(5)A specified purpose company must issue public notice of the balance sheet and profit and loss statement (for a specified purpose company that is not a company with accounting auditors, the balance sheet) without delay after the conclusion of the annual general meeting of members, pursuant to Cabinet Office Order provisions.

６前項の規定にかかわらず、その公告方法が第百九十四条第一項第一号又は第二号に掲げる方法である特定目的会社は、前項に規定する貸借対照表及び損益計算書の要旨を公告することで足りる。

(6)Notwithstanding the provisions of the preceding paragraph, it is sufficient for a specified purpose company whose means of public notice is the means referred to in Article 194, paragraph (1), item (i) or (ii) to issue public notice of a summary of the balance sheet and profit and loss statement prescribed in the preceding paragraph.

７前項の特定目的会社は、内閣府令で定めるところにより、定時社員総会の終結後遅滞なく、第五項に規定する貸借対照表及び損益計算書の内容である情報を、定時社員総会の終結の日後五年を経過する日までの間、継続して電磁的方法により不特定多数の者が提供を受けることができる状態に置く措置をとることができる。この場合においては、前二項の規定は、適用しない。

(7)A specified purpose company referred to in the preceding paragraph may, without delay after the conclusion of the annual general meeting of members, take measures to put the information contained in the balance sheet and profit and loss statement referred to in paragraph (5) into a format that enables many and unspecified persons to have continuous access to the information through electronic or magnetic means until the day on which five years have elapsed from the day of conclusion of the annual general meeting of members, pursuant to Cabinet Office Order provisions. In such a case, the provisions of the preceding two paragraphs do not apply.

８金融商品取引法第二十四条第五項の規定により有価証券報告書を内閣総理大臣に提出しなければならない特定目的会社については、前三項の規定は、適用しない。

(8)The provisions of the preceding three paragraphs do not apply to a specified purpose company that must submit an annual securities report to the Prime Minister pursuant to the provisions of Article 24, paragraph (5) of the Financial Instruments and Exchange Act.

第百五条会計監査人設置会社は、各事業年度に係る計算書類、事業報告及び利益処分案並びにこれらの附属明細書（監査報告及び会計監査報告を含む。次項において「計算書類等」という。）を、定時社員総会の日の一週間前の日（第六十三条第一項の場合にあっては、同項の提案があった日）から五年間、その本店に備え置かなければならない。

Article 105(1)A company with accounting auditors must keep the financial statements, business report, profit appropriation proposal, and their annexed detailed statements for each business year (including the audit report and financial audit report; these documents are referred to as "financial statements and associated documents" in the following paragraph), at its head office for five years, beginning on the day one week prior to the date of the annual general meeting of members (in the case referred to in Article 63, paragraph (1), the date on which the proposal referred to in Article 63, paragraph (1) was made).

２会計監査人設置会社は、計算書類等の写しを、定時社員総会の日の一週間前の日（第六十三条第一項の場合にあっては、同項の提案があった日）から三年間、その支店に備え置かなければならない。ただし、計算書類等が電磁的記録で作成されている場合であって、支店における第四項において準用する会社法第四百四十二条第三項第三号及び第四号に掲げる請求に応じることを可能とするための措置として内閣府令で定めるものをとっているときは、この限りでない。

(2)A company with accounting auditors must keep a copy of the financial statements and associated documents at its branch offices for three years, beginning on the day one week prior to the date of the annual general meeting of members (in the case referred to in Article 63, paragraph (1), the date on which the proposal referred to in Article 63, paragraph (1) was made); provided, however, that this does not apply if the financial statements and associated documents have been prepared as electronic or magnetic records and the company has taken the measures specified by Cabinet Office Order to enable its branch offices to respond to the requests set forth in Article 442, paragraph (3), items (iii) and (iv) of the Companies Act as applied mutatis mutandis pursuant to paragraph (4).

３前二項の規定は、会計監査人設置会社でない特定目的会社に係る計算書類、事業報告、利益処分案及びこれらの附属明細書並びに監査報告について準用する。この場合において、第一項中「監査報告及び会計監査報告」とあるのは、「監査報告」と読み替えるものとする。

(3)The preceding two paragraphs apply mutatis mutandis to the financial statements, business reports, profit appropriation proposals, annexed detailed statements, and audit reports of a specified purpose company that is not a company with accounting auditors. In such a case, the term "the audit report and financial audit report" in paragraph (1) is deemed to be replaced with "the audit report".

４会社法第四百四十二条第三項（計算書類等の備置き及び閲覧等）の規定は、特定目的会社の社員及び債権者について準用する。

(4)The provisions of Article 442, paragraph (3) (Keeping and Inspection of Financial Statements) of the Companies Act apply mutatis mutandis to the members and creditors of a specified purpose company.

第百六条裁判所は、申立てにより又は職権で、訴訟の当事者に対し、計算書類及びその附属明細書の全部又は一部の提出を命ずることができる。

Article 106The court may order the parties to an action to submit their financial statements and their annexed detailed statements in whole or in part, upon petition or by its own authority.

第百七条特定目的会社の資本金の額は、特定資本金の額又は資産流動化計画で優先出資の発行が定められた場合には、特定資本金の額及び優先資本金の額の合計額とする。

Article 107The amount of stated capital of a specified purpose company is the amount of specified capital, or, if the asset securitization plan provides for the issuance of preferred equity, the sum total of the amount of specified capital and the amount of preferred capital.

第百八条特定目的会社は、損失のてん補のためにのみ、定款を変更することにより、特定資本金の額の減少をすることができる。

Article 108(1)A specified purpose company may reduce the amount of specified capital by amending the articles of incorporation only for the purpose of compensating for losses.

２前項の規定により定款を変更する場合には、第百五十条の社員総会の決議において、次に掲げる事項を定めなければならない。

(2)In amending the articles of incorporation pursuant to the provisions of the preceding paragraph, the following information must be fixed by resolution at a general meeting of members referred to in Article 150:

３前項第一号の額は、同項第二号の日における特定資本金の額を超えることができない。

(3)The amount referred to in item (i) of the preceding paragraph may not exceed the amount of specified capital on the date referred to in item (ii) of that paragraph.

４第二項第一号の額は、損失の額として内閣府令で定める方法により算定される額を超えることができない。

(4)The amount referred to in paragraph (2), item (i) may not exceed the amount calculated by the method that Cabinet Office Order prescribes as the amount of losses.

第百九条特定目的会社は、次条の規定による場合及び第百五十九条第一項の社員総会の承認を経てする場合のほか、社員総会の決議によって、優先資本金の額の減少をすることができる。

Article 109(1)In addition to the case as under the following Article and as approved at a general meeting of members referred to in Article 159, paragraph (1), a specified purpose company may reduce the amount of preferred capital by resolution at a general meeting of members.

２前項の決議においては、次に掲げる事項を定めなければならない。この場合においては、第三号及び第四号に定める額の合計額は、第一号の額を超えてはならない。

(2)The following information must be fixed by the resolution referred to in the preceding paragraph. In such a case, the sum total of the amounts prescribed in item (iii) and item (iv) must not exceed the amount referred to in item (i):

３前項第一号の額は、同項第二号の日における優先資本金の額を超えることができない。

(3)The amount referred to in item (i) of the preceding paragraph must not exceed the amount of preferred capital on the day prescribed in item (ii) of that paragraph.

４第二項第四号に規定する場合における同項第一号の額は、損失の額として内閣府令で定める方法により算定される額を超えることができない。

(4)In a case prescribed in paragraph (2), item (iv), the amount referred to in item (i) of that paragraph may not exceed the amount calculated by the method that Cabinet Office Order prescribes as the amount of losses.

５第三十九条第三項の規定は、第一項の決議について準用する。

(5)The provisions of Article 39, paragraph (3) apply mutatis mutandis to the resolution referred to in paragraph (1).

６第一項の規定は、資産流動化計画において優先資本金の額の減少をすることができない旨を定めることを妨げない。

(6)The provisions of paragraph (1) do not preclude the asset securitization plan from providing that the amount of preferred capital may not be reduced.

第百十条特定目的会社は、次に掲げる事項について資産流動化計画に定めがある場合に限り、取締役の決定（取締役が数人あるときは、その過半数をもってする決定。以下この条において同じ。）をもって優先資本金の額の減少をすることができる。この場合においては、優先出資の消却に要する金額は、第三項の日における減少する当該優先資本金の額を超えてはならない。

Article 110(1)A specified purpose company may reduce the amount of preferred capital at the decision of the director (or, if there are two or more directors, at the decision of the majority of directors; hereinafter the same applies in this Article), but only if the asset securitization plan provides for the following particulars. In such a case, the amount required to cancel the preferred equity must not exceed the amount by which the preferred capital is to be reduced on the date prescribed in paragraph (3):

２前項の場合において、特定目的会社は、取締役の決定の二週間前に、当該優先資本金の額の減少に係る同項各号に掲げる事項を公告しなければならない。

(2)In the case referred to in the preceding paragraph, a specified purpose company must issue public notice of the information set forth in the items of the preceding paragraph regarding the reduction of the amount of preferred capital two weeks prior to the decision of the director.

３第一項に規定する優先資本金の額の減少をするときは、取締役は、当該優先資本金の額の減少がその効力を生ずる日を定めなければならない。

(3)If the amount of preferred capital is to be reduced as referred to in paragraph (1), the director must specify the date on which the reduction of the amount of preferred capital is to become effective.

４第六十四条の規定は、第一項の規定による優先資本金の額の減少をする場合について準用する。この場合において、同条第一項中「社員総会の決議」とあるのは「取締役の決定」と、「決議の取消し」とあるのは「決定の取消し」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(4)The provisions of Article 64 apply mutatis mutandis if the amount of preferred capital is to be reduced as referred to in paragraph (1). In such a case, the term "resolution at a general meeting of members" in paragraph (1) of that Article is deemed to be replaced with "decision of the director"; the term "rescission of that resolution" is deemed to be replaced with "rescission of that decision"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百十一条特定目的会社が前三条の規定により特定資本金の額又は優先資本金の額を減少する場合には、当該特定目的会社の債権者（前条の規定により優先資本金の額を減少する場合にあっては、特定社債権者、特定約束手形の所持人及び特定借入れに係る債権者を除く。以下この条において同じ。）は、当該特定目的会社に対し、特定資本金の額又は優先資本金の額の減少について異議を述べることができる。

Article 111(1)If a specified purpose company reduces the amount of specified capital or the amount of preferred capital pursuant to the preceding three Articles, the creditors of the specified purpose company (if the specified purpose company reduces the amount of preferred capital pursuant to the preceding Article, excluding specified bondholders, holders of specified promissory notes, and creditors from which specified borrowings have been borrowed; hereinafter the same applies in this Article) may state their objections to the reduction of the amount of specified capital or the amount of preferred capital to the specified purpose company.

２前項の規定により特定目的会社の債権者が異議を述べることができる場合には、当該特定目的会社は、次に掲げる事項を官報に公告し、かつ、知れている債権者には、各別にこれを催告しなければならない。ただし、第三号の期間は、一箇月を下ることができない。

(2)If the creditors of a specified purpose company may state their objections pursuant to the preceding paragraph, the specified purpose company must issue public notice in the Official Gazette of the following information, and must issue a demand separately to each known creditor of this; provided, however, that the period referred to in item (iii) may not be shorter than one month:

３債権者が前項第三号の期間内に異議を述べなかったときは、当該債権者は、当該特定資本金の額又は優先資本金の額の減少について承認をしたものとみなす。

(3)If a creditor does not state an objection within the period prescribed in item (iii) of the preceding paragraph, that creditor is deemed to have approved the reduction of the amount of specified capital or the amount of preferred capital.

４債権者が第二項第三号の期間内に異議を述べたときは、特定目的会社は、当該債権者に対し、弁済し、若しくは相当の担保を提供し、又は当該債権者に弁済を受けさせることを目的として信託会社等に相当の財産を信託しなければならない。ただし、当該特定資本金の額又は優先資本金の額の減少をしても当該債権者を害するおそれがないときは、この限りでない。

(4)If a creditor states an objection within the period referred to in paragraph (2), item (iii), the specified purpose company must pay its debt or provide suitable collateral to the creditor, or must place reasonable property into trust with a trust company or financial institution so as to enable the creditor to receive payment for the debt; provided, however, that this does not apply if the reduction of the amount of specified capital or the amount of preferred capital is unlikely to harm the creditor.

５次の各号に掲げる額の減少は、当該各号に定める日にその効力を生ずる。ただし、前三項の規定による手続が終了していないときは、この限りでない。

(5)A reduction to the amount set forth in one of the following items becomes effective on the date that each item prescribes; provided, however, that this does not apply if the procedures under the preceding three paragraphs have not been completed:

６特定目的会社は、前項各号に定める日前は、いつでも当該日を変更することができる。

(6)A specified purpose company may change the date provided for in the items of the preceding paragraph at any time before that date.

第百十二条会社法第八百二十八条第一項（第五号に係る部分に限る。）及び第二項（第五号に係る部分に限る。）（会社の組織に関する行為の無効の訴え）、第八百三十四条（第五号に係る部分に限る。）（被告）、第八百三十五条第一項（訴えの管轄及び移送）、第八百三十六条から第八百三十九条まで（担保提供命令、弁論等の必要的併合、認容判決の効力が及ぶ者の範囲、無効又は取消しの判決の効力）、第八百四十六条（原告が敗訴した場合の損害賠償責任）並びに第九百三十七条第一項（第一号ニに係る部分に限る。）（裁判による登記の嘱託）の規定は、特定資本金の額又は優先資本金の額の減少の無効の訴えについて準用する。この場合において、同法第八百二十八条第二項第五号中「株主等」とあるのは「社員、取締役、監査役、清算人」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 112The provisions of Article 828, paragraph (1) (but only the part that involves item (v)) and paragraph (2) (but only the part that involves item (v)) (Actions Seeking Invalidation of Acts Concerning the Organization of a Company); Article 834 (but only the part that involves item (v)) (Defendant); Article 835, paragraph (1) (Jurisdiction over and Transfer of an Action); Articles 836 through 839 (Order to Provide Security; Mandatory Consolidation of Oral Arguments; Persons Affected by an Upholding Judgment; Effect of a Judgment of Invalidation; Revocation or Rescission); Article 846 (Liability for Damages in Cases Where the Plaintiff Is Defeated); and Article 937, paragraph (1) (but only the part that involves item (i), sub-item (d)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to an action to invalidate a reduction to the amount of specified capital or the amount of preferred capital. In such a case, the term "a shareholder, etc." in Article 828, paragraph (2), item (v) of that Act is deemed to be replaced with "a member, director, company auditor, liquidator", and Cabinet Order provides for any other necessary technical replacement of terms.

第百十三条特定目的会社は、第百九条又は第百十条の規定により減少した優先資本金の額が優先出資の消却に要した金額及び損失のてん補に充てた金額を超えるときは、その超過額（第百九十条において「減資剰余金」という。）を優先資本金に組み入れなければならない。

Article 113If the amount of preferred capital reduced pursuant to Article 109 or Article 110 exceeds the amount used to cancel preferred equity or the amount appropriated to compensate for losses, a specified purpose company must incorporate the excess amount (referred to as "reduction surplus" in Article 190) into preferred capital.

第百十四条特定目的会社は、その社員（当該特定目的会社を除く。）に対し、最終事業年度の末日における第一号に掲げる額から第二号から第四号までに掲げる額の合計額を減じて得た額を限度として、利益の配当をすることができる。

Article 114(1)A specified purpose company may distribute profits to its members (other than the specified purpose company itself) limited to the amount arrived at when the sum total of the amounts set forth in items (ii) through (iv) is subtracted from the amount set forth in item (i) as of the last day of the most recent business year:

２利益の配当は、資産流動化計画で定められた優先出資社員に対する優先的配当の規定に従うほか、各社員（当該特定目的会社を除く。）の有する優先出資又は特定出資の口数に応じて、これをしなければならない。

(2)In addition to being governed by the provisions on preferred distribution to preferred equity members provided for in the asset securitization plan, a distribution of profits must be made in accordance with the number of units of preferred equity or specified equity held by each member (other than the specified purpose company itself).

第百十五条事業年度を一年とする特定目的会社については、一事業年度の途中において一回に限り事業年度中の一定の日を定めその日における社員（当該特定目的会社を除く。）に対し取締役の決定（取締役が数人あるときは、その過半数をもってする決定）により金銭の分配（以下この款において「中間配当」という。）をすることができる旨を定款で定めることができる。

Article 115(1)A specified purpose company whose business year is one year in length may provide in its articles of incorporation that the company may distribute monies to its members (other than the specified purpose company itself) limited to once on a specific date per business year as decided by the director (or as decided by a majority of the directors, if there are multiple directors) (hereinafter such a distribution of monies is referred to as an "interim dividend" in this Subsection).

２前項の決定は、同項の一定の日から三箇月以内にしなければならない。

(2)The decision referred to in the preceding paragraph must be made within three months from the specific date prescribed in that paragraph.

３中間配当は、第一号に掲げる額から第二号から第五号までに掲げる額の合計額を減じて得た額を限度としてすることができる。

(3)Interim dividends may be paid up to the amount arrived at when the sum total of the amounts set forth in items (ii) through (v) is subtracted from the amount referred to in item (i):

４取締役は、特定目的会社の事業年度の末日において前条第一項第二号から第四号までに掲げる額の合計額が同項第一号に掲げる額を超えるおそれがあると認めるときは、当該事業年度において中間配当を決定してはならない。

(4)On finding that the sum of the amounts set forth in Article 114, paragraph (1), items (ii) through (iv) is likely to exceed the amount referred to in Article 114, paragraph (1), item (i) on the last day of the business year of a specified purpose company, the director must not decide to pay interim dividends for that business year.

５中間配当は、これを利益の配当とみなして、第三十二条第四項（第二号に係る部分に限る。）、第四十五条第四項において準用する会社法第百五十一条第一項（第八号に係る部分に限る。）及び前条第二項の規定を適用する。

(5)The payment of interim dividends is deemed to be the distribution of profits and the provisions of Article 32, paragraph (4) (but only the part that involves item (ii)) of this Act; Article 151, paragraph (1) (but only the part that involves item (viii)) of the Companies Act as applied mutatis mutandis pursuant to Article 45, paragraph (4); and paragraph (2) of the preceding Article apply.

第百十六条会社法第四百五十七条（配当財産の交付の方法等）の規定は、特定目的会社の利益の配当及び中間配当の場合について準用する。この場合において、同条第一項中「配当財産（第四百五十五条第二項の規定により支払う金銭及び前条の規定により支払う金銭を含む。」とあるのは「資産流動化法第百十四条第一項の規定により配当する金銭（中間配当の場合にあっては、分配する金銭。」と、「株主名簿」とあるのは「特定社員名簿又は優先出資社員名簿」と、「株主（登録株式質権者を含む。」とあるのは「社員（登録特定出資質権者及び登録優先出資質権者を含む。」と、「株主が」とあるのは「社員が」と、同条第二項及び第三項中「配当財産」とあるのは「金銭」と、「株主」とあるのは「社員」と読み替えるものとする。

Article 116The provisions of Article 457 (Methods of Delivery of Dividend Property) of the Companies Act apply mutatis mutandis to a specified purpose company's distribution of profits or payment of interim dividends. In such a case, the phrases "The dividend property (including monies paid pursuant to the provisions of Article 455, paragraph (2) and monies paid pursuant to the provisions of the preceding Article", "the shareholder register", "the shareholders (including registered pledgees of shares", and "the shareholders" in Article 457, paragraph (1) of the Companies Act are deemed to be replaced with "Monies distributed pursuant to the provisions of Article 114, paragraph (1) of the Asset Securitization Act (or, if interim dividends are paid, the monies that are distributed", "register of specified equity members or register of preferred equity members", "the members (including registered pledgees of specified equity and registered pledgees of preferred equity", and "the members", respectively; and the terms "dividend surplus" and "shareholders" in Article 457, paragraphs (2) and (3) of the Companies Act are deemed to be replaced with "monies" and "members", respectively.

第百十七条第百十四条第一項の規定に違反して特定目的会社が同項の規定による利益の配当をした場合又は第百十五条第三項の規定に違反して中間配当をした場合には、当該行為により配当する金銭（以下この款において「配当金」という。）の額（同項の規定に違反して中間配当をした場合にあっては分配する金銭（以下この款において「分配金」という。）の額。以下この条において同じ。）の交付を受けた者並びに当該利益の配当又は中間配当に関する職務を行った取締役（当該取締役の行う利益の配当又は中間配当に職務上関与した者として内閣府令で定めるものを含む。）及び次の各号に掲げる者は、当該特定目的会社に対し、連帯して、当該配当金の額の交付を受けた者が交付を受けた配当金の額に相当する金銭を支払う義務を負う。

Article 117If a specified purpose company violates Article 114, paragraph (1) in distributing profits as under that paragraph or violates Article 115, paragraph (3) in paying interim dividends, the persons receiving monies distributed as dividends through that action (hereinafter referred to as a "cash dividend" in this Subsection) (or, in the case of a payment of interim dividends in violation of Article 115, paragraph (3), the monies distributed (hereinafter referred to as a "cash distribution" in this Subsection); hereinafter the same applies in this Article); the director undertaking the duty of distributing those profits or paying those interim dividends (including a person that Cabinet Office Order prescribes as having been involved, in the course of their duties, in the distribution of profits or payment of interim dividends that the director carries out); and the following persons have a joint and several obligation to pay monies equivalent to the amount of the cash dividends delivered to persons receiving a cash dividend to the specified purpose company:

第百十八条特定目的会社が中間配当をした場合において、当該中間配当をした日の属する事業年度（その事業年度の直前の事業年度が最終事業年度でないときは、その事業年度の直前の事業年度）に係る計算書類につき第百四条第二項の承認を受けた時（同条第四項前段に規定する場合にあっては、同項後段の報告をした時）における第百十四条第一項第二号から第四号までに掲げる額の合計額が同項第一号に掲げる額を超えるときは、当該中間配当に関する職務を行った取締役は、当該特定目的会社に対し、連帯して、その超過額（当該超過額が当該中間配当の分配金の額を超える場合にあっては、当該分配金の額）を支払う義務を負う。ただし、当該取締役がその職務を行うについて注意を怠らなかったことを証明した場合は、この限りでない。

Article 118If a specified purpose company pays interim dividends and the sum of the amounts set forth in Article 114, paragraph (1), items (ii) through (iv) at the time when the approval referred to in Article 104, paragraph (2) is obtained (or, in the case referred to in the first sentence of Article 104, paragraph (4), at the time when the report referred to in the second sentence of that paragraph is made) for the financial statements prescribed in Article 102, paragraph (2) in the business year in which the company pays the interim dividends (or, if the preceding business year is not the most recent business year, the business year preceding that one) exceeds the amount set forth in Article 114, paragraph (1), item (i), the directors undertaking the duty of paying those interim dividends have a joint and several obligation to pay the excess amount (or, if the excess amount exceeds the amount of the cash distributions in the payment of interim dividends, the amount of the cash distributions) to the specified purpose company; provided, however, that this does not apply to directors who prove that they did not neglect to exercise due care in undertaking that duty.

第百十九条会社法第四百六十二条第二項及び第三項（剰余金の配当等に関する責任）の規定は第百十七条の規定による特定目的会社の取締役の責任について、同法第四百六十三条（株主に対する求償権の制限等）の規定は特定目的会社の社員について、同法第四百六十四条（買取請求に応じて株式を取得した場合の責任）の規定は第三十八条において準用する同法第百八十二条の四第一項の規定による請求に応じた特定目的会社の取締役の責任、第五十条第一項において準用する同法第百八十二条の四第一項の規定による請求に応じた特定目的会社の取締役の責任及び第百五十三条第一項の規定による請求に応じた特定目的会社の取締役の責任について、同法第四百六十五条第二項（欠損が生じた場合の責任）の規定は前条の規定による特定目的会社の取締役の責任について、それぞれ準用する。この場合において、同法第四百六十二条第二項中「前項」とあるのは「資産流動化法第百十七条」と、「業務執行者」とあるのは「同条に規定する取締役」と、「同項各号に定める者」とあるのは「同条各号に掲げる者」と、「同項の」とあるのは「同条の」と、同条第三項中「第一項の」とあるのは「資産流動化法第百十七条の」と、「業務執行者」とあるのは「同条に規定する取締役」と、「同項各号に定める者」とあるのは「同条各号に掲げる者」と、「前条第一項各号に掲げる行為の時における分配可能額」とあるのは「資産流動化法第百十四条第一項又は第百十五条第三項に規定する額」と、「総株主」とあるのは「総社員」と、同法第四百六十三条第一項中「前条第一項に」とあるのは「資産流動化法第百十七条に」と、「第四百六十一条第一項各号に掲げる行為」とあるのは「資産流動化法第百十四条の規定による利益の配当又は中間配当」と、「金銭等の帳簿価額の総額」とあるのは「配当金の額又は分配金の額」と、「当該行為がその効力を生じた日における分配可能額」とあるのは「同条第一項又は資産流動化法第百十五条第三項に規定する額」と、「前条第一項の金銭を支払った業務執行者」とあるのは「資産流動化法第百十七条に規定する取締役」と、「同項各号に定める者」とあるのは「同条各号に掲げる者」と、同条第二項中「前条第一項」とあるのは「資産流動化法第百十七条」と、「同項」とあるのは「同条」と、「金銭等の帳簿価額」とあるのは「配当金の額又は分配金の額」と、同法第四百六十四条第一項中「当該支払の日における分配可能額」とあるのは「当該支払が属する事業年度（その事業年度の直前の事業年度が最終事業年度でないときは、その事業年度の直前の事業年度）に係る資産流動化法第百十四条第一項の額」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 119(1)The provisions of Article 462, paragraphs (2) and (3) (Liability Related to Dividends of Surplus) of the Companies Act apply mutatis mutandis to the liability of the directors of a specified purpose company as under Article 117 of this Act; the provisions of Article 463 (Restrictions on Remedy Over Against Shareholders) of that Act apply mutatis mutandis to the members of a specified purpose company; the provisions of Article 464 (Liability Where Shares Are Acquired in Response to Demand for Purchase) of that Act apply mutatis mutandis to the liability of the directors of a specified purpose company that responds to a demand under Article 182-4, paragraph (1) as applied mutatis mutandis pursuant to Article 38, the liability of the directors of a specified purpose company that responds to a demand under Article 182-4, paragraph (1) as applied mutatis mutandis pursuant to Article 50, paragraph (1), and the liability of the directors of a specified purpose company that responds to a demand under Article 153, paragraph (1) of this Act; and the provisions of Article 465, paragraph (2) (Liability in Cases of Damage) of the Companies Act apply mutatis mutandis to the liability of the directors of a specified purpose company under the preceding Article. In such a case, the term "the preceding paragraph" in Article 462, paragraph (2) of the Companies Act is deemed to be replaced with "Article 117 of the Asset Securitization Act"; the term "executing persons" in that paragraph is deemed to be replaced with "the director prescribed in that Article"; the phrase "the persons provided for in each item of that paragraph" in that paragraph is deemed to be replaced with "the persons provided for in each item of that Article"; the term "under that paragraph" in that paragraph is deemed to be replaced with "under that Article"; the term "under paragraph (1)" in paragraph (3) of that Article is deemed to be replaced with "under Article 117 of the Asset Securitization Act"; the term "executing persons" in that paragraph is deemed to be replaced with "the director prescribed in that Article"; the term "the persons prescribed in each item of that paragraph" is deemed to be replaced with "the persons prescribed in each item of that Article"; the term "the distributable amount as at the time of the act set forth in each item of paragraph (1) of the preceding Article" in that paragraph is deemed to be replaced with "the amount provided in Article 114, paragraph (1) or Article 115, paragraph (3) of the Asset Securitization Act"; the term "all shareholders" in that paragraph is deemed to be replaced with "all members"; the term "in paragraph (1) of the preceding Article" in Article 463, paragraph (1) of that Act is deemed to be replaced with "in Article 117 of the Asset Securitization Act"; the term "the acts set forth in each item of Article 461, paragraph (1)" in that paragraph is deemed to be replaced with "the distribution of profits or payment of interim dividends under the provisions of Article 114 of the Asset Securitization Act"; the term "the total book value of the monies, etc." in that paragraph is deemed to be replaced with "the amount of cash dividends or the amount of the cash distributions"; the term "the distributable amount as at the day when such act takes effect" in that paragraph is deemed to be replaced with "the amount prescribed in paragraph (1) of that Article or Article 115, paragraph (3) of the Asset Securitization Act"; the term "executing persons who made the payment of monies under paragraph (1) of the preceding Article" in that paragraph is deemed to be replaced with "director prescribed in Article 117 of the Asset Securitization Act"; the term "the persons provided for in each item of that paragraph" in that paragraph is deemed to be replaced with "the persons provided for in each item of that Article"; the term "paragraph (1) of the preceding Article" in paragraph (2) of that Article is replaced with "Article 117 of the Asset Securitization Act"; the term "that paragraph" in that paragraph is deemed to be replaced with "that Article"; the term "the book value of the monies, etc." in that paragraph is deemed to be replaced with "the amount of cash dividends or the amount of cash distributions"; the term "the distributable amount as at the day when such payment is made" in Article 464, paragraph (1) of the Companies Act is deemed to be replaced with "the amount referred to in Article 114, paragraph (1) of the Asset Securitization Act for the business year in which that payment was made (or, if the preceding business year is not the most recent business year, the business year preceding that one)"; and Cabinet Order provides for any other necessary technical replacement of terms.

２第九十七条第三項及び会社法第七編第二章第二節（第八百四十七条第二項、第八百四十七条の二、第八百四十七条の三、第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（株式会社における責任追及等の訴え）の規定は、第百十七条の規定による同条に規定する特定目的会社の取締役の責任を追及する訴え並びに前条の規定及び前項において準用する同法第四百六十四条の規定による特定目的会社の取締役の責任を追及する訴えについて準用する。この場合において、同法第八百四十七条第一項中「六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き株式を有する株主（第百八十九条第二項の定款の定めによりその権利を行使することができない単元未満株主を除く。）」とあるのは「特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員」と、同条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主」とあるのは「特定社員若しくは優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員及び優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める

(2)The provisions of Article 97, paragraph (3) of this Act and the provisions of Part VII, Chapter II, Section 2 (excluding Article 847, paragraph (2); Article 847-2; Article 847-3; Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Action to Enforce Liability at a Stock Company) of the Companies Act apply mutatis mutandis to an action to enforce the liability of the directors of a specified purpose company under the provisions of Article 117 and to an action to enforce the liability of the directors of a specified purpose company under the provisions of the preceding Article or Article 464 of the Companies Act as applied mutatis mutandis pursuant to the preceding paragraph. In such a case, the phrase "A shareholder (excluding a holder of shares less than one unit who is unable to exercise right pursuant to the provisions of the articles of incorporation under Article 189, paragraph (2)) having the shares consecutively for the preceding six months (or, in cases where a shorter period is prescribed in the articles of incorporation, that period)" in Article 847, paragraph (1) of the Companies Act is deemed to be replaced with "A specified equity member or a preferred equity member that has held preferred equity continuously for the preceding six months (or, if a shorter period is provided for in the articles of incorporation, that period)"; the term "shareholder" in paragraph (3) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "that specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849, paragraph (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholders" in paragraph (5) of that Article is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百二十条特定目的会社は、何人に対しても、社員、特定社債権者、特定約束手形の所持人又は特定借入れに係る債権者（次項及び第五項において「社員等」という。）の権利の行使に関し、財産上の利益の供与（当該特定目的会社の計算においてするものに限る。以下この条において同じ。）をしてはならない。

Article 120(1)A specified purpose company must not provide any person with an economic benefit (but only one provided on the account of the specified purpose company; hereinafter the same applies in this Article) in association with that person exercising a right as a member, specified bondholder, holder of a specified promissory note, or creditor from which specified borrowings have been borrowed (referred to as a "member or similar person" in the following paragraph and paragraph (5)).

２特定目的会社が特定の社員等に対して無償で財産上の利益の供与をしたときは、当該特定目的会社は、社員等の権利の行使に関し、財産上の利益の供与をしたものと推定する。特定目的会社が特定の社員等に対して有償で財産上の利益の供与をした場合において、当該特定目的会社の受けた利益が当該財産上の利益に比して著しく少ないときも、同様とする。

(2)If a specified purpose company provides an economic benefit to a particular member or similar person free of charge, the specified purpose company is presumed to have provided that economic benefit to the member or similar person in association with their exercise of a right. The same applies if a specified purpose company provides an economic benefit to a particular member or similar person for a charge, if the benefit received by the specified purpose company is significantly less than that economic benefit.

３特定目的会社が第一項の規定に違反して財産上の利益の供与をしたときは、当該利益の供与を受けた者は、これを当該特定目的会社に返還しなければならない。この場合において、当該利益の供与を受けた者は、当該特定目的会社に対して当該利益と引換えに給付をしたものがあるときは、その返還を受けることができる。

(3)If a specified purpose company provides a person with an economic benefit in violation of paragraph (1), the person who has received the benefit must return it to the specified purpose company. In such a case, if the person has paid or delivered something to the specified purpose company in exchange for the benefit, the person may have this returned.

４特定目的会社が第一項の規定に違反して財産上の利益の供与をしたときは、当該利益の供与をすることに関与した取締役として内閣府令で定める者は、当該特定目的会社に対して、連帯して、供与した利益の価額に相当する額を支払う義務を負う。ただし、その者（当該利益の供与をした取締役を除く。）がその職務を行うについて注意を怠らなかったことを証明した場合は、この限りでない。

(4)If a specified purpose company violates paragraph (1) in providing a person with an economic benefit, the directors that Cabinet Office Order prescribes as being involved in providing the benefit have a joint and several obligation to pay the specified purpose company an amount equivalent to the value of the benefit provided; provided, however, that this does not apply if those persons (other than the director providing the person with the economic benefit) prove that they did not neglect to exercise due care in undertaking their duties.

５前項の義務は、すべての社員等の同意がなければ、免除することができない。

(5)A release from the obligation referred to in the preceding paragraph may not be granted without the consent of all members and similar persons.

６第九十七条第三項及び会社法第七編第二章第二節（第八百四十七条第二項、第八百四十七条の二、第八百四十七条の三、第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（株式会社における責任追及等の訴え）の規定は、第三項の利益の返還を求める訴えについて準用する。この場合において、同法第八百四十七条第一項中「六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き株式を有する株主（第百八十九条第二項の定款の定めによりその権利を行使することができない単元未満株主を除く。）」とあるのは「特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員」と、同条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主又は同項の発起人等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員及び優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(6)The provisions of Article 97, paragraph (3) of this Act and the provisions of Part VII, Chapter II, Section 2 (excluding Article 847, paragraph (2); Article 847-2; Article 847-3; Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Action to Enforce Liability at a Stock Company) of the Companies Act apply mutatis mutandis to actions to demand the return of benefits under paragraph (3). In such a case, the phrase "A shareholder (excluding a holder of shares less than one unit who is unable to exercise right pursuant to the provisions of the articles of incorporation under Article 189, paragraph (2)) having the shares consecutively for the preceding six months (or, in cases where a shorter period is prescribed in the articles of incorporation, that period)" in Article 848, paragraph (1) of the Companies Act is deemed to be replaced with "A specified equity member or a preferred equity member that has held preferred equity continuously for the preceding six months (or, if a shorter period is provided for in the articles of incorporation, that period)"; the term "shareholder" in paragraph (3) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the phrase "shareholder who made such demand or the incorporator, etc. referred to in that paragraph" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "the specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849 (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholders" in paragraph (5) of that Article is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百二十一条特定目的会社は、資産流動化計画の定めるところに従い、取締役の決定（取締役が数人あるときは、その過半数をもってする決定）により、特定社債を引き受ける者の募集をすることができる。

Article 121(1)A specified purpose company may solicit persons to subscribe for specified bonds as decided by the director (or as decided by a majority of the directors, if there are multiple directors) in accordance with the asset securitization plan.

２特定目的会社は、他の特定目的会社と合同して特定社債を発行することができない。

(2)A specified purpose company may not issue specified bonds jointly with another specified purpose company.

第百二十二条特定目的会社は、前条第一項の募集に応じて募集特定社債（当該募集に応じて当該特定社債の引受けの申込みをした者に対して割り当てる特定社債をいう。以下この節において同じ。）の引受けの申込みをしようとする者に対し、次に掲げる事項を通知しなければならない。

Article 122(1)A specified purpose company must notify a person seeking to offer to subscribe for specified bonds for subscription in response to the solicitation referred to in paragraph (1) of the preceding Article (meaning specified bonds to be allotted to persons filing offers to subscribe for them in response to such a solicitation; hereinafter the same applies in this Section) of the following information:

２前条第一項の募集に応じて募集特定社債の引受けの申込みをする者は、次に掲げる事項を記載した書面を特定目的会社に交付しなければならない。

(2)A person making an offer to subscribe for specified bonds for subscription in response to the solicitation referred to in paragraph (1) of the preceding Article must deliver a document stating the following information to the specified purpose company:

３前項の申込みをする者は、同項の書面の交付に代えて、政令で定めるところにより、特定目的会社の承諾を得て、同項の書面に記載すべき事項を電磁的方法により提供することができる。この場合において、当該申込みをした者は、同項の書面を交付したものとみなす。

(3)In lieu of delivering the document referred to in the preceding paragraph, a person making an offer referred to in that paragraph may provide the specified purpose company with the information that the person is required to enter in the document referred to in that paragraph by electronic or magnetic means, with the consent of the specified purpose company and pursuant to Cabinet Order provisions. In doing so, the person making the offer is deemed to have delivered the document referred to in that paragraph.

４第一項の規定は、特定目的会社が同項各号に掲げる事項を記載した金融商品取引法第二条第十項に規定する目論見書を第一項の申込みをしようとする者に対して交付している場合その他募集特定社債の引受けの申込みをしようとする者の保護に欠けるおそれがないものとして内閣府令で定める場合には、適用しない。

(4)The provisions of paragraph (1) do not apply if the specified purpose company has delivered a prospectus prescribed in Article 2, paragraph (10) of the Financial Instruments and Exchange Act that states the information set forth in the items of that paragraph to the person seeking to make the offer referred to in paragraph (1), nor do they apply in a case that Cabinet Office Order prescribes as one that is unlikely to result in insufficient protection of the person seeking to make an offer to subscribe for the specified bonds for subscription.

５特定目的会社は、第一項各号に掲げる事項について変更があったときは、直ちに、その旨及び当該変更があった事項を第二項の申込みをした者（以下この節において「申込者」という。）に通知しなければならない。

(5)If information set forth in the items of paragraph (1) changes, the specified purpose company must immediately notify any person that has made an offer referred to in paragraph (2) (hereinafter referred to as the "offeror" in this Subsection) of this and of the information that has changed.

６特定目的会社が申込者に対してする通知又は催告は、第二項第一号の住所（当該申込者が別に通知又は催告を受ける場所又は連絡先を当該特定目的会社に通知した場合にあっては、その場所又は連絡先）にあてて発すれば足りる。

(6)It is sufficient for a notice or demand that a specified purpose company issues to an offeror to be sent to the address referred to in paragraph (2), item (i) (or, if the offeror has notified the specified purpose company of another place or contact address for receiving notices or demands, to that place or contact address).

７前項の通知又は催告は、その通知又は催告が通常到達すべきであった時に、到達したものとみなす。

(7)The notice or demand referred to in the preceding paragraph is deemed to have arrived at the time that it would normally arrive.

８特定目的会社は、第一項第十三号に規定する者がある場合を除き、同項第十二号の期限までに募集特定社債の総額について割当てを受ける者を定めていない場合には、募集特定社債の全部を発行してはならない。

(8)Unless there is a person referred to in paragraph (1), item (xiii), if a specified purpose company has not specified which persons it will allot the total amount of specified bonds for subscription to by the deadline referred to in item (xii) of that paragraph, the company must not issue all of the specified bonds for subscription.

９取締役は、申込者から資産流動化計画の閲覧又は当該資産流動化計画の謄本若しくは抄本の交付の求めがあったときは、これに応じなければならない。

(9)A director must respond to an offeror's request to inspect the asset securitization plan or to be issued a certified copy or extract of the asset securitization plan.

１０第四十条第九項の規定は申込者から資産流動化計画の謄本又は抄本の交付の求めがあった場合について、会社法第六十四条（払込金の保管証明）の規定は第一項第十六号の払込みの取扱いをした銀行等について、それぞれ準用する。この場合において、第四十条第九項中「前項」とあるのは「第百二十二条第九項」と、同法第六十四条第一項中「第五十七条第一項」とあるのは「資産流動化法第百二十一条第一項」と、「発起人」とあるのは「取締役」と、「これらの規定により」とあるのは「当該募集特定社債と引換えに」と、同条第二項中「第三十四条第一項若しくは前条第一項の規定により」とあるのは「募集特定社債と引換えに」と、「成立後の株式会社」とあるのは「特定目的会社」と読み替えるものとする。

(10)The provisions of Article 40, paragraph (9) apply mutatis mutandis if an offeror requests to be issued a certified copy or extract of the asset securitization plan, and the provisions of Article 64 (Certificate of Deposit of Paid Money) of the Companies Act apply mutatis mutandis to the bank or equivalent entity handling the payment prescribed in paragraph (1), item (xvi). In such a case, the term "the preceding paragraph" in Article 40, paragraph (9) is deemed to be replaced with "Article 122, paragraph (9)"; the terms "Article 57, paragraph (1)", "the incorporators", and "pursuant to those provisions" in Article 64, paragraph (1) of the Companies Act are deemed to be replaced with "Article 121, paragraph (1) of the Asset Securitization Act", "the directors", and "in exchange for the specified bonds for subscription", respectively; and the terms "pursuant to the provisions of Article 34, paragraph (1) or paragraph (1) of the preceding Article" and "the stock company after establishment" in Article 64, paragraph (2) of the Companies Act are deemed to be replaced with "in exchange for the specified bonds for subscription" and "the specified purpose company", respectively.

第百二十三条特定目的会社は、申込者の中から募集特定社債の割当てを受ける者を定め、かつ、その者に割り当てる募集特定社債の金額及び金額ごとの数を定めなければならない。この場合において、特定目的会社は、当該申込者に割り当てる募集特定社債の金額ごとの数を、前条第二項第二号の数よりも減少することができる。

Article 123(1)A specified purpose company must specify which persons among the offerors the specified bonds for subscription are to be allotted to, and fix the amount of specified bonds for subscription and the number of specified bonds for subscription for each amount to be allotted to those persons. In doing so, the specified purpose company may reduce the number of specified bonds for subscription for each amount to be allotted to those offerors to below the number referred to in paragraph (2), item (ii) of the preceding Article.

２特定目的会社は、前条第一項第十五号の期日の前日までに、申込者に対し、当該申込者に割り当てる募集特定社債の金額及び金額ごとの数を通知しなければならない。

(2)A specified purpose company must notify an offeror of the amount of specified bonds for subscription and the number of specified bonds for subscription for each amount to be allotted to that offeror, by the day before the due date referred to in paragraph (1), item (xv) of the preceding Article.

第百二十四条前二条の規定は、募集特定社債を引き受けようとする者がその総額の引受けを行う契約を締結する場合には、適用しない。

Article 124The provisions of the preceding two Articles do not apply if a person seeking to subscribe for specified bonds for subscription concludes a contract to subscribe for the total amount of specified bonds for subscription.

第百二十五条会社法第六百八十条から第七百一条まで（第六百八十四条第四項及び第五項を除く。）（募集社債の社債権者、社債原簿、社債原簿記載事項を記載した書面の交付等、社債原簿管理人、社債原簿の備置き及び閲覧等、社債権者に対する通知等、共有者による権利の行使、社債券を発行する場合の社債の譲渡、社債の譲渡の対抗要件、権利の推定等、社債権者の請求によらない社債原簿記載事項の記載又は記録、社債権者の請求による社債原簿記載事項の記載又は記録、社債券を発行する場合の社債の質入れ、社債の質入れの対抗要件、質権に関する社債原簿の記載等、質権に関する社債原簿の記載事項を記載した書面の交付等、信託財産に属する社債についての対抗要件等、社債券の発行、社債券の記載事項、記名式と無記名式との間の転換、社債券の喪失、利札が欠けている場合における社債の償還、社債の償還請求権等の消滅時効）の規定は、特定目的会社が特定社債を発行する場合における特定社債、特定社債権者、特定社債券又は特定社債原簿について準用する。この場合において、これらの規定中「社債原簿記載事項」、「社債発行会社」及び「無記名社債」とあるのは、それぞれ「特定社債原簿記載事項」、「特定社債発行会社」及び「無記名特定社債」と、同法第六百八十条中「募集社債」とあるのは「募集特定社債」と、同条第二号中「前条」とあるのは「資産流動化法第百二十四条」と、同法第六百八十一条第一号中「第六百七十六条第三号から第八号まで」とあるのは「資産流動化法第百二十二条第一項第六号から第十一号まで」と、同法第六百八十三条及び第六百八十四条第一項中「社債原簿管理人」とあるのは「特定社債原簿管理人」と、同法第六百八十五条第五項中「第七百二十条第一項」とあるのは「資産流動化法第百二十九条第二項において準用する第七百二十条第一項」と、同法第六百九十八条中「第六百七十六条第七号」とあるのは「資産流動化法第百二十二条第一項第十号」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 125The provisions of Articles 680 through 701 (excluding Article 684, paragraphs (4) and (5)) (Bondholders of Bonds for Subscription; Bond Register; Delivery of Documents Showing Information Entered in Bond Register; Manager of Bond Register; Keeping and Making Available for Inspection of Bond Register; Notices to Bondholders; Exercise of Rights by Co-owners; Perfection of Assignment of Bonds; Presumption of Rights; Entering or Recording Information Required to Be Entered in Bond Register without Being Requested by Bondholder; Entering or Recording Information Required to Be Entered in Bond Register as Requested by Bondholder; Pledges of Bonds with Issued Certificates; Perfection of Pledge of Bonds; Entries in Bond Register Regarding Pledges; Delivery of Documents Showing Information Entered in Bond Register regarding Pledges; Issuing of Bond Certificates; Information Required to Be Shown on Bond Certificates; Conversions Between Registered Bonds and Bearer Bonds; Loss of Bond Certificates; Redemption of Bonds Where Coupons Missing; Extinctive Prescription of Right to Claim Redemption of Bonds) of the Companies Act apply mutatis mutandis to specified bonds, specified bondholders, specified bond certificates, and specified bond register if a specified purpose company issues specified bonds. In such a case, the terms "information required to be entered in the bond register", "bond-issuing company", and "bearer bonds" in those provisions are deemed to be replaced with "information required to be entered in the specified bond register", "company issuing the specified bonds", and "specified bonds in bearer form", respectively; the term "bonds for subscription" in Article 680 of the Companies Act is deemed to be replaced with "specified bonds for subscription"; the term "the preceding Article" in Article 680, item (ii) of that Act is deemed to be replaced with "Article 124 of the Asset Securitization Act"; the term "Article 676, items (iii) through (viii)" in Article 681, item (i) of the Companies Act is deemed to be replaced with "Article 122, paragraph (1), items (vi) through (xi) of the Asset Securitization Act"; the term "the bond register administrator" in Article 683 and Article 684, paragraph (1) of the Companies Act is deemed to be replaced with "specified bond register administrator"; the term "Article 720, paragraph (1)" in Article 685, paragraph (5) of the Companies Act is deemed to be replaced with "Article 720, paragraph (1) as applied mutatis mutandis pursuant to Article 129, paragraph (2) of the Asset Securitization Act"; the term "Article 676, item (vii)" in Article 698 of the Companies Act is deemed to be replaced with "Article 122, paragraph (1), item (x)" of the Asset Securitization Act; and Cabinet Order provides for any other necessary technical replacement of terms.

第百二十六条特定目的会社は、特定社債を発行する場合には、特定社債管理者を定め、特定社債権者のために、弁済の受領、債権の保全その他の特定社債の管理を行うことを委託しなければならない。ただし、その募集に係る各募集特定社債の金額が一億円以上である場合その他特定社債権者の保護に欠けるおそれがないものとして内閣府令で定める場合は、この限りでない。

Article 126If a specified purpose company issues specified bonds, it must employ a specified bond manager and entrust that manager with receiving payments, preserving claims, and any other management of the specified bonds on behalf of the specified bondholders; provided, however, that this does not apply if the amount of each specified bond for subscription to which its solicitation pertains is 100 million yen or more, or to other cases that Cabinet Office Order prescribes as those that are unlikely to result in insufficent protection of the specified bondholders.

第百二十七条特定社債管理者は、特定社債権者のために特定社債に係る債権の弁済を受け、又は特定社債に係る債権の実現を保全するために必要な一切の裁判上又は裁判外の行為をする権限を有する。

Article 127(1)A specified bond manager has the authority to engage in any act in or out of court on behalf of a specified bondholder that is necessary for receiving the payment of claim under the specified bond or for preserving the fulfillment of the claim under the specified bond.

２特定社債管理者が前項の弁済を受けた場合には、特定社債権者は、その特定社債管理者に対し、特定社債の償還額及び利息の支払を請求することができる。この場合において、特定社債券を発行する旨の定めがあるときは、特定社債権者は、特定社債券と引換えに当該償還額の支払を、利札と引換えに当該利息の支払を請求しなければならない。

(2)If a specified bond manager receives payment as referred to in the preceding paragraph, the specified bondholder may demand payment of the redemption amount for the specified bonds or their interest from the specified bond manager. In such a case, if there are provisions indicating that specified bond certificates are to be issued, the specified bondholders must claim payment of the redemption amount in exchange for the specified bond certificate and claim payment of the interest in exchange for the coupon.

３前項前段の規定による請求権は、これを行使することができる時から十年間行使しないときは、時効によって消滅する。

(3)The right to claim payment referred to in the first sentence of the preceding paragraph is extinguished by prescription if it is not exercised for ten years from the time when the right became exercisable.

４特定社債管理者は、特定社債権者集会の決議によらなければ、次に掲げる行為をしてはならない。ただし、第二号に掲げる行為については、第百二十二条第一項の規定により同項第十一号に掲げる事項を通知した場合は、この限りでない。

(4)A specified bond manager must not perform the following acts without a resolution at a specified bondholders meeting; provided, however, that this does not apply with regard to the act set forth in item (ii), if persons have been notified of the information referred to in Article 122, paragraph (1), item (xi) pursuant to the provisions of that paragraph:

５特定社債管理者は、前項ただし書の規定により特定社債権者集会の決議によらずに同項第二号に掲げる行為をしたときは、遅滞なく、その旨を公告し、かつ、知れている特定社債権者には、各別にこれを通知しなければならない。

(5)Having performed an act set forth in item (ii) of the preceding paragraph without recourse to a resolution at a specified bondholders meeting pursuant to the proviso to the preceding paragraph, the specified bond manager must issue public notice of this and separately notify each known specified bondholder of this without delay.

６前項の規定による公告は、特定社債を発行した特定目的会社（以下この節において「特定社債発行会社」という。）における公告の方法によりしなければならない。ただし、その方法が電子公告（第百九十四条第一項第三号に規定する電子公告をいう。）であるときは、その公告は、官報に掲載する方法でしなければならない。

(6)The public notice under the preceding paragraph must be issued by the means of public notice used at the specified purpose company that has issued the specified bonds (hereinafter referred to as the "company issuing the specified bonds" in this Section); provided, however, that if the company's means of notice is electronic public notice (meaning electronic public notice prescribed in Article 194, paragraph (1), item (iii)), public notice must be issued by publication in the Official Gazette.

７特定社債管理者は、その管理の委託を受けた特定社債につき第一項の行為又は第四項各号に掲げる行為をするために必要があるときは、特定社債発行会社の業務及び財産の状況を調査することができる。

(7)If it is necessary for the specified bond manager to do so in order to perform the act set forth in paragraph (1) or the act set forth in the items of paragraph (4) for specified bonds whose management the specified bond manager has been entrusted with, the manager may investigate the status of business and assets of the company issuing the specified bonds.

８会社法第七百三条（社債管理者の資格）、第七百四条（社債管理者の義務）、第七百七条から第七百十四条まで（特別代理人の選任、社債管理者等の行為の方式、二以上の社債管理者がある場合の特則、社債管理者の責任、社債管理者の辞任、社債管理者が辞任した場合の責任、社債管理者の解任、社債管理者の事務の承継）、第八百六十八条第四項（非訟事件の管轄）、第八百六十九条（疎明）、第八百七十条第一項（第二号に係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十四条（第一号及び第四号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定は、特定社債管理者について準用する。この場合において、これらの規定中「社債」、「社債権者」、「社債発行会社」及び「社債権者集会」とあるのは、それぞれ「特定社債」、「特定社債権者」、「特定社債発行会社」及び「特定社債権者集会」と、同法第七百九条第二項中「第七百五条第一項」とあるのは「資産流動化法第百二十七条第一項」と、同法第七百十条第一項中「この法律」とあるのは「資産流動化法」と、同法第七百十一条第二項中「第七百二条」とあるのは「資産流動化法第百二十六条」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(8)The provisions of Article 703 (Qualifications of Bond Managers); Article 704 (Obligations of Bond Managers); Articles 707 through 714 (Appointment of Special Agent; Method of Acts of Bond Managers; Special Provisions for Multiple Bond Managers; Liability of Bond Managers; Resignation of Bond Managers; Liability of Bond Managers after Resignation; Dismissal of Bond Managers); Article 868, paragraph (4) (Jurisdiction over Non-Contentious Cases); Article 869 (Prima Facie Showing); Article 870, paragraph (1) (but only the part that involves item (ii)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 874 (but only the part that involves items (i) and (iv)) (Restrictions on Appeal); Article 875 (Exclusion from the Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rule) of the Companies Act apply mutatis mutandis to specified bond managers. In such a case, the terms "bonds", "bondholder", "bond-issuing company", and "bondholders meeting" in those provisions are deemed to be replaced with "specified bonds", "specified bondholders", "company issuing the specified bonds", and "specified bondholders' meeting", respectively; the term "paragraph (1) of Article 705" in Article 709, paragraph (2) of the Companies Act is deemed to be replaced with "Article 127, paragraph (1) of the Asset Securitization Act"; the term "this Act" in Article 710, paragraph (1) of the Companies Act is deemed to be replaced with "the Asset Securitization Act"; the term "Article 702" in Article 711, paragraph (2) of the Companies Act is deemed to be replaced with "Article 126 of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百二十八条特定目的会社の特定社債権者は、当該特定目的会社の財産について他の債権者に先立って自己の特定社債に係る債権の弁済を受ける権利を有する。ただし、資産流動化計画をもって別段の定めをすることを妨げない。

Article 128(1)The specified bondholders of a specified purpose company are entitled to have the claims under their own specified bonds paid in preference to other creditors from the assets of the specified purpose company; provided, however, that this does not preclude the asset securitization plan from providing otherwise.

２前項の先取特権の順位は、民法の規定による一般の先取特権に次ぐものとする。

(2)The precedence of a statutory lien as referred to in the preceding paragraph comes after the general statutory liens pursuant to the provisions of the Civil Code.

第百二十九条特定社債権者は、特定社債の種類（第百二十五条において準用する会社法第六百八十一条第一号に規定する種類をいう。）ごとに特定社債権者集会を組織する。

Article 129(1)The specified bondholders organize a specified bondholders meeting for each class (meaning a class prescribed in Article 681, item (i) of the Companies Act as applied mutatis mutandis pursuant to Article 125) of specified bonds.

２会社法第四編第三章（第七百十五条を除く。）（社債権者集会）、第七編第二章第七節（社債発行会社の弁済等の取消しの訴え）、第八百六十八条第四項（非訟事件の管轄）、第八百六十九条（疎明）、第八百七十条第一項（第七号から第九号までに係る部分に限る。）（陳述の聴取）、第八百七十一条（理由の付記）、第八百七十二条（第四号に係る部分に限る。）（即時抗告）、第八百七十三条（原裁判の執行停止）、第八百七十四条（第四号に係る部分に限る。）（不服申立ての制限）、第八百七十五条（非訟事件手続法の規定の適用除外）及び第八百七十六条（最高裁判所規則）の規定は、特定目的会社が特定社債を発行する場合における特定社債、特定社債権者、特定社債券、特定社債管理者、特定社債原簿又は特定社債権者集会について準用する。この場合において、これらの規定中「社債発行会社」とあるのは「特定社債発行会社」と、「無記名社債」とあるのは「無記名特定社債」と、「代表社債権者」とあるのは「代表特定社債権者」と、同法第七百十六条中「この法律」とあるのは「資産流動化法又は資産流動化計画」と、同法第七百二十条第五項中「電子公告」とあるのは「電子公告（資産流動化法第百九十四条第一項第三号に規定する電子公告をいう。）」と、同法第七百二十一条中「社債権者集会参考書類」とあるのは「特定社債権者集会参考書類」と、同法第七百二十四条第二項第一号中「第七百六条第一項各号」とあるのは「資産流動化法第百二十七条第四項各号」と、同項第二号中「第七百六条第一項」とあるのは「資産流動化法第百二十七条第四項」と、同法第七百二十九条第一項中「第七百七条」とあるのは「資産流動化法第百二十七条第八項において準用する第七百七条」と、同法第七百三十三条第一号中「第六百七十六条」とあるのは「資産流動化法第百二十二条第一項」と、同法第七百三十七条第二項中「第七百五条第一項から第三項まで、第七百八条及び第七百九条」とあるのは「資産流動化法第百二十七条第一項から第三項まで並びに同条第八項において準用する第七百八条及び第七百九条」と、同法第七百四十条第一項中「第四百四十九条」とあるのは「資産流動化法第百十一条」と、同条第二項中「第七百二条」とあるのは「資産流動化法第百二十六条」と、同法第七百四十一条第三項中「第七百五条第一項（第七百三十七条第二項」とあるのは「資産流動化法第百二十七条第一項（資産流動化法第百二十九条第二項において準用する第七百三十七条第二項」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Part IV, Chapter III (excluding Article 715) (Bondholders Meeting); Part VII, Chapter II, Section 7 (Action Seeking Rescission of Performance of a Bond-issuing Company); Article 868, paragraph (4) (Jurisdiction over Non-Contentious Cases); Article 869 (Prima Facie Showing); Article 870, paragraph (1) (but only the part that involves items (vii) through (ix)) (Hearing of Statements); Article 871 (Appending of the Reason); Article 872 (but only the part that involves item (iv)) (Immediate Appeal); Article 873 (Stay of Execution of the Judicial Decision of the Prior Instance); Article 874 (but only the part that involves item (iv)) (Restrictions on Appeal); Article 875 (Exclusion from Application of the Provisions of the Non-Contentious Cases Procedures Act); and Article 876 (Supreme Court Rules) of the Companies Act apply mutatis mutandis to specified bonds, specified bondholders, specified bond certificates, specified bond managers, specified bond registries, and specified bondholders meetings, if a specified purpose company issues specified bonds. In such a case, the terms "bond-issuing company", "bearer bonds", and "representative bondholder" in those provisions are deemed to be replaced with "company issuing the specified bonds", "specified bonds in bearer form", and "representative specified bondholder", respectively; the term "this Act" in Article 716 of the Companies Act is deemed to be replaced with "the Asset Securitization Act or the asset securitization plan"; the term "electronic public notice" in Article 720, paragraph (5) of the Companies Act is deemed to be replaced with "electronic public notice (meaning electronic public notice prescribed in Article 194, paragraph (1), item (iii) of the Asset Securitization Act)"; the term "bondholders meeting reference documents" in Article 721 of the Companies Act is deemed to be replaced with "reference documents for a specified bondholders meeting"; the term "each item of Article 706, paragraph (1)" in Article 724, paragraph (2), item (i) of the Companies Act is deemed to be replaced with "the items of Article 127, paragraph (4) of the Asset Securitization Act"; the term "paragraph (1) of Article 706" in Article 724, paragraph (2), item (ii) of the Companies Act is deemed to be replaced with "Article 127, paragraph (4) of the Asset Securitization Act"; the term "Article 707" in Article 729, paragraph (1) of the Companies Act is deemed to be replaced with "Article 707 as applied mutatis mutandis pursuant to Article 127, paragraph (8) of the Asset Securitization Act"; the term "Article 676" in Article 733, item (i) of the Companies Act is deemed to be replaced with "Article 122, paragraph (1) of the Asset Securitization Act"; the term "paragraphs (1) through (3) of Article 705, and under Articles 708 and 709" in Article 737, paragraph (2) of the Companies Act is deemed to be replaced with "Article 127, paragraphs (1) through (3) of the Asset Securitization Act and the provisions of Article 708 and Article 709 of the Companies Act as applied mutatis mutandis pursuant to Article 127, paragraph (8) of the Asset Securitization Act"; the term "Article 449" in Article 740, paragraph (1) of the Companies Act is deemed to be replaced with "Article 111 of the Asset Securitization Act"; the term "Article 702" in Article 740, paragraph (2) of the Companies Act is deemed to be replaced with "Article 126 of the Asset Securitization Act"; the term "paragraph (1) of Article 705 (including as applied mutatis mutandis pursuant to Article 737, paragraph (2))" in Article 741, paragraph (3) of the Companies Act is deemed to be replaced with "Article 127, paragraph (1) (including as applied mutatis mutandis pursuant to Article 737, paragraph (2) of the Companies Act as applied mutatis mutandis pursuant to Article 129, paragraph (2) of the Asset Securitization Act) of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百三十条特定社債は、担保付社債信託法その他の政令で定める法令の適用については、政令で定めるところにより、社債とみなす。

Article 130To apply the Secured Bond Trust Act and other laws and regulations specified by Cabinet Order, specified bonds are deemed to be corporate bonds, pursuant to the provisions of Cabinet Order.

第百三十一条特定目的会社は、資産流動化計画の定めるところに従い、転換特定社債を発行することができる。

Article 131(1)A specified purpose company may issue convertible specified bonds in accordance with the provisions of the asset securitization plan.

２第二種特定目的会社が優先出資社員以外の者に対して特に有利な転換の条件を付した転換特定社債を発行する場合には、資産流動化計画にこれに関する定めがあるときにおいても、その者に対して発行することができる転換特定社債の総額、払込金額、転換の条件、転換によって発行すべき優先出資の内容及び転換を請求することができる期間について、社員総会の決議によらなければならない。この場合においては、取締役は、当該社員総会において、優先出資社員以外の者に対して特に有利な払込金額をもって転換特定社債を発行することを必要とする理由を説明しなければならない。

(2)If a Type II Specified Purpose Company issues convertible specified bonds with conditions for conversion that are particularly favorable to persons other than preferred equity members, the total amount of convertible specified bonds that may be issued to those persons, the amount to be paid in, the conditions for conversion, the details of the preferred equity to be issued upon conversion, and the period during which a person may request the conversion must be decided by resolution at a general meeting of members, even if the asset securitization plan provides for these particulars. In such a case, the director, at that general meeting of members, must explain the reason for the need to issue convertible specified bonds in an amount to be paid in that is particularly favorable to persons other than preferred equity members.

３前項の決議は、当該決議後最初に発行する転換特定社債であって、当該決議の日から六箇月以内に発行すべきものについてのみ効力を有する。

(3)The resolution referred to in the preceding paragraph is effective only on the first convertible specified bonds issued after the resolution is adopted, and these convertible specified bonds must be issued within six months from the date of that resolution.

４第三十九条第三項の規定は、第二項の決議について準用する。

(4)The provisions of Article 39, paragraph (3) apply mutatis mutandis to the resolution referred to in paragraph (2).

第百三十二条特定目的会社は、転換特定社債（前条第二項の決議があったものを除く。）を発行する場合には、転換特定社債の総額、払込金額、転換の条件、転換によって発行すべき優先出資の内容、転換を請求することができる期間及び募集の方法を公告し、又は社員に通知しなければならない。

Article 132(1)If a specified purpose company issues convertible specified bonds (other than those on which a resolution referred to in paragraph (2) of the preceding Article has been adopted), the company must issue public notice or notify the members of the total amount of convertible specified bonds, the amount to be paid in, conditions for conversion, details of the preferred equity to be issued upon conversion, the period during which a person may request their conversion, and the means of subscribing for them.

２特定目的会社は、電子情報処理組織を使用する方法その他の情報通信の技術を利用する方法により前項の通知をする場合には、政令で定めるところにより、社員の承諾を得て、内閣府令で定める方法により、当該通知をしなければならない。

(2)If a specified purpose company is to issue the notice referred to in the preceding paragraph using an electronic data processing system or by using other information and communications technology, the company must obtain the consent of the members pursuant to the provisions of Cabinet Order, and issue that notice using the means that Cabinet Office Order prescribes.

３特定目的会社は、第一項の規定による公告又は通知の日から二週間を経過した後でなければ、転換特定社債の割当てをすることができない。

(3)A specified purpose company may not allot convertible specified bonds until after two weeks have passed since the date on which the public notice or notice under paragraph (1) was issued.

第百三十三条転換特定社債については、第百二十一条第一項の募集に応じて募集特定社債の引受けの申込みをしようとする者に対し、第百二十二条第一項の規定により通知すべき事項のほか、次に掲げる事項を通知しなければならない。

Article 133(1)For convertible specified bonds, in addition to the information of which, pursuant to Article 122, paragraph (1), a specified purpose company must notify a person that seeks to make an offer to subscribe for specified bonds for subscription in response to the solicitation referred to in Article 121, paragraph (1), the company must notify that person of the following information:

２転換特定社債については、前項各号に掲げる事項を、特定社債原簿に記載し、又は記録し、かつ、転換特定社債券を発行したときは、当該転換特定社債券に記載しなければならない。

(2)The information set forth in the items of the preceding paragraph must be entered or recorded in the specified bond register for convertible specified bonds, and if convertible specified bond certificates are issued, that information must be entered in the convertible specified bond certificates.

第百三十四条転換特定社債を発行する場合においては、第百二十二条第一項第十五号に規定する期日から二週間以内に、本店の所在地において、転換特定社債の登記をしなければならない。

Article 134(1)If a specified purpose company issues convertible specified bonds, the convertible specified bonds must be registered in the locality of its head office within two weeks from the due date prescribed in Article 122, paragraph (1), item (xv).

２前項の登記においては、次に掲げる事項を登記しなければならない。

(2)The following information must be registered in a registration as referred to in the preceding paragraph:

３会社法第九百十五条第一項（変更の登記）の規定は、前項各号に掲げる事項に変更が生じた場合について準用する。

(3)The provisions of Article 915, paragraph (1) (Registration of a Change) of the Companies Act apply mutatis mutandis if a piece of information set forth in an item of the preceding paragraph changes.

４外国において転換特定社債を引き受ける者の募集をした場合において、登記すべき事項が外国において生じたときは、登記の期間については、その通知が到達した時から起算する。

(4)If a specified purpose company solicits a person subscribing for convertible specified bonds in a foreign state and a particular required to be registered arises in a foreign state, the period for registration is counted from the date on which the notice of that information arrives.

第百三十五条転換の請求は、次に掲げる事項を明らかにしてしなければならない。

Article 135(1)To request the conversion of convertible specified bonds, a person must disclose the following information:

２転換を請求する者は、転換特定社債券を特定目的会社に提出しなければならない。ただし、当該転換特定社債券が発行されていないときは、この限りでない。

(2)A person requesting a conversion must submit the convertible specified bond certificate to the specified purpose company; provided, however, that this does not apply if the convertible specified bond certificate has not been issued.

第百三十六条特定目的会社が、社員総会において議決権を行使することのできる優先出資社員を定めるため第四十三条第二項の規定により一定の日を定めているときは、その日以後の転換の請求によって発行された優先出資については、優先出資社員は、当該優先出資については、議決権を有しない。

Article 136If a specified purpose company has fixed a specific date pursuant to the provisions of Article 43, paragraph (2) in order to specify which preferred equity members are entitled to vote at general meetings of members, a preferred equity member that holds preferred equity issued based on a request for conversion after that date is not entitled to vote.

第百三十七条第百三十五条第一項の規定により転換の請求をした者は、同項第二号の日に優先出資社員となる。

Article 137A person requesting a conversion pursuant to the provisions of Article 135, paragraph (1) becomes a preferred equity member on the date referred to in item (ii) of that paragraph.

第百三十八条会社法第百五十一条第一項（各号を除く。）（株式の質入れの効果）、第二百十条（募集株式の発行等をやめることの請求）、第二百十二条第一項（第一号に係る部分に限る。）（不公正な払込金額で株式を引き受けた者等の責任）及び第九百十五条第三項（第一号に係る部分に限る。）（変更の登記）の規定は、特定目的会社の転換特定社債について準用する。この場合において、同法第百五十一条第一項中「株式会社が次に掲げる行為をした場合」とあるのは「転換特定社債の転換がされた場合」と、「当該行為」とあるのは「当該転換」と、「株主」とあるのは「転換特定社債権者」と、同法第二百十条中「株主」とあるのは「社員」と、「第百九十九条第一項」とあるのは「資産流動化法第百二十一条第一項」と、同条第一号中「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 138(1)The provisions of Article 151, paragraph (1) (excluding the items) (Effect of Pledge of Shares); Article 210 (Demanding Cessation of Issuance of Shares for Subscription); Article 212, paragraph (1) (but only the part that involves item (i)) (Liabilities of Persons Who Subscribed for Shares with Unfair Amount To Be Paid In); and Article 915, paragraph (3) (but only the part that involves item (i)) (Registration of a Change) of the Companies Act apply mutatis mutandis to a specified purpose company's convertible specified bonds. In such a case, the terms "If a stock company carries out any of the acts set forth below", "such act", and "shareholders" in Article 151, paragraph (1) of the Companies Act are deemed to be replaced with "If the conversion of convertible specified bonds has been effected", "such conversion", and "convertible specified bondholders", respectively; the terms "shareholders" and "Article 199, paragraph (1)" in Article 210 of the Companies Act are deemed to be replaced with "members" and "Article 121, paragraph (1) of the Asset Securitization Act", respectively; the term "laws and regulations or the articles of incorporation" in Article 210, item (i) of the Companies Act is deemed to be replaced with "laws and regulations, the articles of incorporation, or the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

２第九十七条第三項及び会社法第七編第二章第二節（第八百四十七条第二項、第八百四十七条の二、第八百四十七条の三、第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（株式会社における責任追及等の訴え）の規定は、前項において準用する同法第二百十二条第一項の規定による支払を求める訴えについて準用する。この場合において、同法第八百四十七条第一項中「六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き株式を有する株主（第百八十九条第二項の定款の定めによりその権利を行使することができない単元未満株主を除く。）」とあるのは「特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員」と、同条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主又は同項の発起人等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員及び優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 97, paragraph (3) of this Act and the provisions of Part VII, Chapter II, Section 2 (excluding Article 847, paragraph (2); Article 847-2; Article 847-3; Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Action to Enforce Liability at a Stock Company) of the Companies Act apply mutatis mutandis to an action for demanding payment under Article 212, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to the preceding paragraph. In such a case, the phrase "A shareholder (excluding a holder of shares less than one unit who is unable to exercise rights pursuant to the provisions of the articles of incorporation) having the shares consecutively for the preceding six months or more (or, in cases where a shorter period is prescribed in the articles of incorporation, that period or more)" in Article 847, paragraph (1) of the Companies Act is deemed to be replaced with "A specified equity member or a preferred equity member that has held preferred equity continuously for the preceding six months (or, if a shorter period is provided for in the articles of incorporation, that period)"; the term "shareholder" in paragraph (3) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the phrase "shareholder who made such demand or the incorporator, etc. referred to in that paragraph" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "that specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849, paragraph (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholders" in paragraph (5) of that Article is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百三十九条特定目的会社は、資産流動化計画の定めるところに従い、新優先出資引受権付特定社債を発行することができる。

Article 139(1)A specified purpose company may issue specified bonds with preferred equity subscription rights in accordance with the provisions of the asset securitization plan.

２各新優先出資引受権付特定社債に付する新優先出資の引受権の行使に際して出資される金銭の額（次項、第百四十四条第一項第二号並びに第百四十五条第一項第一号及び第二項において「払込金額」という。）の合計額は、各新優先出資引受権付特定社債の金額を超えることができない。

(2)The total amount to be contributed upon exercise of the subscription rights embedded in each specified bond with preferred equity subscription rights (referred to as the "amount to be paid in" in the following paragraph, Article 144, paragraph (1), item (ii), and Article 145, paragraph (1), item (i), and paragraph (2)) may not exceed the amount of that specified bond with preferred equity subscription rights.

３新優先出資の引受権のみを譲渡することができる新優先出資引受権付特定社債を発行する場合には、資産流動化計画にこれに関する定めがあるときにおいても、新優先出資引受権付特定社債の総額、新優先出資の引受権の行使によって発行する優先出資の払込金額の総額及び新優先出資の引受権を行使することができる期間について、社員総会の決議によらなければならない。ただし、新優先出資引受権付特定社債であって行使されていない新優先出資の引受権に係る優先出資の払込金額の総額が現に存する新優先出資引受権付特定社債の総額を超えない場合に限り償還及び消却をするものを発行するときは、この限りでない。

(3)If a specified purpose company issues specified bonds with preferred equity subscription rights that allow the preferred equity subscription rights to be transferred independently, the total amount of specified bonds with preferred equity subscription rights, the total amount to be paid in for the preferred equity issued upon the exercise of those subscription rights, and the period during which the preferred equity subscription rights may be exercised must be decided by resolution at a general meeting of members, even if the asset securitization plan provides for these particulars; provided, however, that this does not apply if the company issues specified bonds with preferred equity subscription rights that it only redeems or cancels if the total amount to be paid in for the preferred equity associated with unexercised preferred equity subscription rights does not exceed the total amount of existing specified bonds with preferred equity subscription rights.

４第二種特定目的会社が、優先出資社員以外の者に対して特に有利な内容の新優先出資の引受権を付した新優先出資引受権付特定社債を発行する場合には、資産流動化計画にこれに関する定めがあるときにおいても、その者に対して発行することができる新優先出資引受権付特定社債の額、払込金額、新優先出資の引受権の内容及び新優先出資の引受権を行使することができる期間について、社員総会の決議によらなければならない。この場合においては、取締役は、当該社員総会において、優先出資社員以外の者に対して特に有利な払込金額をもって新優先出資引受権付特定社債を発行することを必要とする理由を説明しなければならない。

(4)If a Type II Specified Purpose Company issues specified bonds with preferred equity subscription rights and the details of the embedded preferred equity subscription rights are particularly favorable to persons other than preferred equity members, the amount of specified bonds with preferred equity subscription rights that may be issued to those persons, the amount to be paid in, the details of the subscription rights, and the period during which the subscription rights may be exercised must be decided by resolution at a general meeting of members, even if the asset securitization plan provides for these particulars. In such a case, the directors, at the general meeting of members, must explain the reason for the need to issue the specified bonds with preferred equity subscription rights in an amount to be paid in that is particularly favorable to persons other than preferred equity members.

５第百三十一条第三項及び第四項の規定は、前二項の社員総会の決議について準用する。この場合において、同条第三項中「転換特定社債」とあるのは、「新優先出資引受権付特定社債」と読み替えるものとする。

(5)The provisions of Article 131, paragraphs (3) and (4) apply mutatis mutandis to a resolution at a general meeting of members referred to in the preceding two paragraphs. In such a case, the term "convertible specified bonds" in Article 131, paragraph (3) is deemed to be replaced with "specified bonds with preferred equity subscription rights ".

第百四十条特定目的会社は、新優先出資引受権付特定社債（前条第四項の決議があったものを除く。）を発行するときは、新優先出資引受権付特定社債の総額、払込金額、新優先出資の引受権の内容、新優先出資の引受権を行使することができる期間及び募集の方法を公告し、又は社員に通知しなければならない。

Article 140(1)If a specified purpose company issues specified bonds with preferred equity subscription rights (other than ones with regard to which a resolution referred to in paragraph (4) of the preceding Article has been adopted), the company must issue public notice or notify the members of the total amount of specified bonds with preferred equity subscription rights, the amount to be paid in, the details of the preferred equity subscription rights, the period during which the preferred equity subscription rights may be exercised, and the means of subscribing for them.

２第百三十二条第二項の規定は、前項の通知について準用する。

(2)The provisions of Article 132, paragraph (2) apply mutatis mutandis to the notice referred to in the preceding paragraph.

３特定目的会社は、第一項の規定による公告又は通知の日から二週間を経過した後でなければ、新優先出資引受権付特定社債の割当てをすることができない。

(3)A specified purpose company may not allot specified bonds with preferred equity subscription rights until after two weeks have passed since the date on which the public notice or notice under paragraph (1) was issued.

第百四十一条新優先出資引受権付特定社債については、第百二十一条第一項の募集に応じて募集特定社債の引受けの申込みをしようとする者に対し、第百二十二条第一項の規定により通知すべき事項のほか、次に掲げる事項を通知しなければならない。

Article 141(1)For specified bonds with preferred equity subscription rights, in addition to the information of which, pursuant to Article 122, paragraph (1), a specified purpose company must notify a person that seeks to make an offer to subscribe for specified bonds for subscription in response to the solicitation referred to in Article 121, paragraph (1), the company must notify that person of the following information:

２新優先出資引受権付特定社債については、新優先出資引受権付特定社債券を発行したときは、当該新優先出資引受権付特定社債券に前項各号に掲げる事項を記載しなければならない。ただし、次条第一項の新優先出資引受権証券を発行するときは、この限りでない。

(2)If certificates representing specified bonds with preferred equity subscription rights are issued, the information set forth in the items of the preceding paragraph must be entered in them; provided, however, that this does not apply if preferred equity subscription warrants referred to in paragraph (1) of the following Article are issued.

３新優先出資引受権付特定社債については、第一項各号に掲げる事項を特定社債原簿に記載し、又は記録しなければならない。

(3)The information set forth in the items of paragraph (1) must be entered or recorded in the specified bond register for specified bonds with preferred equity subscription rights.

第百四十二条資産流動化計画に新優先出資の引受権のみを譲渡することができる旨の定めがある場合においては、特定目的会社は、新優先出資引受権証券を発行しなければならない。

Article 142(1)If the asset securitization plan provides that preferred equity subscription rights may be transferred independently, the specified purpose company must issue preferred equity subscription warrants.

２新優先出資引受権証券には、次に掲げる事項及び番号を記載し、代表取締役がこれに署名し、又は記名押印しなければならない。

(2)The following information and serial numbers must be entered in preferred equity subscription warrants, and the representative director must sign them or have their name and personal seal affixed to them:

第百四十三条新優先出資引受権証券が発行された場合には、新優先出資の引受権を譲渡するには、新優先出資引受権証券を交付しなければならない。

Article 143(1)If preferred equity subscription warrants are issued, a preferred equity subscription right must be transferred through the delivery of the preferred equity subscription warrant.

２会社法第二百五十八条第一項及び第二項（権利の推定等）並びに第二百九十一条（新株予約権証券の喪失）の規定は、新優先出資引受権証券について準用する。この場合において、同法第二百五十八条中「証券発行新株予約権」とあるのは、「新優先出資引受権」と読み替えるものとする。

(2)The provisions of Article 258, paragraphs (1) and (2) (Presumption of Rights) and Article 291 (Loss of Share Option Certificates) of the Companies Act apply mutatis mutandis to preferred equity subscription warrants. In such a case, the term "share options with issued certificate" in Article 258 of that Act is deemed to be replaced with "preferred equity subscription rights".

第百四十四条新優先出資引受権付特定社債の登記においては、次に掲げる事項を登記しなければならない。

Article 144(1)The following information must be registered in the registration of a specified bond with preferred equity subscription rights:

２第百三十四条第一項、第三項及び第四項の規定は、新優先出資引受権付特定社債の登記について準用する。

(2)The provisions of Article 134, paragraphs (1), (3), and (4) apply mutatis mutandis to the registration of a specified bond with preferred equity subscription rights.

第百四十五条新優先出資の引受権の行使は、次に掲げる事項を明らかにしてしなければならない。

Article 145(1)To exercise preferred equity subscription rights, a person must disclose the following information:

２新優先出資の引受権を行使する者は、新優先出資の払込金額の全額を払い込み、かつ、新優先出資引受権証券を発行しているときは、新優先出資引受権証券を特定目的会社に提出し、新優先出資引受権証券を発行していないとき（新優先出資引受権付特定社債券を発行していないときを除く。）は、新優先出資引受権付特定社債券を提示しなければならない。

(2)If a person exercising preferred equity subscription rights has paid the entire amount to be paid in for the new preferred equity and preferred equity subscription warrants have been issued, the person must submit its preferred equity subscription warrants to the specified purpose company, but if preferred equity subscription warrants have not been issued (excluding cases in which certificates representing specified bonds with preferred equity subscription rights have not been issued), the person must present the certificates representing the specified bonds with preferred equity subscription rights.

３前項の払込みは、第百四十一条第一項第三号の銀行等の払込みの取扱いの場所においてしなければならない。

(3)A payment referred to in the preceding paragraph must be made at the place where the bank or equivalent entity handles those payments as referred to in Article 141, paragraph (1), item (iii).

第百四十六条前条第一項の規定により新優先出資の引受権を行使した者は、同条第二項の払込みの時に優先出資社員となる。

Article 146A person exercising a preferred equity subscription right pursuant to paragraph (1) of the preceding Article becomes a preferred equity member at the time of making the payment referred to in paragraph (2) of that Article.

第百四十七条会社法第二百十条（募集株式の発行等をやめることの請求）及び第二百十二条第一項（第一号に係る部分に限る。）（不公正な払込金額で株式を引き受けた者等の責任）の規定は新優先出資引受権付特定社債について、第百三十六条並びに同法第九百十五条第三項（第一号に係る部分に限る。）（変更の登記）の規定は新優先出資引受権の行使について、それぞれ準用する。この場合において、同法第二百十条中「株主」とあるのは「社員」と、「第百九十九条第一項」とあるのは「資産流動化法第百二十一条第一項」と、同条第一号中「法令又は定款」とあるのは「法令、資産流動化計画又は定款」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

Article 147(1)The provisions of Article 210 (Demanding Cessation of the Issuing of Shares for Subscriptions) and Article 212, paragraph (1) (but only the part that involves item (i)) (Liabilities of Persons who Subscribed for Shares with Unfair Amount To Be Paid In) of the Companies Act apply mutatis mutandis to specified bonds with preferred equity subscription rights, and Article 136 of this Act and Article 915, paragraph (3) (but only the part that involves item (i)) (Registration of a Change) of the Companies Act apply mutatis mutandis to the exercise of preferred equity subscription rights. In such a case, the terms "shareholders" and "Article 199, paragraph (1)" in Article 210 of the Companies Act are deemed to be replaced with "members" and "Article 121, paragraph (1) of the Asset Securitization Act", respectively; the term "laws and regulations or the articles of incorporation" in Article 210, item (i) of the Companies Act is deemed to be replaced with "laws and regulations, the asset securitization plan, or the articles of incorporation"; and Cabinet Order provides for any other necessary technical replacement of terms.

２第九十七条第三項及び会社法第七編第二章第二節（第八百四十七条第二項、第八百四十七条の二、第八百四十七条の三、第八百四十九条第二項、第三項及び第六項から第十一項まで、第八百五十一条並びに第八百五十三条第一項第二号及び第三号を除く。）（株式会社における責任追及等の訴え）の規定は、前項において準用する同法第二百十二条第一項の規定による支払を求める訴えについて準用する。この場合において、同法第八百四十七条第一項中「六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き株式を有する株主（第百八十九条第二項の定款の定めによりその権利を行使することができない単元未満株主を除く。）」とあるのは「特定社員又は六箇月（これを下回る期間を定款で定めた場合にあっては、その期間）前から引き続き優先出資を有する優先出資社員」と、同条第三項中「株主」とあるのは「特定社員又は優先出資社員」と、同条第四項中「株主又は同項の発起人等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員又は優先出資社員」と、同法第八百四十七条の四第二項中「株主等（株主、適格旧株主又は最終完全親会社等の株主をいう。以下この節において同じ。）」とあるのは「特定社員又は優先出資社員」と、「当該株主等」とあるのは「当該特定社員又は優先出資社員」と、同法第八百四十九条第一項中「株主等」とあるのは「特定社員若しくは優先出資社員」と、同条第四項中「株主等」とあるのは「特定社員又は優先出資社員」と、同条第五項中「株主」とあるのは「特定社員及び優先出資社員」と、同法第八百五十条第三項及び第八百五十二条中「株主等」とあるのは「特定社員又は優先出資社員」と、同法第八百五十三条第一項第一号中「株主」とあるのは「特定社員若しくは優先出資社員」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(2)The provisions of Article 97, paragraph (3) of this Act, Part VII, Chapter II, Section 2 (excluding Article 847, paragraph (2); Article 847-2; Article 847-3; Article 849, paragraph (2), paragraph (3), and paragraphs (6) through (11); Article 851; and Article 853, paragraph (1), items (ii) and (iii)) (Action to Enforce Liability at a Stock Company) of the Companies Act apply mutatis mutandis to an action for demanding payment under Article 212, paragraph (1) of the Companies Act as applied mutatis mutandis pursuant to the preceding paragraph. In such a case, the phrase "A shareholder (excluding a holder of shares of less than one unit who is unable to exercise their right pursuant to the provisions of the articles of incorporation under Article 189, paragraph (2)) having the shares consecutively for the preceding six months or more (or, in cases where a shorter period is prescribed in the articles of incorporation, that period or more)" in Article 847, paragraph (1) of the Companies Act is deemed to be replaced with "A specified equity member or a preferred equity member that has held preferred equity continuously for the preceding six months (or, if a shorter period is provided for in the articles of incorporation, that period)"; the term "shareholder" in paragraph (3) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder who made such demand or the incorporator, etc. referred to in that paragraph" in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in paragraph (5) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc. (meaning a shareholder, a qualified former shareholder or a shareholder of an ultimate, wholly owning parent company, etc.; hereinafter the same applies in this Section)" in Article 847-4, paragraph (2) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "the shareholder, etc." in that paragraph is deemed to be replaced with "that specified equity member or preferred equity member"; the term "shareholder, etc." in Article 849, paragraph (1) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder, etc." in paragraph (4) of that Article is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholders" in paragraph (5) of that Article is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholders, etc." in Article 850, paragraph (3) of that Act is deemed to be replaced with "specified equity members or preferred equity members"; the term "shareholder, etc." in Article 852 of that Act is deemed to be replaced with "specified equity member or preferred equity member"; the term "shareholder" in Article 853, paragraph (1), item (i) of that Act is deemed to be replaced with "specified equity member or preferred equity member"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百四十八条特定目的会社は、特定短期社債については、次に掲げる場合に限り、これを発行することができる。

Article 148A specified purpose company may issue specified short-term bonds only in the following cases:

第百四十九条特定短期社債については、特定社債原簿を作成することを要しない。

Article 149(1)Specified short-term bonds do not require the preparation of a specified bond register.

２特定短期社債については、第百二十一条第一項、第百二十九条、第百三十一条から第百四十七条まで及び第百五十四条の規定は、適用しない。

(2)The provisions of Article 121, paragraph (1); Article 129; Articles 131 through 147; and Article 154 do not apply to specified short-term bonds.

第百六十四条特定目的会社は、次に掲げる場合には、この款の定めによるところにより、清算をしなければならない。

Article 164In the following cases, a specified purpose company must go into liquidation pursuant to the provisions of this Subsection:

第百六十五条前条の規定により清算をする特定目的会社（以下「清算特定目的会社」という。）は、清算の目的の範囲内において、清算が結了するまではなお存続するものとみなす。

Article 165A specified purpose company that goes into liquidation pursuant to the provisions of the preceding Article (hereinafter referred to as "specified purpose company in liquidation") is deemed to continue to exist inasmuch as the task of liquidation is concerned, until the liquidation is completed.

第百六十六条清算特定目的会社には、次に掲げる機関を置かなければならない。

Article 166(1)A specified purpose company in liquidation must have the following administrative organs:

２第六十七条の規定は、清算特定目的会社については、適用しない。

(2)The provisions of Article 67 do not apply to a specified purpose company in liquidation.

第百六十七条次に掲げる者は、清算特定目的会社の清算人となる。

Article 167(1)The following persons become the liquidators of a specified purpose company in liquidation:

２優先出資社員は、前項第三号に規定する決議について、議決権を有する。

(2)Preferred equity members are entitled to vote on a resolution prescribed in item (iii) of the preceding paragraph.

３第一項の規定により清算人となる者がないときは、裁判所は、利害関係人の申立てにより、清算人を選任する。

(3)If there is no person to become a liquidator pursuant to the provisions of paragraph (1), the court appoints a liquidator at the petition of an interested party.

４第一項及び前項の規定にかかわらず、第百六十条第一項第五号に掲げる事由によって解散した清算特定目的会社については、裁判所は、利害関係人若しくは法務大臣の申立てにより又は職権で、清算人を選任する。

(4)Notwithstanding the provisions of paragraph (1) or the preceding paragraph, the court appoints a liquidator for a specified purpose company in liquidation that has been dissolved on the grounds set forth in Article 160, paragraph (1), item (v) at the petition of an interested party or the Minister of Justice, or on its own authority.

５第一項及び第三項の規定にかかわらず、第百六十四条第二号に掲げる場合に該当することとなった清算特定目的会社については、裁判所は、利害関係人の申立てにより、清算人を選任する。

(5)Notwithstanding the provisions of paragraph (1) and paragraph (3), the court appoints a liquidator for a specified purpose company in liquidation that has come to fall under a case set forth in Article 164, item (ii) at the petition of an interested party.

６第一項及び第三項の規定にかかわらず、第百六十条第一項第六号に掲げる事由によって解散した清算特定目的会社については、裁判所は、利害関係人若しくは内閣総理大臣の申立てにより又は職権で、清算人を選任する。

(6)Notwithstanding the provisions of paragraph (1) and paragraph (3), the court appoints a liquidator for a specified purpose company in liquidation that has been dissolved on the grounds set forth in Article 160, paragraph (1), item (vi) at the petition of an interested party or the Prime Minister, or on its own authority.

７第六十九条及び第七十条の規定は、清算特定目的会社の清算人について準用する。

(7)The provisions of Article 69 and Article 70 apply mutatis mutandis to the liquidator of a specified purpose company in liquidation.

第百六十八条清算人（前条第三項から第六項までの規定により裁判所が選任したものを除く。）は、いつでも、社員総会の決議によって解任することができる。

Article 168(1)A liquidator (other than one appointed by the court pursuant to the provisions of paragraphs (3) through (6) of the preceding Article) may be dismissed at any time by resolution at a general meeting of members.

２優先出資社員は、前項の規定による清算人の解任について、議決権を有する。

(2)Preferred equity members are entitled to vote on the dismissal of liquidators pursuant to the provisions of the preceding paragraph.

３裁判所は、利害関係人若しくは内閣総理大臣の申立てにより又は職権で、前条第六項の規定により選任された清算人を解任することができる。

(3)The court may dismiss a liquidator appointed pursuant to paragraph (6) of the preceding Article, at the petition of an interested party or the Prime Minister, or on its own authority.

４重要な事由があるときは、裁判所は、次に掲げる社員の申立てにより、清算人を解任することができる。

(4)If there are material grounds for doing so, the court may dismiss the liquidator at the petition of the following members:

５第七十六条第一項から第三項まで及び第六項並びに会社法第九百三十七条第一項（第二号ホ及び第三号イに係る部分に限る。）（裁判による登記の嘱託）の規定は、清算人について準用する。この場合において、第七十六条第一項中「員数」とあるのは「人数」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(5)The provisions of Article 76, paragraphs (1) through (3) and paragraph (6) of this Act, and Article 937 (1) (but only the part that involves item (ii), sub-item (e) and item (iii), sub-item (a)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to a liquidator. In such a case, the term "the number of officers" in Article 76, paragraph (1) is deemed to be replaced with "the number of liquidators"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百六十九条清算人は、次に掲げる職務を行う。

Article 169A liquidator undertakes the following duties:

第百七十条清算人は、清算特定目的会社の業務を執行する。

Article 170(1)A liquidator carries out the execution of business of a specified purpose company in liquidation.

２清算人が二人以上ある場合には、清算特定目的会社の業務は、定款に別段の定めがある場合を除き、清算人の過半数をもって決定する。

(2)If there are two or more liquidators, the business of a specified purpose company in liquidation is decided by a majority of the liquidators, unless otherwise provided for in the articles of incorporation.

３第八十条及び第八十二条から第八十四条まで並びに会社法第三百五十四条（表見代表取締役）、第三百五十五条（忠実義務）、第三百五十七条第一項（取締役の報告義務）、第四百八十四条（清算株式会社についての破産手続の開始）及び第四百八十五条（裁判所の選任する清算人の報酬）の規定は、清算特定目的会社の清算人（第八十四条の規定については、第百六十七条第三項から第六項までの規定により裁判所が選任したものを除く。）について準用する。この場合において、同法第三百五十四条中「社長、副社長その他株式会社を代表する権限を有するものと認められる名称」とあるのは「清算特定目的会社を代表する権限を有するものと認められる名称」と、同法第三百五十五条中「株主総会」とあるのは「社員総会」と、同法第三百五十七条第一項中「株主（監査役設置会社にあっては、監査役）」とあるのは「監査役」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 80 and Articles 82 through 84 of this Act, and Article 354 (Apparent Representative Director); Article 355 (Duty of Loyalty); Article 357, paragraph (1) (Director's Duty to Report); Article 484 (Commencement of Bankruptcy Procedures for Liquidating Stock Companies); and Article 485 (Remuneration for Liquidators Appointed by the Court) of the Companies Act apply mutatis mutandis to a liquidator (but the provisions of Article 84 do not apply to liquidators appointed by the court pursuant to the provisions of Article 167, paragraphs (3) through (6)) of a specified purpose company in liquidation. In such a case, the phrase "the title of president, vice president or other title regarded as having authority to represent the stock company" in Article 354 of the Companies Act is deemed to be replaced with "the title of the person found to have the authority to represent the specified purpose company in liquidation"; the term "shareholders meeting" in Article 355 of that Act is deemed to be replaced with "general meeting of members"; the term "the shareholders (or, for a company with auditors, the company auditors)" in Article 357, paragraph (1) of that Act is deemed to be replaced with "the company auditors"; and Cabinet Order provides for any other necessary technical replacement of terms.

第百七十一条清算人は、清算特定目的会社を代表する。ただし、他に代表清算人（清算特定目的会社を代表する清算人をいう。以下同じ。）その他清算特定目的会社を代表する者を定めた場合は、この限りでない。

Article 171(1)The liquidator represents a specified purpose company in liquidation; provided, however, that this does not apply if a representative liquidator (meaning a liquidator representing the specified purpose company in liquidation; the same applies hereinafter) or other person to represent the specified purpose company in liquidation has been otherwise provided for.

２前項本文の清算人が二人以上ある場合には、清算人は、各自、清算特定目的会社を代表する。

(2)If there are multiple persons serving as the liquidators referred to in the main text of the preceding paragraph, each liquidator represents the specified purpose company in liquidation individually.

３清算特定目的会社は、定款、定款の定めに基づく清算人（第百六十七条第三項から第六項までの規定により裁判所が選任したものを除く。以下この項において同じ。）の互選又は社員総会の決議によって、清算人の中から代表清算人を定めることができる。

(3)A specified purpose company in liquidation may select a representative liquidator from among the liquidators based on the articles of incorporation, based on the person the liquidators select from amongst themselves (other than one appointed by the court pursuant to Article 167, paragraphs (3) through (6); hereinafter the same applies in this paragraph) pursuant to the provisions of the articles of incorporation, or by resolution at a general meeting of members.

４第百六十七条第一項第一号の規定により取締役が清算人となる場合において、代表取締役を定めていたときは、当該代表取締役が代表清算人となる。

(4)If the directors become the liquidators pursuant to the provisions of Article 167, paragraph (1), item (i) and a representative director has been specified, the representative director becomes the representative liquidator.

５裁判所は、第百六十七条第三項から第六項までの規定により清算人を選任する場合には、その清算人の中から代表清算人を定めることができる。

(5)If the court appoints liquidators pursuant to the provisions of Article 167, paragraphs (3) through (6), it may specify a representative liquidator from among those liquidators.

６会社法第三百四十九条第四項及び第五項（株式会社の代表）、第三百五十一条（代表取締役に欠員を生じた場合の措置）並びに第九百三十七条第一項（第二号イ及びハに係る部分に限る。）（裁判による登記の嘱託）の規定は清算特定目的会社の代表清算人について、同法第三百五十二条（取締役の職務を代行する者の権限）の規定は清算特定目的会社の清算人又は代表清算人の職務を代行する者について、それぞれ準用する。この場合において、同法第三百五十一条第一項中「員数」とあるのは「人数」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(6)The provisions of Article 349, paragraphs (4) and (5) (Representatives of Companies); Article 351 (Measures When Vacancy Arises in Office of Representative Director); and Article 937, paragraph (1) (but only the part that involves item (ii), sub-items (a) and (b)) (Commissioning of Registration by a Judicial Decision) of the Companies Act apply mutatis mutandis to the representative liquidator of a specified purpose company in liquidation, and the provisions of Article 352 (Authority of Persons Who Perform Duties on Behalf of Directors) of that Act applies mutatis mutandis to a person who is to preform duties on behalf of the liquidator or representative liquidator of a specified purpose company in liquidation. In such a case, the term "the number" in Article 351, paragraph (1) of that Act is deemed to be replaced with "the number of persons" and Cabinet Order provides for any other necessary technical replacement of terms.

第百七十二条清算人は、その任務を怠ったときは、清算特定目的会社に対し、これによって生じた損害を賠償する責任を負う。

Article 172(1)If a liquidator neglects their duties, the liquidator is liable to compensate the specified purpose company in liquidation for damage resulting from this.

２清算人が第百七十条第三項において準用する第八十条第一項の規定に違反して同項第一号の取引をしたときは、当該取引によって清算人又は第三者が得た利益の額は、前項の損害の額と推定する。

(2)If a liquidator engages in the transactions prescribed in Article 80, paragraph (1), item (i) in violation of Article 80, paragraph (1) as applied mutatis mutandis pursuant to Article 170, paragraph (3), the amount of the profit that the liquidator or a third party gains as a result of the transactions is presumed to constitute the amount of the damage referred to in the preceding paragraph.

３第百七十条第三項において準用する第八十条第一項第二号又は第三号の取引によって清算特定目的会社に損害が生じたときは、次に掲げる清算人は、その任務を怠ったものと推定する。

(3)If a specified purpose company in liquidation incurs damage as a result of the transactions prescribed in Article 80, paragraph (1), item (ii) or (iii) as applied mutatis mutandis pursuant to Article 170, paragraph (3), the following liquidators are presumed to have neglected their duties:

４第九十四条第四項及び第五項の規定は、清算人の第一項の責任について準用する。この場合において、同条第五項中「第八十条第一項第二号」とあるのは、「第百七十条第三項において準用する第八十条第一項第二号」と読み替えるものとする。

(4)The provisions of Article 94, paragraphs (4) and (5) apply mutatis mutandis to the liability of liquidators prescribed in paragraph (1). In such a case, the term "Article 80, paragraph (1), item (ii)" in Article 94, paragraph (5) is deemed to be replaced with "Article 80, paragraph (1), item (ii) as applied mutatis mutandis pursuant to Article 170, paragraph (3)".

第百七十三条清算人がその職務を行うについて悪意又は重大な過失があったときは、当該清算人は、これによって第三者に生じた損害を賠償する責任を負う。

Article 173(1)If a liquidator acts in bad faith or with gross negligence in the performance of their duties, the liquidator is liable to compensate a third party for damage resulting from this.

２清算人が、次に掲げる行為をしたときも、前項と同様とする。ただし、当該清算人が当該行為をすることについて注意を怠らなかったことを証明したときは、この限りでない。

(2)The preceding paragraph also applies if a liquidator performs the following acts; provided, however, that this does not apply if the liquidator proves that they did not fail to exercise due care in performing the act:

第百七十四条清算人又は監査役が清算特定目的会社又は第三者に生じた損害を賠償する責任を負う場合において、他の清算人又は監査役も当該損害を賠償する責任を負うときは、これらの者は、連帯債務者とする。

Article 174(1)If a liquidator or company auditor is liable for damage incurred by a specified purpose company in liquidation or a third party, and other liquidators or company auditors are also liable for that damage, those persons are joint and several obligors.

２前項の場合には、第九十六条の規定は、適用しない。

(2)In the case referred to in the preceding paragraph, the provisions of Article 96 do not apply.

３第九十七条の規定は、清算特定目的会社における清算人の責任を追及する訴えについて準用する。この場合において、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 97 apply mutatis mutandis to an action to enforce the liability of a liquidator of a specified purpose company in liquidation. In such a case, Cabinet Order provides for the necessary technical replacement of terms.

第百七十五条清算特定目的会社については、第三節（第三十四条（第四項及び第五項を除く。）及び第四十六条を除く。）、第四節第一款、第七十二条第一項、第七十七条第三項において準用する会社法第三百四十五条第四項において準用する同条第三項、第八十一条第二項において準用する同法第三百五十九条及び同節第六款の規定中取締役又は代表取締役に関する規定は、清算人又は代表清算人に関する規定として清算人又は代表清算人に適用があるものとする。

Article 175With regard to a specified purpose company in liquidation, the provisions of Section 3 (excluding Article 34 (excluding paragraphs (4) and (5)) and Article 46); Section 4, Subsection 1; Article 72, paragraph (1); Article 345, paragraph (4) of the Companies Act as applied mutatis mutandis pursuant to paragraph (3) of that Article, as applied mutatis mutandis pursuant to Article 345, paragrqaph (3); Article 359 of that Act as applied mutatis mutandis pursuant to Article 81, paragraph (2); and Section 4, Subsection 6 involving directors and representative directors apply to liquidators and representative liquidators as provisions on liquidators and representative liquidators.

第百七十六条清算人は、その就任後遅滞なく、清算特定目的会社の財産の現況を調査し、内閣府令で定めるところにより、第百六十四条各号に掲げる場合に該当することとなった日における財産目録及び貸借対照表（以下この条において「財産目録等」という。）を作成し、これらを社員総会に提出し、又は提供し、その承認を受けなければならない。

Article 176(1)Without delay after assuming the position, a liquidator must investigate the current status of the assets of the specified purpose company in liquidation and, pursuant to Cabinet Office Order provisions, prepare an inventory of property and a balance sheet (hereinafter referred to as an "inventory of property and related materials" in this Article) as of the date on which the specified purpose company in liquidation came to fall under the case set forth in either item of Article 164, and must submit or provide them at a general meeting of members and have them approved.

２優先出資社員は、財産目録等の承認について、議決権を有する。

(2)Preferred equity members are entitled to vote on the approval of the inventory of property and related materials.

３清算特定目的会社は、財産目録等を作成した時から本店の所在地における清算結了の登記の時までの間、当該財産目録等を保存しなければならない。

(3)A specified purpose company in liquidation must preserve its inventory of property and related materials from the time of their preparation until the time that the completion of liquidation has been registered in the locality of its head office.

４裁判所は、申立てにより又は職権で、訴訟の当事者に対し、財産目録等の全部又は一部の提出を命ずることができる。

(4)The court, upon petition or on its own authority, may order a party to litigation to submit an inventory of property and related materials in whole or in part.

第百七十七条清算特定目的会社は、内閣府令で定めるところにより、各清算事務年度（第百六十四条各号に掲げる場合に該当することとなった日の翌日又はその後毎年その日に応当する日（応当する日がない場合にあっては、その前日）から始まる各一年の期間をいう。）に係る貸借対照表及び事務報告並びにこれらの附属明細書を作成しなければならない。

Article 177(1)A specified purpose company in liquidation, pursuant to Cabinet Office Order provisions, must prepare a balance sheet and an administrative report, as well as their annexed detailed statements, for each liquidation year (meaning the one-year period starting on the day after the date on which the specified purpose company in liquidation came to fall under a case as set forth in either item of Article 164 or on the corresponding date in subsequent years (or, if the corresponding date does not exist in a subsequent year, the day before this)).

２前項の貸借対照表及び事務報告並びにこれらの附属明細書は、内閣府令で定めるところにより、監査役の監査を受けなければならない。

(2)The balance sheet and administrative report as well as their annexed detailed statements referred to in the preceding paragraph must be audited by company auditors pursuant to Cabinet Office Order provisions.

３会社法第四百九十四条第二項及び第三項（貸借対照表等の作成及び保存）、第四百九十六条第一項及び第二項（貸借対照表等の備置き及び閲覧等）、第四百九十七条（第一項各号を除く。）（貸借対照表等の定時株主総会への提出等）並びに第四百九十八条（貸借対照表等の提出命令）の規定は、第一項の貸借対照表及び事務報告並びにこれらの附属明細書について準用する。この場合において、同法第四百九十六条第一項中「前条第一項の規定の適用がある場合にあっては、監査報告を含む。」とあるのは「資産流動化法第百七十七条第二項の監査を受けた監査報告を含む。」と、同項及び同法第四百九十七条中「定時株主総会」とあるのは「定時社員総会」と、同条第一項中「当該各号に定める貸借対照表及び事務報告」とあるのは「資産流動化法第百七十七条第二項の監査を受けた貸借対照表及び事務報告」と読み替えるものとするほか、必要な技術的読替えは、政令で定める。

(3)The provisions of Article 494, paragraphs (2) and (3) (Preparation and Retention of Balance Sheets); Article 496, paragraphs (1) and (2) (Keeping and Inspection of Balance Sheets); Article 497 (excluding the items of paragraph (1)) (Provision of Balance Sheets to Annual Shareholders Meeting); and Article 498 (Order to Submit Balance Sheet) of the Companies Act apply mutatis mutandis to the balance sheet and administrative report, and their annexed detailed statements referred to in paragraph (1). In such a case, the phrase "(including, in cases where the provisions of paragraph (1) of the preceding Article apply, audit reports" in Article 496, paragraph (1) of the Companies Act is deemed to be replaced with "(including audit reports audited as referred to in Article 177, paragraph (2) of the Asset Securitization Act"; the term "annual shareholders meeting" in Article 496, paragraph (1) and Article 497 of the Companies Act is deemed to be replaced with "annual general meeting of members"; the term "the balance sheet and administrative reports provided for in each such item" in Article 497, paragraph (1) of the Companies Act is deemed to be replaced with "the balance sheet and administrative reports audited as referred to in Article 177, paragraph (2) of the Asset Securitization Act"; and Cabinet Order provides for any other necessary technical replacement of terms.

４優先出資社員は、前項において準用する会社法第四百九十七条第二項の規定による貸借対照表の承認について、議決権を有する。