第三条主務大臣は、次に掲げる要件を備える者を、その申請により、この法律の定めるところにより第八条に規定する業務（以下「振替業」という。）を営む者として、指定することができる。

Article 3(1)The competent minister may designate a person meeting the following requirements to engage in the services prescribed in Article 8 in accordance with this Act (hereinafter referred to as the "Book-Entry Transfer Services"), at the application thereof:

２主務大臣は、前項の指定をしたときは、その指定した振替機関の商号及び本店の所在地を官報で公示しなければならない。

(2)On making a designation as referred to in the preceding paragraph, the competent minister must issue public notice of the trade name and the locality of the head office of the Book-Entry Transfer Institution designated thereby in the Official Gazette.

第四条前条第一項の指定を受けようとする者は、次に掲げる事項を記載した指定申請書を主務大臣に提出しなければならない。

Article 4(1)A person seeking a designation under paragraph (1) of the preceding Article must submit a paper application for designation to the competent minister, giving the following information:

２指定申請書には、次に掲げる書類を添付しなければならない。

(2)The following paper documents must accompany the paper application for designation:

３前項の場合において、定款若しくは貸借対照表が電磁的記録（電子的方式、磁気的方式その他人の知覚によっては認識することができない方式で作られる記録であって、電子計算機による情報処理の用に供されるものをいう。以下同じ。）で作成されているとき、又は損益計算書について書面に代えて電磁的記録の作成がされているときは、書類に代えて電磁的記録（主務省令で定めるものに限る。）を添付することができる。

(3)In a case as referred to in the preceding paragraph, if the articles of incorporation or the balance sheet have been prepared as an electronic or magnetic record (meaning a record used in computer data processing which is created in electronic form, magnetic form, or any other form that cannot be perceived by the human senses; the same applies hereinafter) or if an electronic or magnetic record has been created for the profit and loss statement in lieu of a paper-based document, an electronic or magnetic record (limited to one as specified by Ordinance of the Competent Ministry) may accompany the application in lieu of a paper document.

第五条振替機関の資本金の額は、政令で定める金額以上でなければならない。

Article 5(1)The stated capital of a Book-Entry Transfer Institution must be at least the amount prescribed by Cabinet Order.

２前項の政令で定める金額は、五億円を下回ってはならない。

(2)The amount prescribed by Cabinet Order which is referred to in the preceding paragraph must not be less than five hundred million yen.

３振替機関の純資産額は、第一項の政令で定める金額以上でなければならない。

(3)The net assets of a Book-Entry Transfer Institution must be at least the amount prescribed by Cabinet Order which is referred to in paragraph (1).

第六条振替機関は、その資本金の額を減少しようとするときは、主務省令で定めるところにより、主務大臣の認可を受けなければならない。

Article 6(1)Before decreasing its stated capital, a Book-Entry Transfer Institution must receive the authorization of the competent minister pursuant to the provisions of Ordinance of the Competent Ministry.

２振替機関は、その資本金の額を増加しようとするときは、主務省令で定めるところにより、主務大臣に届け出なければならない。

(2)Before increasing its stated capital, a Book-Entry Transfer Institution must notify the competent minister pursuant to the provisions of Ordinance of the Competent Ministry.

第六条の二会社法第三百三十一条第二項ただし書（同法第三百三十五条第一項において準用する場合を含む。）、第三百三十二条第二項（同法第三百三十四条第一項において準用する場合を含む。）、第三百三十六条第二項及び第四百二条第五項ただし書の規定は、振替機関については、適用しない。

Article 6-2The proviso of Article 331, paragraph (2) of the Companies Act (including as applied mutatis mutandis pursuant to Article 335, paragraph (1) of that Act), Article 332, paragraph (2) (including as applied mutatis mutandis pursuant to Article 334, paragraph (1) of that Act), Article 336, paragraph (2) and the proviso of Article 402, paragraph (5) do not apply to a Book-Entry Transfer Institution.

第七条振替機関の取締役、会計参与（会計参与が法人であるときは、その職務を行うべき社員）、監査役、執行役若しくは職員又はこれらの職にあった者は、振替業に関して知り得た秘密を漏らし、又は盗用してはならない。

Article 7It is prohibited for the director, accounting advisor (or the employee that performs those duties, if the accounting advisor is a corporation), auditor, executive officer, or employee of a Book-Entry Transfer Institution, or a person that has held one of these positions, to divulge or misappropriate any confidential information learned in connection with Book-Entry Transfer Services.

第八条振替機関は、この法律及び業務規程の定めるところにより、社債等の振替に関する業務を行うものとする。

Article 8A Book-Entry Transfer Institution is to conduct operations connected with the book-entry transfer of Bonds and Other Securities in accordance with this Act and its operational rules.

第九条振替機関は、振替業のほか、他の業務を営むことができない。ただし、振替業に関連する業務で、当該振替機関が振替業を適正かつ確実に営むにつき支障を生ずるおそれがないと認められるものについて、主務省令で定めるところにより、主務大臣の承認を受けたときは、この限りでない。

Article 9(1)A Book-Entry Transfer Institution may not engage in business other than Book-Entry Transfer Services; provided, however that this does not apply if the Book-Entry Transfer Institution obtains the approval of the competent minister pursuant to the provisions of Ordinance of the Competent Ministry, for business that is related to Book-Entry Transfer Services and that is found to carry no risk of preventing the institution from engaging in Book-Entry Transfer Services in an appropriate and reliable manner.

２振替機関は、前項ただし書の承認を受けた業務を廃止したときは、主務省令で定めるところにより、その旨を主務大臣に届け出なければならない。

(2)If a Book-Entry Transfer Institution discontinues the for which it has been approved pursuant to the proviso of the preceding paragraph, it must notify the competent minister of this pursuant to the provisions of Ordinance of the Competent Ministry.

第十条振替機関は、主務省令で定めるところにより、振替業の一部を、主務大臣の承認を受けて、他の者に委託することができる。

Article 10(1)A Book-Entry Transfer Institution may be approved by the competent minister to entrust another person with a part of its Book-Entry Transfer Services, pursuant to the provisions of Ordinance of the Competent Ministry.

２振替機関は、前項の規定による振替業の一部の委託に関する契約には、業務を委託する相手方が当該業務を他の者に委託しない旨の条件を付さなければならない。

(2)In the contract in which a Book-Entry Transfer Institution entrusts a person with a part of its Book-Entry Transfer Services pursuant to the provisions of the preceding paragraph, it must include the condition that the party to which it is entrusting the services will not further entrust another person with those services.

第十一条振替機関は、業務規程において、次に掲げる事項を定めなければならない。

Article 11(1)A Book-Entry Transfer Institution must provide for the following particulars in its operational rules:

２前項第五号イに掲げる事項には、各口座管理機関（第四十四条第一項第十三号に掲げる者を除く。）が、その加入者（同号に掲げる者、金融商品取引法第二条第三項第一号に規定する適格機関投資家及び国、地方公共団体その他の政令で定める者を除く。以下この項及び第三章において同じ。）に対して、当該加入者の上位機関（保証が行われない場合においても加入者の保護に支障がない者として主務省令で定めるものを除く。）が取り扱う社債等に応じて当該加入者に対して負う第八十条第二項若しくは第八十一条第二項（これらの規定を第百十三条、第百十五条、第百十七条、第百十八条、第百二十条、第百二十一条、第百二十二条、第百二十四条、第百二十七条及び第二百七十六条第一号において準用する場合を含む。）、第百五条第二項、第百六条第二項、第百九条第三項、第百十条第三項、第百二十七条の二十三第二項、第百二十七条の二十四第二項、第百四十七条第二項（第二百二十八条第一項、第二百三十五条第一項、第二百三十九条第一項及び第二百七十六条第二号において準用する場合を含む。）、第百四十八条第二項（第二百二十八条第一項、第二百三十五条第一項、第二百三十九条第一項及び第二百七十六条第二号において準用する場合を含む。）、第百八十一条第二項若しくは第百八十二条第二項（これらの規定を第二百四十九条第一項及び第二百七十六条第三号において準用する場合を含む。）又は第二百十二条第二項若しくは第二百十三条第二項（これらの規定を第二百五十一条第一項、第二百五十四条第一項及び第二百七十六条第四号において準用する場合を含む。）に規定する義務の全部の履行を連帯して保証する旨を含むものでなければならない。

(2)The particulars set forth in item (v), sub-item (a) of the preceding paragraph must include an indication that each Account Management Institution (other than a person as set forth in Article 44, paragraph (1), item (xiii)) extends a joint and several surety to its Participants (other than a person as set forth in Article 44, paragraph (1), item (xiii); a qualified institutional investor as prescribed in Article 2, paragraph (3), item (i) of the Financial Instruments and Exchange Act; the national or local government; or any other person prescribed by Cabinet Order; the same applies hereinafter in this paragraph and in Chapter III) against the performance of all obligations that any Superior Institution (other than one prescribed by Ordinance of the Competent Ministry as a person in respect of which it does not undermine the protection of Participants to have no surety extended) has toward a Participant, as a function of the Bonds and Other Securities that it handles, as prescribed in Article 80, paragraph (2) or Article 81, paragraph (2) (including as applied mutatis mutandis pursuant to Articles 113, 115, 117, 118, 120, 121, 122, 124, 127, and Article 276, item (i)), Article 105, paragraph (2), Article 106, paragraph (2), Article 109, paragraph (3), Article 110, paragraph (3), Article 127-23, paragraph (2), Article 127-24, paragraph (2), Article 147, paragraph (2) (including as applied mutatis mutandis pursuant to Article 228, paragraph (1), Article 235, paragraph (1), Article 239, paragraph (1) and Article 276, item (ii)), Article 148, paragraph (2) (including as applied mutatis mutandis pursuant to Article 228, paragraph (1), Article 235, paragraph (1), Article 239, paragraph (1) and Article 276, item (ii)), Article 181, paragraph (2) or Article 182, paragraph (2) (including as applied mutatis mutandis pursuant to Article 249, paragraph (1) and Article 276, item (iii)) or Article 212, paragraph (2) or Article 213, paragraph (2) (including as applied mutatis mutandis pursuant to Article 251, paragraph (1), Article 254, paragraph (1) and Article 276, item (iv)).

第十二条振替機関は、業務規程の定めるところにより、他の者のために、その申出により社債等の振替を行うための口座を開設しなければならない。

Article 12(1)A Book-Entry Transfer Institution must open an account for another person in which book entries can be made for Bonds and Other Interests at the request of that person, pursuant to the provisions of its operational rules.

２振替機関は、第七十八条第一項及び第三項（これらの規定を第百十三条、第百十五条、第百十七条、第百十八条、第百二十条、第百二十一条、第百二十二条、第百二十四条、第百二十七条及び第二百七十六条第一号において準用する場合を含む。）、第百三条第一項及び第三項、第百七条第一項及び第四項、第百二十七条の二十一第一項及び第三項、第百四十五条第一項及び第三項（これらの規定を第二百二十八条第一項、第二百三十五条第一項、第二百三十九条第一項及び第二百七十六条第二号において準用する場合を含む。）、第百七十九条第一項及び第三項（これらの規定を第二百四十九条第一項及び第二百七十六条第三号において準用する場合を含む。）又は第二百十条第一項及び第四項（これらの規定を第二百五十一条第一項、第二百五十四条第一項及び第二百七十六条第四号において準用する場合を含む。）の義務を履行する目的のため、自己のために社債等の振替を行うための口座（以下「機関口座」という。）を開設することができる。

(2)A Book-Entry Transfer Institution may open an account for itself in which book entries can be made for Bonds and Other Securities (hereinafter referred to as an "Institution-Held Account") for the purpose of performing the obligations as referred to in Article 78, paragraphs (1) and (3) (including as applied mutatis mutandis pursuant to Articles 113, 115, 117, 118, 120, 121, 122, 124, 127, and Article 276, item (i)), Article 103, paragraphs (1) and (3), Article 107, paragraphs (1) and (4), Article 127-21, paragraphs (1) and (3), Article 145, paragraphs (1) and (3) (including as applied mutatis mutandis pursuant to Article 228, paragraph (1), Article 235, paragraph (1), Article 239, paragraph (1), and Article 276, item (ii)), Article 179, paragraphs (1) and (3) (including as applied mutatis mutandis pursuant to Article 249, paragraph (1) and Article 276, item (iii)), or Article 210, paragraphs (1) and (4) (including as applied mutatis mutandis pursuant to Article 251, paragraph (1), Article 254, paragraph (1) and Article 276, item (iv)).

３振替機関は、振替口座簿を備えなければならない。

(3)A Book-Entry Transfer Institution must prepare and maintain a book-entry transfer account register.

第十三条振替機関は、あらかじめ発行者から当該振替機関において取り扱うことについて同意を得た社債等でなければ、取り扱うことができない。

Article 13(1)A Book-Entry Transfer Institution may not handle a Bond or Other Security unless the issuer has consented in advance to have its Bond or Other Security handled by the institution.

２前項の場合において、発行者は、特定の種類の社債等について一の振替機関に同意をしたときは、当該社債等について他の振替機関に同意をしてはならない。

(2)In a case as referred to in the preceding paragraph, once the issuer has given its consent to a Book-Entry Transfer Institution in respect of a particular type of Bond or Other Security, it must not give its consent to another Book-Entry Transfer Institution with regard to that type of Bond or Other Security.

３発行者は、第一項の同意を撤回することができない。

(3)The issuer may not withdraw the consent referred to in paragraph (1).

第十四条振替機関は、特定の加入者又は発行者に対し不当な差別的取扱いをしてはならない。

Article 14A Book-Entry Transfer Institution must not subject any particular Participant or issuer to unfair differential treatment.

第十五条振替機関は、主務省令で定めるところにより、業務に関する帳簿書類その他の記録を作成し、保存しなければならない。

Article 15A Book-Entry Transfer Institution must prepare and keep on file its business books and documents and other records pursuant to Ordinance of the Competent Ministry.

第十六条振替機関は、事業年度ごとに、業務及び財産に関する報告書を作成し、主務大臣に提出しなければならない。

Article 16(1)A Book-Entry Transfer Institution must prepare a paper-based report on its business and assets for each business year and submit it to the competent minister.

２前項の報告書に関する記載事項、提出期日その他必要な事項は、主務省令で定める。

(2)Ordinance of the Competent Ministry provides for the information required to be given in the report referred to in the preceding paragraph, the submission date, and other necessary matters.

第十七条振替機関の定款又は業務規程の変更は、主務大臣の認可を受けなければ、その効力を生じない。

Article 17An amendment to the articles of incorporation or operational rules of a Book-Entry Transfer Institution does not take effect without the authorization of the competent minister.

第十八条振替機関は、第四条第一項第一号又は第三号から第五号までに掲げる事項に変更があったときは、その旨及び同条第二項第一号又は第三号に掲げる書類を、主務省令で定めるところにより、主務大臣に届け出なければならない。

Article 18(1)If the information set forth in Article 4, paragraph (1), item (i) or item (iii) to item (v) changes, the Book-Entry Transfer Institution must notify the competent minister of this and file the paper documents set forth in paragraph (2), item (i) or item (iii) of that Article with the competent minister pursuant to the provisions of Ordinance of the Competent Ministry.

２主務大臣は、前項の規定により振替機関の商号又は本店の所在地の変更の届出があったときは、その旨を官報で公示しなければならない。

(2)On being notified of a change in the trade name of a Book-Entry Transfer Institution or the locality of its head office, the competent minister must issue public notice of this in the Official Gazette.

第十九条振替機関は、第七十八条第一項（第百十三条、第百十五条、第百十七条、第百十八条、第百二十条、第百二十一条、第百二十二条、第百二十四条、第百二十七条及び第二百七十六条第一号において準用する場合を含む。）、第百三条第一項、第百七条第一項、第百二十七条の二十一第一項、第百四十五条第一項（第二百二十八条第一項、第二百三十五条第一項、第二百三十九条第一項及び第二百七十六条第二号において準用する場合を含む。）、第百七十九条第一項（第二百四十九条第一項及び第二百七十六条第三号において準用する場合を含む。）若しくは第二百十条第一項（第二百五十一条第一項、第二百五十四条第一項及び第二百七十六条第四号において準用する場合を含む。）の場合その他主務省令で定める事故が生じた場合又はその下位機関において第七十九条第一項（第百十三条、第百十五条、第百十七条、第百十八条、第百二十条、第百二十一条、第百二十二条、第百二十四条、第百二十七条及び第二百七十六条第一号において準用する場合を含む。）、第百四条第一項、第百八条第一項、第百四十六条第一項（第二百二十八条第一項、第二百三十五条第一項、第二百三十九条第一項及び第二百七十六条第二号において準用する場合を含む。）、第百八十条第一項（第二百四十九条第一項及び第二百七十六条第三号において準用する場合を含む。）若しくは第二百十一条第一項（第二百五十一条第一項、第二百五十四条第一項及び第二百七十六条第四号において準用する場合を含む。）の場合その他主務省令で定める事故が生じた場合には、主務省令で定めるところにより、その旨を主務大臣に報告しなければならない。

Article 19In a case as referred to in Article 78, paragraph (1) (including as applied mutatis mutandis pursuant to Articles 113, 115, 117, 118, 120, 121, 122, 124, 127, and Article 276, item (i)), Article 103, paragraph (1), Article 107, paragraph (1), Article 127-21, paragraph (1), Article 145, paragraph (1) (including as applied mutatis mutandis pursuant to Article 228, paragraph (1), Article 235, paragraph (1), Article 239, paragraph (1) and Article 276, item (ii)), Article 179, paragraph (1) (including as applied mutatis mutandis pursuant to Article 249, paragraph (1) and Article 276, item (iii)), or Article 210, paragraph (1) (including as applied mutatis mutandis pursuant to Article 251, paragraph (1), Article 254, paragraph (1) and Article 276, item (iv)); in the event that an incident as prescribed by Ordinance of the Competent Ministry occurs; in a case as referred to in Article 79, paragraph (1) (including as applied mutatis mutandis pursuant to Articles 113, 115, 117, 118, 120, 121, 122, 124, 127 and Article 276, item (i)), Article 104, paragraph (1), Article 108, paragraph (1), Article 146, paragraph (1) (including as applied mutatis mutandis pursuant to Article 228, paragraph (1), Article 235, paragraph (1), Article 239, paragraph (1), and Article 276, item (ii)), Article 180, paragraph (1) (including as applied mutatis mutandis pursuant to Article 249, paragraph (1) and Article 276, item (iii)), or Article 211, paragraph (1) (including as applied mutatis mutandis pursuant to Article 251, paragraph (1), Article 254, paragraph (1) and Article 276, item (iv)); or in the event that an incident as prescribed by Ordinance of the Competent Ministry occurs in a Subordinate Institution, a Book-Entry Transfer Institution must notify the competent minister of this pursuant to the provisions of Ordinance of the Competent Ministry.

第二十条主務大臣は、振替業の適正かつ確実な遂行のため必要があると認めるときは、振替機関に対し、その業務若しくは財産に関して報告若しくは資料の提出を命じ、又はその職員に、振替機関の営業所に立ち入り、その業務若しくは財産の状況若しくは帳簿書類その他の物件を検査させ、若しくは関係者に質問させることができる。

Article 20(1)If the competent minister finds it to be necessary for the appropriate and reliable performance of Book-Entry Transfer Services, the minister may order a Book-Entry Transfer Institution to make reports or submit materials relevant to its business or assets; may have the relevant officials enter the business office of the Book-Entry Transfer Institution and inspect the state of its business or assets, books and documents, or other articles; and may have those officials question persons concerned.

２前項の規定により立入検査をする職員は、その身分を示す証明書を携帯し、関係者に提示しなければならない。

(2)An official conducting an on-site inspection pursuant to the provisions of the preceding paragraph must carry identification and present it to persons concerned.

３第一項の規定による立入検査の権限は、犯罪捜査のために認められたものと解してはならない。

(3)The authority for an on-site inspection under the provisions of paragraph (1) must not be construed as authorizing a criminal investigation.

第二十一条主務大臣は、振替業の適正かつ確実な遂行のため必要があると認めるときは、その必要の限度において、振替機関に対し、業務の運営又は財産の状況の改善に必要な措置をとるべきことを命ずることができる。

Article 21Upon finding there to be a need do so for the appropriate and reliable performance of Book-Entry Transfer Services, the competent minister, within the scope of this necessity, may order a Book-Entry Transfer Institution to take the necessary measures to improve the state of its business operations or its assets.

第二十二条主務大臣は、振替機関が次の各号のいずれかに該当するときは、第三条第一項の指定若しくは第九条第一項ただし書の承認を取り消し、六月以内の期間を定めてその業務の全部若しくは一部の停止を命じ、又はその取締役、会計参与、監査役若しくは執行役の解任を命ずることができる。

Article 22(1)If a Book-Entry Transfer Institution falls under one of the following items, the competent minister may rescind an Article 3, paragraph (1) designation or an approval as referred to in the proviso of Article 9, paragraph (1); order the suspension of all or part of its business activities during a fixed period of no longer than six months; or order the dismissal of a director, accounting advisor, company auditor, or executive officer:

２主務大臣は、前項の規定により第三条第一項の指定を取り消したときは、その旨を官報で公示しなければならない。

(2)On rescinding an Article 3, paragraph (1) designation pursuant to the provisions of the preceding paragraph, the competent minister must issue public notice of this in the Official Gazette.

第二十三条主務大臣は、振替機関が次の各号のいずれかに該当するときは、振替業（第四十四条第二項に規定する場合を除く。以下第四十二条までにおいて同じ。）を他の株式会社に移転することを命ずることができる。

Article 23If a Book-Entry Transfer Institution falls under one of the following items, the competent minister may order the Book-Entry Transfer Institution to transfer Book-Entry Transfer Services to another stock company (except as prescribed in Article 44, paragraph (2); hereinafter the same applies in Article 42):

第二十四条前条の規定による命令を受けた振替機関（次項において「特定振替機関」という。）における会社法第三百二十二条第一項、第四百六十六条、第四百六十七条第一項、第七百八十三条第一項又は第七百九十五条第一項の規定による決議（同法第七百八十三条第一項の規定による決議にあっては、同法第三百九条第三項第二号の株主総会の決議を除く。）は、同法第三百九条第二項及び第三百二十四条第二項の規定にかかわらず、出席した株主の議決権の三分の二以上に当たる多数をもって、仮にすることができる。

Article 24(1)Notwithstanding Article 309, paragraph (2) and Article 324, paragraph (2) of the Companies Act, a resolution as under Article 322, paragraph (1), Article 466, Article 467, paragraph (1), Article 783, paragraph (1), or Article 795, paragraph (1) of that Act (other than a resolution at a shareholders meeting as referred to in Article 309, paragraph (3), item (ii) of that Act, for a resolution as under Article 783, paragraph (1) of that Act) at a Book-Entry Transfer Institution that is subject to an order under the preceding Article (hereinafter referred to as the "specified book-entry transfer institution" in the following paragraph) may be provisionally adopted by at least a two-thirds majority vote of attending shareholders.

２特定振替機関における会社法第三百九条第三項第二号の株主総会の決議は、同項の規定にかかわらず、出席した株主の過半数であって出席した株主の議決権の三分の二以上に当たる多数をもって、仮にすることができる。

(2)Notwithstanding Article 309, paragraph (3) of the Companies Act, a resolution at a shareholders meeting as referred to in Article 309, paragraph (3), item (ii) of that Act at a specified book-entry transfer institution may be provisionally adopted by at least a two-thirds majority vote of attending shareholders, if those votes are cast by the majority of the shareholders in attendance.

３第一項の規定により仮にした決議（以下この項及び次項において「仮決議」という。）があった場合においては、各株主に対し、当該仮決議の趣旨を通知し、当該仮決議の日から一月以内に再度の株主総会を招集しなければならない。

(3)If a resolution is provisionally adopted pursuant to the provisions of paragraph (1) (hereinafter this is referred to as a "provisional resolution" in this and the following paragraphs), the Book-Entry Transfer Institution must notify each of the shareholders of the purport of the provisional resolution and call a shareholders meeting again within one month after the date of the provisional resolution.

４前項の株主総会において第一項に規定する多数をもって仮決議を承認した場合には、当該承認のあった時に、当該仮決議をした事項に係る決議があったものとみなす。

(4)If a provisional resolution adopted by a majority vote as prescribed in paragraph (1) is approved at a shareholders meeting as referred to in the preceding paragraph, a resolution is deemed to have been adopted with regard to the matter subject to the provisional resolution.

５前二項の規定は、第二項の規定により仮にした決議があった場合について準用する。この場合において、前項中「第一項」とあるのは、「第二項」と読み替えるものとする。

(5)The provisions of the preceding two paragraphs apply mutatis mutandis to a resolution adopted provisionally pursuant to the provisions of paragraph (2). This being the case, the phrase "paragraph (1)" in the preceding paragraph is deemed to be replaced with the phrase "paragraph (2)".

第二十五条振替機関を全部又は一部の当事者とする合併（合併後存続する株式会社又は合併により設立される株式会社が振替業を営む場合に限る。以下この条及び次条において「特定合併」という。）は、主務大臣の認可を受けなければ、その効力を生じない。

Article 25(1)A merger to which Book-Entry Transfer Institution constitute all or some of the parties (but only if the stock company surviving the merger or the stock company incorporated in the merger engages in Book-Entry Transfer Services; hereinafter referred to as a "specified merger" in this and the following Article) does not take effect without the authorization of the competent minister.

２前項の認可を受けようとする振替機関は、特定合併後存続する株式会社又は特定合併により設立される株式会社（以下この条において「特定合併後の振替機関」という。）について第四条第一項各号に掲げる事項を記載した合併認可申請書を主務大臣に提出しなければならない。

(2)A Book-Entry Transfer Institution seeking the authorization referred to in the preceding paragraph must submit a paper application for merger authorization to the competent minister, giving the information set forth in the items of Article 4, paragraph (1) with respect to the stock company surviving or incorporated in the specified merger (hereinafter referred to in this Article as the "book-entry transfer institution after specified merger").

３合併認可申請書には、合併契約の内容を記載し、又は記録した書面又は電磁的記録（主務省令で定めるものに限る。以下この項において同じ。）その他主務省令で定める書面又は電磁的記録を添付しなければならない。

(3)Paper-based documents giving the details of the merger agreement or electronic or magnetic records in which such details have been recorded (limited to those as specified by Ordinance of the Competent Ministry; hereinafter the same applies in this paragraph) and the paper-based documents or electronic or magnetic records prescribed by Ordinance of the Competent Ministry must accompany an application for merger authorization.

４主務大臣は、第一項の認可の申請があった場合においては、その申請が次に掲げる基準に適合しているかどうかを審査しなければならない。

(4)If an application is filed for the authorization referred to in paragraph (1), the competent minister must examine whether the application conforms to the following criteria:

５特定合併後の振替機関（振替機関が特定合併後存続する株式会社である場合を除く。）は、特定合併の時に第三条第一項の指定を受けたものとみなす。

(5)A book-entry transfer institution after specified merger (other than if the Book-Entry Transfer Institution is a stock company surviving the specified merger) is deemed to have obtained an Article 3, paragraph (1) designation at the time of the specified merger.

６特定合併後の振替機関は、特定合併により消滅した振替機関の業務に関し、行政官庁の認可その他の処分に基づいて有する権利義務を承継する。

(6)A book-entry transfer institution after specified merger succeeds to the rights and obligations that any Book-Entry Transfer Institution disappearing in the specified merger holds in connection with its business based on the authorization or other disposition of an administrative agency.

第二十六条振替機関は、特定合併を行うときは、会社法第七百八十三条第一項、第七百九十五条第一項又は第八百四条第一項の株主総会の承認のほか、その加入者の承認を受けなければならない。

Article 26Before effecting a specified merger, a Book-Entry Transfer Institution must obtain the approval of the Participants, in addition to approval at a shareholders meeting as referred to Article 783, paragraph (1), Article 795, paragraph (1) or Article 804, paragraph (1) of the Companies Act.

第二十七条振替機関が新たに設立する株式会社に振替業の全部又は一部を承継させるために行う新設分割（以下この条及び次条において単に「新設分割」という。）は、主務大臣の認可を受けなければ、その効力を生じない。

Article 27(1)An incorporation-type company split that a Book-Entry Transfer Institution effects in order to have a newly established stock company assume all or some of its Book-Entry Transfer Services (hereinafter referred to by the simplified term "incorporation-type company split" in this and the following Article) does not take effect without the authorization of the competent minister.

２前項の認可を受けようとする振替機関は、新設分割により設立される株式会社（以下この条において「設立会社」という。）について次に掲げる事項を記載した新設分割認可申請書を主務大臣に提出しなければならない。

(2)A Book-Entry Transfer Institution seeking the authorization referred to in the preceding paragraph must submit a paper application for authorization for an incorporation-type company split to the competent minister, giving the following information about the stock company that will be incorporated in the incorporation-type company split (hereinafter referred to as the "company being incorporated" in this Article):

３新設分割認可申請書には、新設分割計画の内容を記載し、又は記録した書面又は電磁的記録（主務省令で定めるものに限る。以下この項において同じ。）その他主務省令で定める書面又は電磁的記録を添付しなければならない。

(3)Paper-based documents giving the details of the incorporation-type company split plan or electronic or magnetic records in which such details have been recorded (limited to those specified by Ordinance of the Competent Ministry hereinafter the same applies in this paragraph) and the paper-based documents or electronic or magnetic records specified by Ordinance of the Competent Ministry must accompany an application for authorization of an incorporation-type company split

４主務大臣は、第一項の認可の申請があった場合においては、その申請が次に掲げる基準に適合しているかどうかを審査しなければならない。

(4)If an application is filed for the authorization referred to in paragraph (1), the competent minister must examine whether the application conforms to the following criteria:

５設立会社は、新設分割の時に第三条第一項の指定を受けたものとみなす。

(5)The company being incorporated is deemed to have obtained an Article 3, paragraph (1) designation at the time of incorporation-type company split.

６設立会社は、新設分割をした振替機関の承継の対象となる業務に関し、行政官庁の認可その他の処分に基づいて有する権利義務を承継する。

(6)The company being incorporated succeeds to the rights and obligations that the Book-Entry Transfer Institution undergoing the incorporation-type company split holds, in connection with the business subject to the succession, based on the authorization or other disposition of an administrative agency.

第二十八条振替機関は、新設分割を行うときは、会社法第八百四条第一項の株主総会の承認のほか、その加入者の承認を受けなければならない。

Article 28Before effecting an incorporation-type company split, a Book-Entry Transfer Institution must obtain the approval of the Participants, in addition to approval at a shareholders meeting as referred to in Article 804, paragraph (1) of the Companies Act.

第二十九条振替機関が他の株式会社に振替業の全部又は一部を承継させるために行う吸収分割（以下この条及び次条において単に「吸収分割」という。）は、主務大臣の認可を受けなければ、その効力を生じない。

Article 29(1)An absorption-type company split that a Book-Entry Transfer Institution effects in order to have another stock company assume all or some of its Book-Entry Transfer Services (hereinafter referred to by the simplified term "absorption-type company split" in this and the following Article) does not take effect without the authorization of the competent minister.

２前項の認可を受けようとする振替機関は、吸収分割により振替業の全部又は一部を承継する株式会社（以下この条において「承継会社」という。）について次に掲げる事項を記載した吸収分割認可申請書を主務大臣に提出しなければならない。

(2)A Book-Entry Transfer Institution seeking the authorization referred to in the preceding paragraph must submit a paper application for authorization for an absorption-type company split to the competent minister, giving the following information about the stock company that will succeed to all or some of the Book-Entry Transfer Services in the absorption-type company split (hereinafter referred to as the "succeeding company" in this Article):

３吸収分割認可申請書には、吸収分割契約の内容を記載し、又は記録した書面又は電磁的記録（主務省令で定めるものに限る。以下この項において同じ。）その他主務省令で定める書面又は電磁的記録を添付しなければならない。

(3)Paper-based documents giving the details of the absorption-type company split agreement or electronic or magnetic records in which such details have been recorded (limited to those as specified by Ordinance of the Competent Ministry; hereinafter the same applies in this paragraph) and the paper-based documents or electronic or magnetic records specified by Ordinance of the Competent Ministry must accompany an application for authorization of an absorption-type company split.

４主務大臣は、第一項の認可の申請があった場合においては、その申請が次に掲げる基準に適合しているかどうかを審査しなければならない。

(4)If an application is filed for the authorization referred to in paragraph (1), the competent minister must examine whether the application conforms to the following criteria:

５承継会社（振替機関が承継会社である場合を除く。）は、吸収分割の時に第三条第一項の指定を受けたものとみなす。

(5)A succeeding company is deemed to have obtained an Article 3, paragraph (1) designation at the time of the absorption-type company split (unless a Book-Entry Transfer Institution is the succeeding company).

６承継会社は、吸収分割をした振替機関の承継の対象となる業務に関し、行政官庁の認可その他の処分に基づいて有する権利義務を承継する。

(6)The succeeding company succeeds to the rights and obligations that the Book-Entry Transfer Institution undergoing the absorption-type company split holds, in connection with the business subject to the succession, based on the authorization or other disposition of an administrative agency.

第三十条振替機関は、吸収分割を行うときは、会社法第七百八十三条第一項又は第七百九十五条第一項の株主総会の承認のほか、その加入者の承認を受けなければならない。

Article 30Before effecting an absorption-type company split, a Book-Entry Transfer Institution must obtain the approval of the Participants, in addition to approval at a shareholders meeting as referred to in Article 783, paragraph (1) or Article 795, paragraph (1) of the Companies Act.

第三十一条振替機関が他の株式会社に行う振替業の全部又は一部の譲渡（以下この条及び次条において「事業譲渡」という。）は、主務大臣の認可を受けなければ、その効力を生じない。

Article 31(1)A Book-Entry Transfer Institution's transfer of all or some of the Book-Entry Transfer Services it provides to another stock company (hereinafter referred to as a "business transfer" in this and the following Article) does not take effect without the authorization of the competent minister.

２前項の認可を受けようとする振替機関は、事業譲渡により振替業の全部又は一部を譲り受ける株式会社（以下この条において「譲受会社」という。）について次に掲げる事項を記載した事業譲渡認可申請書を主務大臣に提出しなければならない。

(2)A Book-Entry Transfer Institution seeking the authorization referred to in the preceding paragraph must submit a paper application for authorization for a business transfer to the competent minister, giving the following information about the stock company that will succeed to all or some of the Book-Entry Transfer Services in the business transfer (hereinafter referred to as the "transferee company" in this Article):

３事業譲渡認可申請書には、譲渡契約の内容を記載し、又は記録した書面又は電磁的記録（主務省令で定めるものに限る。以下この項において同じ。）その他主務省令で定める書面又は電磁的記録を添付しなければならない。

(3)Paper-based documents giving the details of the business transfer agreement or electronic or magnetic records in which such details have been recorded (limited to those as specified by Ordinance of the Competent Ministry; hereinafter the same applies in this paragraph) and the paper-based documents or electronic or magnetic records specified by Ordinance of the Competent Ministry must accompany an application for authorization of a business transfer.

４主務大臣は、第一項の認可の申請があった場合においては、その申請が次に掲げる基準に適合しているかどうかを審査しなければならない。

(4)If an application is filed for the authorization referred to in paragraph (1), the competent minister must examine whether the application conforms to the following criteria:

５譲受会社（振替機関が譲受会社である場合を除く。）は、事業譲渡の時に第三条第一項の指定を受けたものとみなす。

(5)A transferee company is deemed to have obtained an Article 3, paragraph (1) designation at the time of business transfer (unless a Book-Entry Transfer Institution is the transferee company).

６譲受会社は、事業譲渡をした振替機関の譲渡の対象となる業務に関し、行政官庁の認可その他の処分に基づいて有する権利義務及び第十三条第一項の発行者の同意に係る権利義務を承継する。

(6)The transferee company succeeds to the rights and obligations that the Book-Entry Transfer Institution effecting the business transfer holds, in connection with the business subject to the transfer, based on the authorization or other disposition of an administrative agency, and also succeeds to the rights and obligations connected with the consent of the issuer as referred to in Article 13, paragraph (1).

７事業譲渡をした振替機関が開設した加入者の口座は、譲受会社が開設した加入者の口座とみなす。

(7)A Participant account that a Book-Entry Transfer Institution effecting a business transfer has opened is deemed to be a Participant account that the transferee company has opened.

第三十二条振替機関は、事業譲渡を行うときは、会社法第四百六十七条第一項の株主総会の承認のほか、その加入者の承認を受けなければならない。

Article 32Before effecting a business transfer, a Book-Entry Transfer Institution must obtain the approval of the Participants, in addition to approval at a shareholders meeting as referred to in Article 467, paragraph (1) of the Companies Act.

第三十三条加入者が第二十六条、第二十八条、第三十条又は前条の承認を行うには、加入者による集会（以下「加入者集会」という。）の決議によらなければならない。

Article 33The Participants' approval as referred to in Article 26, 28, 30 or the preceding Article must be based on a resolution passed at a meeting of Participants (hereinafter referred to as a "Participants' Meeting").

第三十四条加入者集会は、振替機関が招集する。

Article 34(1)A Book-Entry Transfer Institution convenes a Participants' Meeting.

２加入者集会を招集するには、その会日の二週間前までに、各加入者に対して、書面をもって、招集の通知を発しなければならない。

(2)To convene a Participants' Meeting, a paper-based document must be used to issue notice to convene to each Participant by two weeks prior to the date of the meeting.

３振替機関は、前項に規定する書面をもってする通知の発出に代えて、主務省令で定めるところにより、加入者の承諾を得て、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主務省令で定めるものをいう。以下同じ。）により通知を発することができる。この場合においては、同項の規定による通知を発したものとみなす。

(3)In lieu of using a paper-based document to issue notice as prescribed in the preceding paragraph, a Book-Entry Transfer Institution may issue notice by electronic or magnetic means (meaning by using an electronic data processing system or employing other information communications technology in the manner specified by Ordinance of the Competent Ministry; the same applies hereinafter), pursuant to Ordinance of the Competent Ministry, with the approval of the Participants. In doing so, the Book-Entry Transfer Institution is deemed to have issued the notice under that paragraph.

４前二項の通知には、会議の目的たる事項及び議案の要領を記載し、又は記録しなければならない。

(4)The notice referred to in the preceding two paragraphs must give an indication or include a record of the matter that constitutes the purpose of the meeting and a summary of the proposals.

第三十五条各加入者の議決権は、業務規程に別段の定めがある場合を除き、平等であるものとする。

Article 35Unless otherwise prescribed in the operational rules, all Participants' voting rights are equal.

第三十六条加入者集会に出席しない加入者は、業務規程の定めに基づき電磁的方法により議決権を行使することができる。

Article 36(1)A Participant not attending a Participants' Meeting may vote by electronic or magnetic means pursuant to the provisions of the operational rules.

２振替機関は、第三十四条第二項に定める通知に際しては、電磁的方法による議決権の行使について参考となるべき事項として主務省令で定めるものを記載した書類を交付しなければならない。

(2)At the time of the issuance of the notice prescribed in Article 34, paragraph (2), the Book-Entry Transfer Institution must issue a paper document giving the information specified by Ordinance of the Competent Ministry as information of reference with regard to voting by electronic or magnetic means.

３振替機関は、第三十四条第三項の承諾をした加入者に対し同項に定める電磁的方法による通知をするときは、前項の書類に記載すべき情報をその通知とともに電磁的方法により提供することができる。ただし、加入者の請求があるときは、同項の書類をその加入者に交付しなければならない。

(3)If a Book-Entry Transfer Institution issues a notice under Article 34, paragraph (3) by electronic or magnetic means to Participants that have given the approval referred to in that paragraph, it may provide them with the information that it is required to give in the paper document referred to in the preceding paragraph by electronic or magnetic means, together with that notice; provided, however, that if requested by a Participant, the Book-Entry Transfer Institution must issue that Participant the paper document referred to in that paragraph.

４会社法第三百二条第三項及び第四項並びに第三百十二条の規定は、加入者集会に係る第一項の電磁的方法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、これらの規定中「第二百九十九条第三項」とあるのは「社債、株式等の振替に関する法律第三十四条第三項」と、「法務省令」とあるのは「主務省令」と、「議決権行使書面に記載すべき事項」とあるのは「加入者の議決権の行使のために必要な事項として主務省令で定める事項」と、「株式会社」とあるのは「振替機関」と、同法第三百二条第三項中「取締役は、第一項に規定する場合には」とあるのは「振替機関は」と、同条第四項中「取締役は、第一項に規定する場合において」とあるのは「振替機関は」と、同法第三百十二条第一項中「政令」とあるのは「主務省令」と読み替えるものとする。

(4)The provisions of Article 302, paragraphs (3) and (4) and Article 312 of the Companies Act apply mutatis mutandis to voting by electronic or magnetic means as referred to in paragraph (1) for a Participants' Meeting. In such a case, the phrase "Article 299, paragraph (3)" is deemed to be replaced with "Article 34, paragraph (3) of the Act on Book-Entry Transfer of Corporate Bonds and Shares"; the phrase "Ordinance of the Ministry of Justice" is deemed to be replaced with "Ordinance of the Competent Ministry"; the phrase "information that is required to be detailed in the voting forms" is deemed to be replaced with "information specified by Ordinance of the Competent Ministry as the necessary information that will allow the Participants to vote"; the phrase "stock company" is deemed to be replaced with "Book-Entry Transfer Institution"; the phrase "In the case provided for in paragraph (1)...the directors" in Article 302, paragraph (3) of said Act is deemed to be replaced with "the Book-Entry Transfer Institution", the phrase "In the case provided for in paragraph (1) [...] the directors" in paragraph (4) of that Article is deemed to be replaced with "[...] a Book-Entry Transfer Institution"; and the phrase "Cabinet Order" in Article 312, paragraph (1) of that Act is deemed to be replaced with "Ordinance of the Competent Ministry".

第三十七条加入者集会の決議は、出席した加入者の議決権の過半数をもって行う。

Article 37A resolution at a Participants' Meeting is passed by the majority vote of the Participants in attendance.

第三十八条振替機関は、業務規程をもって、加入者が加入者集会に出席せず、かつ、議決権を行使しないときは、当該加入者はその加入者集会に提出された議案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 38(1)In the operational rules, a Book-Entry Transfer Institution may provide that a Participant is deemed to consent to a proposal submitted at a Participants' Meeting if that Participant neither attends the Participants' Meeting nor votes.

２前項の定めをした振替機関は、第三十四条第二項の規定による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 Book-Entry Transfer Institution that has made the provisions referred to in the preceding paragraph must mention or include a record of that provisions in the notice under Article 34, paragraph (2).

３第一項の定めに基づき議案に賛成するものとみなされた加入者の有する議決権の数は、出席した加入者の議決権の数に算入する。

(3)The votes of Participants that are deemed to consent to a proposal pursuant to the provisions of paragraph (1) are included in the reckoning of the number of votes held by Participants attending a Participants' Meeting.

第三十九条会社法第三百十条第一項から第四項まで、第三百十四条、第三百十五条、第三百十七条、第七百二十九条第二項、第七百三十一条から第七百三十五条まで、第七百四十二条第一項、第八百六十八条第三項、第八百七十条第一項（第七号に係る部分に限る。）、第八百七十一条本文、第八百七十二条（第四号に係る部分に限る。）、第八百七十三条本文、第八百七十五条、第八百七十六条並びに第九百四十条第一項（第一号に掲げる部分に限る。）及び第三項の規定は、加入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「株式会社」とあり、「社債発行会社」とあり、及び「株式会社又は持分会社」とあるのは「振替機関」と、「法務省令」とあるのは「主務省令」と、同法第三百十条第三項中「政令」とあるのは「主務省令」と、同条第四項中「第二百九十九条第三項」とあるのは「社債、株式等の振替に関する法律第三十四条第三項」と、同法第三百十四条中「取締役、会計参与、監査役及び執行役」とあるのは「振替機関」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「社債、株式等の振替に関する法律第三十四条第二項から第四項まで」と、同法第七百二十九条第二項中「社債権者集会又は招集者」とあるのは「加入者集会」と、同法第七百三十一条第三項中「社債管理者及び社債権者」とあるのは「加入者」と、同法第七百三十三条第一号中「第六百七十六条の募集のための当該社債発行会社の事業その他の事項に関する説明に用いた資料に記載され、若しくは記録された事項」とあるのは「業務規程」と、同法第八百六十八条第三項中「社債を発行した会社」とあるのは「振替機関」と、同法第九百四十条第一項（第一号に掲げる部分に限る。）中「この法律」とあるのは「社債、株式等の振替に関する法律」と、同条第三項中「前二項」とあるのは「第一項」と、「これらの規定」とあるのは「同項の規定」と、同項第一号及び第三号中「会社」とあるのは「振替機関」と読み替えるものとする。

Article 39The provisions of Article 310, paragraphs (1) to (4) inclusive, Articles 314, 315 and 317, Article 729, paragraph (2), Articles 731 to 735 inclusive, Article 742, paragraph (1), Article 868, paragraph (3), Article 870, paragraph (1) (limited to the provisions related to item (vii)), Article 871 main clause, Article 872 (limited to the provisions related to item (iv)), Article 873 main clause, Articles 875 and 876, Article 940, paragraph (1) (limited to the part set forth in item (i)) and paragraph (3) of the Companies Act apply mutatis mutandis to a Participants' Meeting. In such a case, the terms "stock company", "bond-issuing company", and "stock company or membership company" in these provisions are deemed to be replaced with "Book-Entry Transfer Institution"; the phrase "Ordinance of the Ministry of Justice" therein is deemed to be replaced with "Ordinance of the Competent Ministry"; the phrase "Cabinet Order" in Article 310, paragraph (3) of that Act is deemed to be replaced with "Ordinance of the Competent Ministry"; the phrase "Article 299, paragraph (3)" in paragraph (4) of that Article is deemed to be replaced with "Article 34, paragraph (3) of the Act on Book-Entry Transfer of Corporate Bonds and Shares"; the phrase "a director, an accounting advisor, a company auditor, or an executive officer" in Article 314 of that Act is deemed to be replaced with "a Book-Entry Transfer Institution"; the phrase "Articles 298 and 299" in Article 317 of that Act is deemed to be replaced with "Article 34, paragraphs (2) to (4) inclusive of the Act on Book-Entry Transfer of Corporate Bonds and Shares"; the phrase "bondholders or conveners" in Article 729, paragraph (2) of that Act is deemed to be replaced with "Participants' Meeting"; the phrase "The bond manager and bondholders" in Article 731, paragraph (3) of that Act is deemed to be replaced with "Participants"; the phrase "the matters stated or recorded in the materials used for explaining the business of the Bond-Issuing Company or other matters regarding the solicitation in Article 676" in Article 733, item (i) of that Act is deemed to be replaced with "operational rules"; the phrase "Bond-Issuing Company" in Article 868, paragraph (3) is deemed to be replaced with "Book-Entry Transfer Institution"; the phrase "this Act" in Article 940, paragraph (1) (limited to what is set forth in item (i)) of that Act is deemed to be replaced with "the Act on Book-Entry Transfer of Corporate Bonds and Shares"; the phrase "the preceding two paragraphs" in paragraph (3) of that Article is deemed to be replaced with "paragraph (1)"; the phrase "these provisions" in that paragraph is deemed to be replaced with "the provisions of that paragraph"; and the phrase "Company" in items (i) and (iii) of that paragraph is deemed to be replaced with "Book-Entry Transfer Institution".

第四十条次に掲げる事項は、主務大臣の認可を受けなければ、その効力を生じない。

Article 40The following actions do not take effect without the authorization of the competent minister.

第四十一条振替機関が次の各号のいずれかに該当するときは、第三条第一項の指定は、その効力を失う。

Article 41(1)If a Book-Entry Transfer Institution falls under one of the following items, its Article 3, paragraph (1) designation ceases to be effective:

２前項の規定により指定が効力を失ったときは、その振替機関であった者又は一般承継人（合併により消滅した振替機関の権利義務を承継した者であって、振替業を営まないものに限る。次条において同じ。）は、主務省令で定めるところにより、その旨を主務大臣に届け出なければならない。

(2)If a designation ceases to be effective pursuant to the provisions of the preceding paragraph, the former Book-Entry Transfer Institution or its general successor (but only a person that has succeeded to the rights and obligations of a Book-Entry Transfer Institution disappearing in a merger, but that does not engage in Book-Entry Transfer Services; the same applies in the following Article) must notify the competent minister of this pursuant to the provisions of Ordinance of the Competent Ministry.

３主務大臣は、前項の規定による届出があったときは、その旨を官報で公示しなければならない。

(3)On being submitted a notification under the provisions of the preceding paragraph, the competent minister must issue public notice of this in the Official Gazette.

第四十二条振替機関が第二十二条第一項の規定により第三条第一項の指定を取り消された場合又は前条第一項の規定により当該指定が効力を失った場合においては、その振替機関であった者又は一般承継人は、当該振替機関が行った振替業を速やかに結了しなければならない。この場合において、当該振替機関であった者又は一般承継人は、その振替業の結了の目的の範囲内において、なおこれを振替機関とみなす。

Article 42If the Article 3, paragraph (1) designation of a Book-Entry Transfer Institution is rescinded pursuant to the provisions of Article 22, paragraph (1) or ceases to be effective pursuant to the provisions of paragraph (1) of the preceding Article, the former Book-Entry Transfer Institution or its general successor must promptly discontinue the Book-Entry Transfer Services in which the Book-Entry Transfer Institution engaged. In such a case, the former Book-Entry Transfer Institution or its general successor is deemed to be a Book-Entry Transfer Institution inasmuch as the task of completing Book-Entry Transfer Services is concerned.

第四十三条裁判所は、振替機関の清算手続、破産手続、再生手続、更生手続又は承認援助手続において、主務大臣に対し、意見を求め、又は検査若しくは調査を依頼することができる。

Article 43(1)In a liquidation, bankruptcy proceedings, a rehabilitation, reorganization, or recognition and assistance proceedings, the court may request the opinion of or an inspection or investigation by the competent minister.

２主務大臣は、前項に規定する手続において、必要があると認めるときは、裁判所に対し、意見を述べることができる。

(2)On finding it to be necessary to do so, the competent minister may state an opinion to the court during a process as prescribed in the preceding paragraph.

３第二十条の規定は、第一項の規定により主務大臣が裁判所から検査又は調査の依頼を受けた場合について準用する。

(3)The provisions of Article 20 apply mutatis mutandis if the competent minister is requested by the court to implement an inspection or investigation pursuant to the provisions of paragraph (1).

第四十四条次に掲げる者は、この法律及び振替機関の業務規程の定めるところにより、他の者のために、その申出により社債等の振替を行うための口座を開設することができる。この場合において、あらかじめ当該振替機関又は当該振替機関に係る他の口座管理機関（主務省令で定める者を除く。）から社債等の振替を行うための口座の開設を受けなければならない。

Article 44(1)A person as set forth below may open an account for another person in which book entries can be made for Bonds and Other Securities at the request of that person, in accordance with the provisions of this Act and the operational rules of the Book-Entry Transfer Institution. To do so, the person must have an account opened for it in advance by that Book-Entry Transfer Institution or by another Account Management Institution connected with that Book-Entry Transfer Institution (other than one specified by Ordinance of the Competent Ministry), in which book entries can be made for Bonds and Other Securities:

２振替機関が、他の振替機関の業務規程の定めるところにより、他の者のために、その申出により社債等の振替を行うための口座を開設する場合には、あらかじめ当該他の振替機関又は当該他の振替機関に係る口座管理機関（主務省令で定める者を除く。）から社債等の振替を行うための口座の開設を受けなければならない。

(2)If a first Book-Entry Transfer Institution opens an account for another person in which book entries can be made for Bonds and Other Securities at the request of that person pursuant to the provisions of the operational rules of a second Book-Entry Transfer Institution, the first Book-Entry Transfer Institution must have the second Book-Entry Transfer Institution or an Account Management Institution connected with it (other than one as specified by Ordinance of the Competent Ministry) open an account for it in advance in which book entries can be made for Bonds and Other Securities.

第四十五条口座管理機関は、この法律及び上位機関である振替機関の業務規程の定めるところにより、口座管理機関として振替業を行うものとする。

Article 45(1)An Account Management Institution is to engage in Book-Entry Transfer Services as an Account Management Institution pursuant to the provisions of this Act and the operational rules of the Book-Entry Transfer Institutions that constitute its Superior Institutions.

２口座管理機関は、振替口座簿を備えなければならない。

(2)An Account Management Institution must prepare and maintain a book-entry transfer account register.

第四十六条第十四条の規定は口座管理機関について、第四十二条の規定は口座管理機関が第四十四条第一項各号に掲げる者でなくなった場合について、それぞれ準用する。

Article 46The provisions of Article 14 apply mutatis mutandis to an Account Management Institution and the provisions of Article 42 apply if an Account Management Institution ceases to be a person as set forth in any item of Article 44, paragraph (1).

第四十七条主務大臣は、日本銀行が次に掲げる要件を備えるときは、第三条第一項の規定にかかわらず、日本銀行を、その申請により、この法律の定めるところにより振替業（国債に係るものに限る。以下第五十条までにおいて同じ。）を営む者として、指定することができる。

Article 47(1)Notwithstanding the provisions of Article 3, paragraph (1), if the Bank of Japan meets the following requirements, the competent minister may designate it to engage in Book-Entry Transfer Services (but only Book-Entry Transfer Services for Japanese government bonds; hereinafter the same applies in this paragraph to Article 50 inclusive) upon its application and pursuant to the provisions of this Act:

２主務大臣は、前項の指定をしたときは、その旨を官報で公示しなければならない。

(2)On making a designation as referred to in the preceding paragraph, the competent minister must issue public notice of this in the Official Gazette.

３第四条第一項（第二号及び第四号から第六号までを除く。）及び第二項（第二号、第五号及び第六号を除く。）の規定は、第一項の指定を受けようとする日本銀行について準用する。この場合において、同条第一項第一号中「商号」とあるのは「名称」と、同条第二項第一号中「前条第一項第三号及び第四号」とあるのは「第四十七条第一項第二号」と、同項第三号中「会社の登記事項証明書」とあるのは「登記事項証明書」と読み替えるものとする。

(3)The provisions of Article 4, paragraph (1) (excluding items (ii) and (iv) to (vi) inclusive) and paragraph (2) (excluding items (ii), (v) and (vi)) apply mutatis mutandis to the Bank of Japan if it seeks the designation referred to in paragraph (1). In such a case, the phrase "trade name" in paragraph (1), item (i) of that Article is deemed to be replaced with "name", the phrase "paragraph (1), items (iii) and (iv) of the preceding Article" in paragraph (2), item (i) of that Article is deemed to be replaced with "Article 47, paragraph (1), item (ii)" and the phrase "the company's certificate of registered information" in item (iii) of that paragraph is deemed to be replaced with "its certificate of registered information".

第四十八条前条第一項の指定を受けた日本銀行は、振替機関とみなして、この法律の規定（第五条から第七条まで、第九条、第二十条第二項及び第三項、第二十三条第三号及び第四号、第二十四条から第三十条まで、第四十条、第四十一条第一項第二号、第四十三条、次条、第五十条、第四章並びに第六章から第十二章まで並びに附則第一条から第十条まで、第十二条から第十八条まで及び第二十七条から第四十二条までの規定並びにこれらの規定に係る罰則を除く。）を適用する。この場合において、次の表の上欄に掲げる規定中同表中欄に掲げる字句は、それぞれ同表下欄に掲げる字句とするものとするほか、必要な技術的読替えは、政令で定める。

Article 48If the Bank of Japan is designated as referred to in paragraph (1) of the preceding Article, it is deemed to be a Book-Entry Transfer Institution and the provisions of this Act (excluding Articles 5 to 7 inclusive, Article 9, Article 20, paragraphs (2) and (3), Article 23, items (iii) and (iv), Articles 24 to 30 inclusive, Article 40, Article 41, paragraph (1), item (ii), Article 43, the following Article, Article 50, Chapter IV and Chapters VI to XII inclusive and Articles 1 to 10 inclusive, Articles 12 to 18 inclusive and Articles 27 to 42 inclusive of the Supplementary Provisions and the punishments concerning these provisions) apply. In such a case, the words set forth in the right-hand column of the following table are deemed to stand in place of the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof, and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

第四十九条主務大臣は、振替機関が第二十三条各号のいずれかに該当するときは、振替業を第四十七条第一項の指定を受けた日本銀行に移転することを命ずることができる。

Article 49If a Book-Entry Transfer Institution falls under one of the items of Article 23, the competent minister may order it to transfer Book-Entry Transfer Services to the Bank of Japan under the designation referred to in Article 47, paragraph (1).

第五十条第三十一条の規定は、振替機関が日本銀行に行う振替業の全部又は一部の譲渡について準用する。この場合において、同条第二項第一号中「第四条第一項各号」とあるのは「第四十七条第三項において準用する第四条第一項第一号及び第三号」と、同条第四項第一号中「第三条第一項各号」とあるのは「第四十七条第一項各号」と、同条第五項中「振替機関が譲受会社である」とあるのは「日本銀行が第四十七条第一項の指定を受けている」と、「第三条第一項」とあるのは「第四十七条第一項」と読み替えるものとする。

Article 50The provisions of Article 31 apply mutatis mutandis to a Book-Entry Transfer Institution's transfer of all or some of the Book-Entry Transfer Services it provides to the Bank of Japan. In such a case, the phrase "items of Article 4, paragraph (1)" in Article 31, paragraph (2), item (i) is deemed to be replaced with "Article 4, paragraph (1), item (i) and (iii) as applied mutatis mutandis pursuant to Article 47, paragraph (3)"; the phrase "items of Article 3, paragraph (1)" in paragraph (4), item (i) of that Article is deemed to be replaced with "items of Article 47, paragraph (1)"; the phrase "a Book-Entry Transfer Institution is the transferee company" in paragraph (5) of that Article is deemed to be replaced with "the Bank of Japan has been designated as referred to in Article 47, paragraph (1)"; and the phrase "Article 3, paragraph (1)" in that paragraph is deemed to be replaced with "Article 47, paragraph (1)".

第五十一条振替機関は、第三条第一項の指定を受けた後、遅滞なく、委託者として加入者保護信託契約を締結しなければならない。ただし、当該指定を受けた場合において、既に他の振替機関によって加入者保護信託契約が締結されているときは、この限りでない。

Article 51(1)After being designated as referred to in Article 3, paragraph (1), an Book-Entry Transfer Institution must conclude a participants protection trust contract as the settlor without delay; provided, however, that this does not apply if another Book-Entry Transfer Institution has already concluded a participants protection trust contract when the aforementioned Book-Entry Transfer Institution is so designated.

２前項ただし書の規定により加入者保護信託契約を締結することを要しなくなった振替機関は、委託者として同項ただし書に規定する加入者保護信託契約を締結したものとみなす。

(2)A Book-Entry Transfer Institution that is released from the requirement to conclude a participants protection trust contract pursuant to the proviso of the preceding paragraph is deemed to have concluded a participants protection trust contract as a settlor.

３振替機関は、第一項本文の規定により加入者保護信託契約を締結したとき（前項の規定により加入者保護信託契約を締結したものとみなされる場合を含む。）は、遅滞なく、業務規程において加入者保護信託に関する事項を定めなければならない。

(3)Once a Book-Entry Transfer Institution concludes a participants protection trust contract pursuant to the main clause of paragraph (1) (including if it is deemed to have concluded a participants protection trust contract pursuant to the provisions of the preceding paragraph), it must provide for the particulars of the Participants Protection Trust in its operational rules.

第五十二条加入者保護信託契約は、信託会社等（信託会社（信託業法（平成十六年法律第百五十四号）第三条又は第五十三条第一項の免許を受けたものに限る。）又は信託業務を営む金融機関（金融機関の信託業務の兼営等に関する法律（昭和十八年法律第四十三号）第一条第一項の認可を受けた金融機関をいう。以下同じ。）をいう。以下同じ。）を受託者とするものでなければ締結してはならない。

Article 52A participants protection trust contract must not be concluded unless the trustee is a trust company or similar institution (meaning a trust company (but only one licensed as referred to in Article 3 or Article 53, paragraph (1) of the Trust Business Act (Act No. 154 of 2004)) or a financial institution engaged in trust business (meaning a financial institution licensed as referred to in Article 1, paragraph (1) of the Act on Engagement in Trust Business by Financial Institutions (Act No. 43 of 1943); the same applies hereinafter); the same applies hereinafter).

第五十三条加入者保護信託の受益者は、加入者であって、第六十条第一項に規定する補償対象債権を有する者とする。

Article 53The beneficiaries of a Participants Protection Trust are Participants with compensable claims as prescribed in Article 60, paragraph (1).

第五十四条加入者保護信託契約においては、信託管理人及び受益者代理人を指定しなければならない。

Article 54A trust administrator and the beneficiaries' agent must be designated in a participants protection trust contract.

第五十五条加入者保護信託契約においては、運営委員会を置く旨の規定を定めなければならない。

Article 55(1)A participants protection trust contract must provide for the establishment of a management committee.

２運営委員会の委員は、加入者保護信託の適正な運営に必要な実務経験又は学識経験を有する者のうちから、主務大臣の認可を受けて受託者が任免する。

(2)With the authorization of the competent minister, the trustee appoints and dismisses members of a management committee from among persons with the necessary business or academic experience to allow for the appropriate management of the Participants Protection Trust.

第五十六条加入者保護信託契約においては、次に掲げる事項を定めなければならない。

Article 56The following particulars must be prescribed in a participants protection trust contract:

第五十七条振替機関は、加入者保護信託契約を締結しようとする場合には、主務省令で定めるところにより、あらかじめ主務大臣の認可を受けなければならない。

Article 57A Book-Entry Transfer Institution must receive the advance authorization of the competent minister pursuant to the provisions of Ordinance of the Competent Ministry before concluding a participants protection trust contract.

第五十八条振替機関等が次に掲げる規定に違反して振替口座簿に記載若しくは記録の漏れを生じさせ、又は記載若しくは記録の誤りを生じさせたこと（第六十条第一項において「誤記載等」という。）によって加入者に対して与えた損害に係る債務を負う当該加入者の直近上位機関又は直近上位機関であった者であって、破産手続開始の決定、再生手続開始の決定、更生手続開始の決定、特別清算開始の命令又は外国倒産処理手続の承認の決定（以下この条において「破産手続開始決定等」という。）を受けたもの（以下この節及び第四節において「破産直近上位機関等」という。）は、直ちに、破産手続開始決定等がされた旨その他主務省令で定める事項を受託者に通知するとともに、主務大臣に報告しなければならない。

Article 58If the current or former Immediately Superior Institution of a Participant is liable for damage that a Book-Entry Transfer Institution, etc. has done to the Participant by causing an entry or record to be omitted from the book-entry transfer account register or by causing an erroneous entry or record to be made therein, in violation of the following provisions (referred to as "erroneous entry or recording" in Article 60, paragraph (1)), and it is subject to an order commencing bankruptcy proceedings, order commencing rehabilitation, order commencing reorganization, order commencing special liquidation, or order recognizing foreign insolvency proceedings (hereinafter referred to as an "order commencing bankruptcy or similar proceedings" in this Article) (hereinafter such an institution is referred to as a "bankrupt current or former immediately superior institution" in this Section and Section 4), in addition to immediately notifying the trustee that it is subject to an order commencing bankruptcy or similar proceedings and of the particulars specified by Ordinance of the Competent Ministry, the bankrupt current or former immediately superior institution must immediately report this to the competent minister:

第五十九条受託者は、前条の通知を受けたときは、運営委員会の意見を聴いて次条第一項に規定する補償対象債権の届出期間、届出場所その他政令で定める事項を定め、これを公告しなければならない。

Article 59(1)Having been notified as referred to in the preceding Article, the trustee must hear the opinion of the management committee, establish the period and location for persons to file notification of compensable claims as prescribed in paragraph (1) of the following Article, provide for the particulars prescribed by Cabinet Order, and issue public notice thereof.

２受託者は、前項の規定により公告した後に、破産直近上位機関等について破産法（平成十六年法律第七十五号）第百九十七条第一項（同法第二百九条第三項において準用する場合を含む。）の規定による公告、第六十五条の二の規定による通知その他の政令で定める事由が生じたときは、前項の規定により公告した届出期間を変更することができる。

(2)The trustee may change the period for filing a notification that has been announced in the public notice issued pursuant to the provisions of the preceding paragraph, if, after public notice has been issued pursuant to the preceding paragraph, a public notice under the provisions of Article 197, paragraph (1) of the Bankruptcy Act (Act No. 75 of 2004) is issued (including as applied mutatis mutandis pursuant to Article 209, paragraph (3) of that Act), the relevant person is notified as under the provisions of Article 65-2, or any other circumstance specified by Cabinet Order arises with respect to the bankrupt current or former immediately superior institution.

３受託者は、前項の規定により届出期間を変更したときは、遅滞なく、その変更に係る事項を公告しなければならない。

(3)If a trustee changes the period for filing a notification pursuant to the provisions of the preceding paragraph, it must issue public notice of the particulars of the change without delay.

４受託者は、第一項に規定する事項を定めた場合又は第二項の規定により届出期間を変更した場合には、直ちに、その旨を主務大臣に報告しなければならない。

(4)Once a trustee establishes the things prescribed in paragraph (1) or if the trustee changes the period for filing a notification pursuant to paragraph (2), it must immediately report this to the competent minister.

第六十条受託者は、加入者の請求に基づいて、当該加入者が振替機関等の誤記載等によって受けた損害に係る債権（第六項において「誤記載等債権」という。）であって、破産手続等開始時において現に当該加入者が破産直近上位機関等に対して有する債権（第六項、次条及び第六十一条の二において「補償対象債権」という。）に相当する金額につき、主務省令で定めるところにより支払を行うものとする。

Article 60(1)At the request of a Participant, the trustee issues a payment, pursuant to Ordinance of the Competent Ministry, in an amount equivalent to the claim for damage that the Participant has incurred due to the Book-Entry Transfer Institution, etc.'s erroneous entry or recording (hereinafter referred to as a "claim due to erroneous entry or recording") and which the participant holds against the bankrupt current or former immediately superior institution at the commencement of bankruptcy or other proceedings (referred to as a "compensable claim" in paragraph (6), the following Article and Article 61-2).

２前項の請求は、前条第一項又は第三項の規定により公告した届出期間内でなければ、することができない。ただし、その届出期間内に請求しなかったことにつき、災害その他やむを得ない事情があると受託者が認めるときは、この限りでない。

(2)A request as referred to in the preceding paragraph may only be made within the period for filing a notification announced in a public notice issued pursuant to the provisions of paragraph (1) or (3) of the preceding Article; provided, however, that this does not apply if the trustee finds a natural disaster or other compelling circumstance to have hindered a person from making a request within the period for filing a notification.

３前項の規定により災害その他やむを得ない事情があると受託者が認めるときは、あらかじめ運営委員会の意見を聴かなければならない。

(3)Before finding a natural disaster or other compelling circumstance to have hindered a person pursuant to the preceding paragraph, the trustee must hear the opinion of the management committee.

４第一項の規定により支払をすべき金額が政令で定める金額を超えるときは、同項の規定にかかわらず、当該政令で定める金額の支払を行うものとする。

(4)Notwithstanding paragraph (1), if the amount payable pursuant to that paragraph exceeds the amount specified by Cabinet Order, the trustee is to pay the amount specified by Cabinet Order.

５第一項又は前項の規定により各加入者に支払を行うべき金額の合計額が加入者保護信託の信託財産を超えるときは、第一項又は前項の規定にかかわらず、第一項又は前項の規定により各加入者に支払を行うべき金額の割合に応じて支払を行うものとする。

(5)Notwithstanding paragraph (1) or the preceding paragraph, if the total of the amounts payable to all Participants pursuant to the provisions of paragraph (1) and the preceding paragraph exceeds the amount of trust property in the Participants Protection Trust, payment is to be issued in proportion to the part of the amount that is payable to each Participant pursuant to the provisions of paragraph (1) and the preceding paragraph.

６受託者は、第一項又は前二項の規定により支払を行ったときは、その支払を行った金額に応じ、当該支払に係る補償対象債権（当該支払に係る補償対象債権が破産直近上位機関等の保証債務に係る債権である場合にあっては、当該保証債務に係る主たる債務者に対する誤記載等債権）を取得する。

(6)Once a trustee issues a payment pursuant to the provisions of paragraph (1) or the preceding two paragraphs, it acquires the compensable claim subject to the payment (or acquires a claim due to erroneous entry or recording against the principal obligor of the guarantee obligation, if the compensable claim subject to the payment is a claim that involves a guarantee obligation of the bankrupt current or former immediately superior institution) in proportion to the amount paid.

第六十一条受託者は、前条第一項、第四項又は第五項の規定により補償対象債権に係る支払を行うときは、運営委員会に対してその支払の指図を求めなければならない。この場合において、運営委員会は、速やかに、補償対象債権の確認を行い、指図を行わなければならない。

Article 61Before issuing a payment against a compensable claim pursuant to the provisions of paragraph (1), (4) or (5) of the preceding Article, the trustee must ask for payment instructions from the management committee. In such a case, the management committee must promptly verify the compensable claim and issue instructions.

第六十一条の二加入者が、補償対象債権に係る第六十条第一項の支払を受けたときは、その支払を受けた時に、その支払を受けた金額により、当該加入者から当該支払をした受託者に対し当該支払に係る補償対象債権（当該補償対象債権のうち当該支払をしたことにより当該受託者が取得した部分に限る。）に係る社債等の譲渡があったものとみなして、所得税法（昭和四十年法律第三十三号）その他の所得税に関する法令の規定を適用する。

Article 61-2(1)If a Participant is paid as referred to in Article 60, paragraph (1) based on a compensable claim, the Bond or Other Security underlying the paid compensable claim (but only the part of the compensable claim that the trustee has acquired based on that payment) is deemed to transfer from the Participant to the trustee that issues the payment, at the time the Participant is paid and for the amount of money paid thereto, and the provisions of the Income Tax Act (Act No. 33 of 1965) and other laws and regulations on income taxes apply.

２前項の規定の適用がある場合における租税特別措置法（昭和三十二年法律第二十六号）第四条の二及び第四条の三の規定の特例の適用に関し必要な事項は、政令で定める。

(2)Cabinet Order prescribes the necessary particulars concerning the application of the special provisions of Article 4-2 and Article 4-3 of the Act on Special Measures on Taxation (Act No. 26 of 1957) when the provisions of the preceding paragraph apply.

第六十二条振替機関等（第四十四条第一項第十三号に掲げる者を除く。第六十四条第一項において同じ。）は、主務省令で定めるところにより、加入者保護信託の信託財産とするための金銭（以下この節において「負担金」という。）を、受託者に対して支払わなければならない。

Article 62(1)A Book-Entry Transfer Institution, etc. (other than one as set forth in Article 44, paragraph (1), item (xiii); the same applies in Article 64, paragraph (1)) must pay monies to a trustee to add to the trust property of a Participants Protection Trust (hereinafter referred to as a "dues" in this Section), pursuant to the provisions of Ordinance of the Competent Ministry.

２第五十一条第一項本文の規定により加入者保護信託契約を締結した振替機関が当該加入者保護信託契約締結時に加入者保護信託の信託財産として信託した金銭は、負担金とみなす。

(2)Monies that a Book-Entry Transfer Institution places in trust and which become part of the trust property of a Participants Protection Trust at the time it concludes a participants protection trust contract pursuant to the provisions of the main clause of Article 51, paragraph (1) are deemed to be dues.

第六十三条負担金の額は、主務省令で定める基準に従い、振替機関の業務規程において定める算定方法により算定される額とする。

Article 63(1)The amount of dues is calculated using the calculation method prescribed in the operational rules of the Book-Entry Transfer Institution in accordance with the standards prescribed by Ordinance of the Competent Ministry.

２主務大臣は、負担金が公平に負担され、かつ、加入者保護信託の信託財産が十分に確保されるよう適切な監督を行わなければならない。

(2)The competent minister must exercise the appropriate supervision so that dues are imposed fairly and sufficient trust property is secured for the Participants Protection Trust.

第六十四条振替機関等は、負担金を振替機関の業務規程の定める支払期限までに支払わない場合には、加入者保護信託の信託財産として受託者に対し、延滞金を支払わなければならない。

Article 64(1)If a Book-Entry Transfer Institution, etc. fails to pay dues by the due date prescribed in its operational rules, it must pay a late payment charge to the trustee which becomes part of the trust property of the Participants Protection Trust.

２前項の延滞金の額は、未払の負担金の額に支払期限の翌日からその支払の日までの日数に応じ年十四・五パーセントの割合を乗じて計算した金額とする。

(2)The late payment charge referred to in the preceding paragraph is calculated by multiplying the unpaid dues by an annual rate of 14.5%, based on the number of days in the period running from the day after the due date to the date of payment.

第六十五条公益信託ニ関スル法律（大正十一年法律第六十二号）第四条第二項及び第五条から第九条までの規定は、加入者保護信託について準用する。

Article 65The provisions of Article 4, paragraph (2) and Articles 5 to 9 inclusive of the Act on Charitable Trusts (Act No. 62 of 1922) apply mutatis mutandis to a Participants Protection Trust.

第六十五条の二破産直近上位機関等の破産手続において、破産法第百九十七条第一項（同法第二百九条第三項において準用する場合を含む。）若しくは第二百四条第二項の規定による通知をしたとき、又は同法第二百八条第一項の規定による許可を受けたときは、破産管財人は、その旨を受託者に通知しなければならない。

Article 65-2If a bankruptcy trustee issues a notice under Article 197, paragraph (1) (including as applied mutatis mutandis pursuant to Article 209, paragraph (3)) or Article 204, paragraph (2) of the Bankruptcy Act or receives approval under Article 208, paragraph (1) of that Act in the course of the bankruptcy proceedings of a bankrupt current or former immediately superior institution, the bankruptcy trustee must notify the trustee of the Participants Protection Trust of this.

第六十六条次に掲げる社債で振替機関が取り扱うもの（以下この章において「振替社債」という。）についての権利（第七十三条に規定する利息の請求権を除く。）の帰属は、この章の規定による振替口座簿の記載又は記録により定まるものとする。

Article 66The ownership of rights (other than a claim for interest prescribed in Article 73) under a corporate bond as set forth below which is handled by a Book-Entry Transfer Institution (hereinafter referred to as a "book-entry transfer corporate bond" in this Chapter) is established by the entries or records in a book-entry transfer account register as under the provisions of this Chapter:

第六十七条振替社債については、社債券を発行することができない。

Article 67(1)Corporate bond certificates may not be issued for book-entry transfer corporate bonds.

２振替社債の社債権者は、当該振替社債を取り扱う振替機関が第二十二条第一項の規定により第三条第一項の指定を取り消された場合若しくは第四十一条第一項の規定により当該指定が効力を失った場合であって当該振替機関の振替業を承継する者が存しないとき、又は当該振替社債が振替機関によって取り扱われなくなったときは、前項の規定にかかわらず、発行者に対し、社債券の発行を請求することができる。

(2)Notwithstanding the preceding paragraph, if a Book-Entry Transfer Institution that handles book-entry transfer corporate bonds has its Article 3, paragraph (1) designation rescinded pursuant to the provisions of Article 22, paragraph (1) or its designation ceases to be effective pursuant to the provisions of Article 41, paragraph (1) and there is no person to succeed to the Book-Entry Transfer Services thereof; or if a Book-Entry Transfer Institution that handles book-entry transfer corporate bonds ceases to handle those book-entry transfer corporate bonds; the holder of such a book-entry transfer corporate bond may ask the issuer to issue a corporate bond certificate.

３前項の社債券は、無記名式とする。

(3)A corporate bond certificate as referred to in the preceding paragraph is to be in bearer form.

第六十八条振替口座簿は、各加入者の口座ごとに区分する。

Article 68(1)A book-entry transfer account register is subdivided, with an account for each Participant.

２振替口座簿中の口座管理機関の口座は、次に掲げるものに区分する。

(2)The account of an Account Management Institution in a book-entry transfer account register is subdivided as follows:

３振替口座簿中の各口座（顧客口座を除く。）には、次に掲げる事項を記載し、又は記録する。

(3)Entries or records giving the following information are made for each account (other than customer accounts) in a book-entry transfer account register:

４振替口座簿中の顧客口座には、次に掲げる事項を記載し、又は記録する。

(4)Entries or records giving the following information are made for each customer account in a book-entry transfer account register:

５振替機関が機関口座を開設する場合には、振替口座簿に機関口座の区分を設け、次に掲げる事項を記載し、又は記録する。

(5)If a Book-Entry Transfer Institution opens an Institution-Held Account, it must create a subdivision for that account in the book-entry transfer account register and enter or record the following information:

６振替口座簿は、電磁的記録（主務省令で定めるものに限る。）で作成することができる。

(6)A book-entry transfer account register may be created as an electronic or magnetic record (limited to one as specified by Ordinance of the Competent Ministry).

第六十九条特定の銘柄の振替社債の発行者は、当該振替社債を発行した日以後遅滞なく、当該発行者が第十三条第一項の同意を与えた振替機関に対し、次に掲げる事項の通知をしなければならない。

Article 69(1)The issuer of book-entry transfer corporate bonds of a particular issue must notify the Book-Entry Transfer Institution to which it has given the consent referred to in Article 13, paragraph (1) of the following information without delay after the date on which it issues those book-entry transfer corporate bonds:

２前項の通知があった場合には、当該通知を受けた振替機関は、直ちに、当該通知に係る振替社債の銘柄について、次に掲げる措置を執らなければならない。

(2)Upon being notified as referred to in the preceding paragraph, the Book-Entry Transfer Institution that has been so notified must immediately take the following measures for the book-entry transfer corporate bonds of the issue about which it has been notified:

３前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた口座管理機関について準用する。

(3)If an Account Management Institution is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), the provisions of the preceding paragraph apply mutatis mutandis to the Account Management Institution that has been so notified.

第六十九条の二会社が特定の銘柄の振替社債を交付しようとする場合において、当該振替社債の社債権者又は質権者のために開設された振替社債の振替を行うための口座を知ることができないときは、当該会社（新設合併に際して振替社債を交付する場合その他の主務省令で定める場合にあっては、当該会社に準ずる者として主務省令で定めるもの。以下この条において「通知者」という。）は、次に掲げる事項を第一号の一定の日の一月前までに当該振替社債の社債権者又は質権者となるべき者として主務省令で定めるものに通知しなければならない。

Article 69-2(1)If a company seeks to deliver book-entry transfer corporate bonds of a particular issue but is unable to find an account that has been opened for the holder or pledgee of those bonds in which book entries can be made for book-entry transfer corporate bonds, the company (or the person specified by Ordinance of the Competent Ministry as being equivalent to such a company, if it is delivering book-entry transfer corporate bonds at the time of a consolidation-type merger or in any other case specified by Ordinance of the Competent Ministry; hereinafter referred to as the "notifier" in this Article) must notify the person that Ordinance of the Competent Ministry prescribes as the one that will become the holder or pledgee of those book-entry transfer corporate bonds of the following information, by one month prior to the fixed date referred to in item (i):

２前項の通知者が同項の会社以外の者である場合には、当該通知者は、同項第一号の一定の日において、当該会社に対し、同号の社債権者又は質権者が通知した同項第二号の口座を通知しなければならない。

(2)If the notifier referred to in the preceding paragraph is a person other than a company as referred to in that paragraph, the notifier must notify that company, on the fixed date referred to in item (i) of that paragraph, of the account referred to in item (ii) of that paragraph of which the bondholder or pledgee referred to in that item has notified it.

３第一項第一号の社債権者又は質権者が同号の一定の日までに同項第二号の口座を通知者に通知しなかった場合には、会社は、同項第三号の振替機関等に対して当該社債権者又は当該質権者のために振替社債の振替を行うための口座（以下この章において「特別口座」という。）の開設の申出をしなければならない。ただし、当該会社が当該社債権者又は当該質権者のために開設の申出をした特別口座があるときは、この限りでない。

(3)If a bondholder or pledgee as referred to paragraph (1), item (i) does not notify the notifier of an account as referred to in item (ii) of that paragraph by the fixed date referred to in item (i) of that paragraph, the company must request the Book-Entry Transfer Institution, etc. referred to in item (iii) of that paragraph to open an account for the bondholder or pledgee in which book entries can be made for book-entry transfer corporate bonds (hereinafter referred to as a "special account"); provided, however, that this does not apply if there is a special account open that the company has requested be opened for the bondholder or pledgee.

４会社が第一項の振替社債に係る社債の発行者である場合において、同項第一号の一定の日までに第十三条第一項の同意を与えていないときは、速やかに、当該社債について振替機関に同項の同意を与えなければならない。

(4)If a company is the issuer of corporate bonds that constitute book-entry transfer corporate bonds as referred to paragraph (1) but has not given the consent referred to in Article 13, paragraph (1) by the fixed date referred to in paragraph (1), item (i), it must promptly give the consent referred to in Article 13, paragraph (1) to the Book-Entry Transfer Institution with respect to those corporate bonds.

５第一項に規定する場合において、会社が前条第一項の通知をするときは、第一項第一号の社債権者又は質権者から通知を受けた同項第二号の口座（当該通知がないときは、当該会社が開設の申出をした特別口座）を同条第一項第三号の口座として同項の通知をしなければならない。

(5)In the case prescribed in paragraph (1), when the company notifies the relevant party as referred to in paragraph (1) of the preceding Article, it must use the account referred to in paragraph (1), item (ii) of which it is notified by the bondholder or pledgee referred to in paragraph (1), item (i) (or the special account that the company has requested be opened, if it has not been so notified) as the account referred to in paragraph (1), item (iii) of the preceding Article.

第七十条特定の銘柄の振替社債について、振替の申請があった場合には、振替機関等は、第四項から第八項までの規定により、当該申請において第三項の規定により示されたところに従い、その備える振替口座簿における減額若しくは増額の記載若しくは記録又は通知をしなければならない。

Article 70(1)On receiving an application for a book-entry transfer involving book-entry transfer corporate bonds of a particular issue, a Book-Entry Transfer Institution, etc., pursuant to the provisions of paragraphs (4) to (8) inclusive and as indicated in the application pursuant to the provisions of paragraph (3), must create an entry or record showing a reduction or increase in the book-entry transfer account register that it maintains, or must notify the relevant person.

２前項の申請は、この法律に別段の定めがある場合を除き、振替によりその口座（顧客口座を除く。）において減額の記載又は記録がされる加入者が、その直近上位機関に対して行うものとする。

(2)Unless otherwise prescribed in this Act, the application referred to in the preceding paragraph is something that the Participant in whose account (this excludes a customer account) the book-entry transfer will create an entry or record of a reduction is to file with its Immediately Superior Institution.

３第一項の申請をする者は、当該申請において、次に掲げる事項を示さなければならない。

(3)A person filing an application as referred to in paragraph (1) must indicate the following information in that application:

４第一項の申請があった場合には、当該申請を受けた振替機関等は、遅滞なく、次に掲げる措置を執らなければならない。

(4)Upon receipt of an application as referred to in paragraph (1), the Book-Entry Transfer Institution, etc. receiving it must take the following measures without delay:

５前項第二号の通知があった場合には、当該通知を受けた振替機関等は、直ちに、次に掲げる措置を執らなければならない。

(5)Upon being notified as referred to in item (ii) of the preceding paragraph, the Book-Entry Transfer Institution, etc. that has been so notified must immediately take the following measures:

６前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた振替機関等について準用する。

(6)The provisions of the preceding paragraph apply mutatis mutandis to a Book-Entry Transfer Institution, etc. that is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), once it has been so notified.

７第四項第四号又は第五項第四号（前項において準用する場合を含む。以下この項において同じ。）の通知があった場合には、当該通知を受けた口座管理機関は、直ちに、次に掲げる措置を執らなければならない。

(7)Upon being notified as referred to in paragraph (4), item (iv) or paragraph (5), item (iv) (including as applied mutatis mutandis pursuant to the preceding paragraph; hereinafter the same applies in this paragraph), the Account Management Institution that has been so notified must immediately take the following measures:

８前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた口座管理機関について準用する。

(8)If an Account Management Institution is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), the provisions of the preceding paragraph apply mutatis mutandis to the Account Management Institution that has been so notified.

第七十条の二加入者は、特別口座に記載され、又は記録された振替社債については、当該加入者又は当該振替社債の発行者の口座以外の口座を振替先口座とする振替の申請をすることができない。

Article 70-2(1)A Participant may not apply for a book-entry transfer involving a book-entry transfer corporate bond that has been entered or recorded in a special account if the transferee account is other than that of the Participant or that of the issuer of the book-entry transfer corporate bond.

２特定の銘柄の振替社債に係る第六十九条第一項の通知又は振替の申請の前に合併により消滅する会社の株式を取得した者であって株主名簿に記載又は記録がされていないことを理由として合併に際して当該株式に代わる当該振替社債の交付を受けることができなかったものその他の主務省令で定める者（以下この項において「取得者等」という。）が、当該通知又は当該振替の申請の後に、当該振替社債についての記載又は記録がされた特別口座の加入者と共同して請求をした場合には、発行者は、次に掲げる行為をしなければならない。当該請求をすべきことを当該加入者に命ずる判決であって執行力を有するものの正本若しくは謄本若しくはこれに準ずる書類として主務省令で定めるものを当該取得者等が添付して請求をした場合又は当該取得者等の請求により次に掲げる行為をしても当該加入者その他の利害関係人の利益を害するおそれがない場合として主務省令で定める場合も、同様とする。

(2)If, after the notice referred to in Article 69, paragraph (1) or an application for a book-entry transfer involving book-entry transfer corporate bonds of a particular issue is made, a person that, before that notice or application, acquired shares in a company disappearing in a merger but that cannot be delivered the book-entry transfer corporate bonds that replace those shares at the time of the merger because no entry or record has been made for the person in the shareholder register, or any other person specified by Ordinance of the Competent Ministry (hereinafter referred to as the "acquirer or other such person" in this paragraph) files a joint request together with the Participant in whose special account the book-entry transfer corporate bonds have been entered or recorded, the issuer must take the following actions. The same applies if the acquirer or other such person files a request accompanied by an authenticated copy or certified copy of an enforceable judgment that orders the Participant to file such a request or accompanied by any other paper document specified by Ordinance of the Competent Ministry as being equivalent thereto, and the same also applies in cases prescribed by Ordinance of the Competent Ministry as those in which the interests of the Participant and other interested persons are unlikely to be prejudiced even if the issuer takes the following actions as requested by the acquirer or other such person:

３特別口座の開設の申出をした発行者以外の加入者は、当該特別口座を振替先口座とする振替の申請をすることができない。

(3)A Participant other than the issuer that has requested for a special account to be opened may not apply for a book-entry transfer with the special account as the transferee account.

第七十一条特定の銘柄の振替社債について、抹消の申請があった場合には、振替機関等は、第四項から第六項までの規定により、当該申請において第三項の規定により示されたところに従い、その備える振替口座簿における減額の記載若しくは記録又は通知をしなければならない。

Article 71(1)On receiving an application for the deletion of a book-entry transfer corporate bond of a particular issue, a Book-Entry Transfer Institution, etc., pursuant to the provisions of paragraphs (4) to (6) inclusive and as indicated in the application pursuant to the provisions of paragraph (3), must create an entry or record showing a reduction in the book-entry transfer account register that it maintains, or must notify the relevant person.

２前項の申請は、抹消によりその口座（顧客口座を除く。）において減額の記載又は記録がされる加入者が、その直近上位機関に対して行うものとする。

(2)The application referred to in the preceding paragraph is something that the Participant in whose account (this excludes a customer account) the reduction resulting from the deletion will be entered or recorded is to file with its Immediately Superior Institution.

３第一項の申請をする加入者（以下この条において「申請人」という。）は、当該申請において、次に掲げる事項を示さなければならない。

(3)A Participant filing an application as referred to in paragraph (1) (hereinafter referred to as the "applicant" in this Article) must indicate the following information in that application:

４第一項の申請があった場合には、当該申請を受けた振替機関等は、遅滞なく、次に掲げる措置を執らなければならない。

(4)Upon receipt of an application as referred to in paragraph (1), the Book-Entry Transfer Institution, etc. receiving it must take the following measures without delay:

５前項第二号の通知があった場合には、当該通知を受けた振替機関等は、直ちに、次に掲げる措置を執らなければならない。

(5)Upon being notified as referred to in item (ii) of the preceding paragraph, the Book-Entry Transfer Institution, etc. that has been so notified must immediately take the following measures:

６前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた振替機関等について準用する。

(6)The provisions of the preceding paragraph apply mutatis mutandis to a Book-Entry Transfer Institution, etc. that is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), once it has been so notified.

７発行者は、社債権者又は質権者のために社債管理者又は担保付社債信託法第二条第一項に規定する信託契約の受託会社（次項において「社債管理者等」という。）に対して振替社債の償還をする場合を除くほか、社債権者又は質権者に対し、振替社債の償還をするのと引換えにその口座における当該振替社債の銘柄についての当該償還に係る振替社債の金額と同額の抹消をその直近上位機関に対して申請することを請求することができる。

(7)Unless an issuer goes through a corporate bond manager or a trust company under a trust agreement as prescribed in Article 2, paragraph (1) of the Secured Bonds Trust Act (referred to as a "bond manager or similar person" in the following paragraph) to redeem book-entry transfer corporate bonds for a bondholder or pledgee, the issuer may demand that, in exchange for the issuer redeeming book-entry transfer corporate bonds, the bondholder or pledgee file an application with its Immediately Superior Institution to enter a deletion for the book-entry transfer corporate bonds of that issue which appear on its account, deleting the same amount from the account as the amount of the book-entry transfer corporate bonds that are being redeemed.

８前項の規定は、社債権者又は質権者のために振替社債の償還を受けた社債管理者等が当該社債権者又は当該質権者に対し当該償還額の支払をする場合について準用する。

(8)The provisions of the preceding paragraph apply mutatis mutandis when a bond manager or similar person through which corporate bonds are redeemed for a bondholder or pledgee pays the amount so redeemed to the bondholder or pledgee.

第七十二条振替機関等は、その備える振替口座簿について、第六十八条第三項各号、第四項各号又は第五項各号に掲げる事項につき変更が生じたことを知ったときは、直ちに、当該振替口座簿にその記載又は記録をしなければならない。

Article 72If a Book-Entry Transfer Institution, etc. learns of a change having arisen with respect to information as set forth in one of the items of Article 68, paragraph (3), (4) or (5) in connection with the book-entry transfer account register that it maintains, it must immediately enter or record the change in the book-entry transfer account register.

第七十三条振替社債（差押えを受けることなく弁済期が到来した利息の請求権を除く。次条から第七十七条までにおいて同じ。）の譲渡は、振替の申請により、譲受人がその口座における保有欄（機関口座にあっては、第六十八条第五項第二号に掲げる事項を記載し、又は記録する欄）に当該譲渡に係る金額の増額の記載又は記録を受けなければ、その効力を生じない。

Article 73A transfer of book-entry transfer corporate bonds (other than a claim for interest due free from seizure; the same applies in the following Article through Article 77) does not take effect unless the transferee has had an entry or record created in the holdings column of its account (or in the column where the information set forth in Article 68, paragraph (5), item (ii) is entered or recorded, for the Institution-Held Account), based on an application for book-entry transfer, showing an increase equal to the amount of book-entry transfer corporate bonds subject to the transfer.

第七十四条振替社債の質入れは、振替の申請により、質権者がその口座における質権欄に当該質入れに係る金額の増額の記載又は記録を受けなければ、その効力を生じない。

Article 74A pledge of book-entry transfer corporate bonds does not take effect unless the pledgee has had an entry or record created in the pledge column of its account, based on an application for book-entry transfer, showing an increase equal to the amount of the book-entry transfer corporate bonds subject to the pledge.

第七十五条振替社債については、第六十八条第三項第五号の規定により当該社債が信託財産に属する旨を振替口座簿に記載し、又は記録しなければ、当該社債が信託財産に属することを第三者に対抗することができない。

Article 75(1)Unless an entry or record has been created for a book-entry transfer corporate bond in a book-entry transfer account register pursuant to the provisions of Article 68, paragraph (3), item (v), indicating that the bond is trust property, it is not permissible to assert against a third party that the bond is trust property.

２前項に規定する振替口座簿への記載又は記録は、政令で定めるところにより行う。

(2)An entry or record in a book-entry transfer account register as prescribed in the preceding paragraph is created pursuant to the provisions of Cabinet Order.

第七十六条加入者は、その口座（口座管理機関の口座にあっては、自己口座に限る。）における記載又は記録がされた振替社債についての権利を適法に有するものと推定する。

Article 76A Participant is presumed to be the lawful holder of the rights under a book-entry transfer corporate bond that has been entered or recorded in the account thereof (but only in its own account, if the Participant is an Account Management Institution).

第七十七条振替の申請によりその口座（口座管理機関の口座にあっては、自己口座に限る。）において特定の銘柄の振替社債についての増額の記載又は記録を受けた加入者（機関口座を有する振替機関を含む。）は、当該銘柄の振替社債についての当該増額の記載又は記録に係る権利を取得する。ただし、当該加入者に悪意又は重大な過失があるときは、この限りでない。

Article 77A Participant (or a Book-Entry Transfer Institution with an Institution-Held Account) that has had an entry or record created in its account (but only in its own account, if it is an Account Management Institution), based on an application for book-entry transfer, showing an increase in book-entry transfer corporate bonds of a particular issue acquires the rights associated with the entry or record showing the increase in the book-entry transfer corporate bonds of that issue; provided, however that this does not apply if the Participant has acted in bad faith or with gross negligence.

第七十八条前条の規定による振替社債の取得によりすべての社債権者の有する同条に規定する銘柄の振替社債の総額が当該銘柄の振替社債の発行総額（償還済みの額を除く。）を超えることとなる場合において、第一号の合計額が第二号の発行総額を超えるときは、振替機関は、その超過額（第一号の合計額から第二号の発行総額を控除した額をいう。）に達するまで、当該銘柄の振替社債を取得する義務を負う。

Article 78(1)If the total amount of book-entry transfer corporate bonds of a particular issue that all bondholders hold based on acquisitions of book-entry transfer corporate bonds under the preceding Article comes to exceed the total issued amount (other than any amount that has been redeemed) of book-entry transfer corporate bonds of that issue, and the aggregate amount referred to in item (i) exceeds the total issued amount referred to in item (ii), the Book-Entry Transfer Institution has a duty to acquire book-entry transfer corporate bonds in that issue until its holdings reach the amount of the overage (meaning the aggregate amount referred to in item (i), less the total issued amount referred to in item (ii)):

２前項第一号に規定する金額は、同号に規定する口座における増額又は減額の記載又は記録であって当該記載又は記録に係る権利の発生、移転又は消滅が生じなかったものがある場合において、前条の規定により当該記載又は記録に係る金額の振替社債を取得した者のないことが証明されたときは、当該記載又は記録がなかったとした場合の金額とする。

(2)If there is any amount as prescribed in item (i) of the preceding paragraph for which an entry or record showing an increase or reduction has been created in an account as prescribed in that item, but the rights associated with that entry or record have not arisen, been transferred, or been extinguished, and it is proven that nobody has acquired book-entry transfer corporate bonds pursuant to the provisions of the preceding Article in the amount for which the entry or record has been created, that amount is treated as if the entry or record had not been created.

３振替機関は、第一項の規定により振替社債を取得したときは、直ちに、発行者に対し、当該振替社債について債務の全部を免除する旨の意思表示をする義務を負う。

(3)Once a Book-Entry Transfer Institution acquires book-entry transfer corporate bonds pursuant to the provisions of paragraph (1), it has a duty to immediately manifest its intention to the issuer to be bound by its release of the issuer from all obligations related to those book-entry transfer corporate bonds.

４前項に規定する振替社債についての権利は、同項の規定により免除の意思表示がされたときは、消滅する。

(4)The rights under the book-entry transfer corporate bonds prescribed in the preceding paragraph are extinguished once an intention to be bound by a release is manifested pursuant to that paragraph.

５振替機関は、振替社債について第三項の規定により免除の意思表示を行ったときは、直ちに、当該振替社債について振替口座簿の抹消を行わなければならない。

(5)Once a Book-Entry Transfer Institution manifests its intention to be bound by a release pursuant to the provisions of paragraph (3) with respect to book-entry transfer corporate bonds, it must immediately enter deletions for those book-entry transfer corporate bonds in the book-entry transfer account register.

第七十九条前条第一項に規定する場合において、第一号の合計額が第二号の金額を超えることとなる口座管理機関があるときは、当該口座管理機関は、発行者に対し、その超過額（第一号の合計額から第二号の金額を控除した額をいう。）に相当する額の当該銘柄の振替社債について債務の全部を免除する旨の意思表示をする義務を負う。

Article 79(1)In a case as prescribed in paragraph (1) of the preceding Article, if there is an Account Management Institution in connection with which the total amount referred to in item (i) comes to exceed the amount referred to in item (ii), the Account Management Institution has a duty to manifest its intention to the issuer to be bound by its release of the issuer from all obligations related to book-entry transfer corporate bonds of that issue in an amount equal to the overage (meaning the total amount referred to in item (i), less the amount referred to in item (ii)):

２前条第二項の規定は、次に掲げる事項について準用する。

(2)The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to:

３第一項の場合において、口座管理機関は、同項に規定する超過額に相当する額の同項に規定する銘柄の振替社債を有していないときは、同項の規定による免除の意思表示をする前に、当該超過額に達するまで、当該銘柄の振替社債を取得する義務を負う。

(3)In a case as referred to in paragraph (1), if the Account Management Institution does not hold book-entry transfer corporate bonds of the issue prescribed in that paragraph in an amount equal to the overage prescribed in that paragraph, it has a duty to acquire book-entry transfer corporate bonds in that issue until its holdings reach the amount of the overage, before manifesting its intention to be bound by a release under the provisions of that paragraph.

４口座管理機関は、第一項の規定により免除の意思表示をしたときは、直ちに、その直近上位機関に対し、次に掲げる事項を通知しなければならない。

(4)Once an Account Management Institution manifests its intention to be bound by a release pursuant to the provisions of paragraph (1), it must immediately notify its Immediately Superior Institution:

５前項の直近上位機関は、同項の通知を受けたときは、直ちに、同項第二号に掲げる銘柄の振替社債について、その備える振替口座簿における次に掲げる記載又は記録をしなければならない。

(5)Upon being notified as referred to in the preceding paragraph, the Immediately Superior Institution referred to in that paragraph must immediately create the following entries or records regarding book-entry transfer corporate bonds as set forth in item (ii) of that paragraph in the book-entry transfer account register that it maintains:

第八十条第七十八条第一項に規定する場合において、同項に規定する振替機関が同項及び同条第三項の義務の全部を履行するまでの間は、発行者は、各社債権者の有する当該銘柄の振替社債のうち第一号の金額が第二号の総額に占める割合を同条第一項に規定する超過額（同条第三項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条及び第八十五条において「振替機関分制限額」という。）に関する部分について、元本の償還及び利息の支払をする義務を負わない。

Article 80(1)In a case as prescribed in Article 78, paragraph (1), until the Book-Entry Transfer Institution prescribed in that paragraph fully performs the obligations referred to in that paragraph and paragraph (3) of that Article, the issuer does not have a duty to redeem the principal or pay interest on the part of the book-entry transfer corporate bonds of the relevant issue that any of the bondholders holds which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in paragraph (3) of that Article) (hereinafter referred to as the "maximum amount ascribable to the book-entry transfer institution" in this Article and Article 85):

２第七十八条第一項に規定する場合において、同項に規定する振替機関は、各社債権者に対して次に掲げる義務を負う。

(2)In the case prescribed in Article 78, paragraph (1), the Book-Entry Transfer Institution prescribed in that paragraph assumes the following duties toward each bondholder:

第八十一条第七十九条第一項に規定する場合において、同項に規定する口座管理機関が同項及び同条第三項の義務の全部を履行するまでの間は、発行者は、社債権者（当該口座管理機関又はその下位機関が開設した口座に記載又は記録がされた振替社債についての社債権者に限る。）の有する当該銘柄の振替社債のうち第一号の金額が第二号の総額に占める割合を同条第一項に規定する超過額（同項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条及び第八十五条において「口座管理機関分制限額」という。）に関する部分について、元本の償還及び利息の支払をする義務を負わない。

Article 81(1)In a case as prescribed in Article 79, paragraph (1), until the Account Management Institution prescribed in that paragraph fully performs the obligations referred to in that paragraph and paragraph (3) of that Article, the issuer does not have a duty to redeem the principal or pay interest on the part of the book-entry transfer corporate bonds of the relevant issue that a holder (but only the holder of a book-entry transfer corporate bond that has been entered or recorded in an account opened by that Account Management Institution or by its Subordinate Institution) holds which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in that paragraph) (hereinafter referred to as the "maximum amount ascribable to the account management institution" in this Article and Article 85):

２第七十九条第一項に規定する場合において、同項に規定する口座管理機関は、前項に規定する社債権者に対して次に掲げる義務を負う。

(2)In the case prescribed in Article 79, paragraph (1), the Account Management Institution prescribed in that paragraph assumes the following duties toward a bondholder as prescribed in the preceding paragraph:

第八十二条発行者が第八十条第一項又は前条第一項の規定により義務を負わないとされた金額についてした元本の償還又は利息の支払は、当該発行者が善意の場合であっても、当該銘柄の他の振替社債に係る当該発行者の債務を消滅させる効力を有しない。

Article 82(1)Even if an issuer is acting in good faith, its redemption of principal or payment of interest in an amount that the provisions of Article 80, paragraph (1) or paragraph (1) of the preceding Article establish the issuer as not having a duty to redeem or pay does not have the effect of extinguishing the issuer's obligations in respect of other book-entry transfer corporate bonds of that issue.

２前項の場合において、社債権者は、発行者に対し、同項に規定する元本の償還又は利息の支払に係る金額の返還をする義務を負わない。

(2)In a case as referred to in the preceding paragraph, a bondholder does not have a duty to return to the issuer the amount of the principal redeemed or interest paid as prescribed in that paragraph.

３発行者は、第一項に規定する元本の償還又は利息の支払をしたときは、前項に規定する金額の限度において、第八十条第二項第一号又は前条第二項第一号の規定による社債権者の振替機関等に対する権利を取得する。

(3)If an issuer redeems principal or pays interest as prescribed in paragraph (1), it acquires the rights of a bondholder under the provisions of Article 80, paragraph (2), item (i) or paragraph (2), item (i) of the preceding Article toward the Book-Entry Transfer Institution, etc., to the extent of the amount prescribed in the preceding paragraph.

第八十三条短期社債には、新株予約権を付することができない。

Article 83(1)A share option may not be embedded in a short-term corporate bond.

２短期社債については、社債原簿を作成することを要しない。

(2)A corporate bond register need not be created for short-term corporate bonds.

３短期社債については、会社法第四編第三章の規定は、適用しない。

(3)The provisions of Part IV, Chapter III of the Companies Act do not apply to a short-term corporate bond.

第八十四条振替社債の発行者は、当該振替社債についての会社法第六百七十七条第一項の規定による通知において、当該振替社債についてこの法律の規定の適用がある旨を示さなければならない。ただし、短期社債については、この限りでない。

Article 84(1)The issuer of book-entry transfer corporate bonds must indicate that the provisions of this Act apply to those book-entry transfer corporate bonds in the notice under Article 677, paragraph (1) of the Companies Act that it gives about them; provided, however, that this does not apply to short-term corporate bonds.

２振替社債についての社債原簿には、当該振替社債についてこの法律の規定の適用がある旨を記載し、又は記録しなければならない。

(2)A corporate bond register that is for book-entry transfer corporate bonds must include an entry or record indicating that this Act applies to those book-entry transfer corporate bonds.

３振替社債の引受けの申込みをする者は、自己のために開設された当該振替社債の振替を行うための口座を会社法第六百七十七条第二項の書面に記載し、又は同法第六百七十九条の契約を締結する際に当該口座を当該振替社債の発行者に示さなければならない。

(3)A person offering to subscribe for book-entry transfer corporate bonds must mention, in a paper-based document as referred to in Article 677, paragraph (2) of the Companies Act, the account opened for it in which book entries can be made for the book-entry transfer corporate bonds, or must indicate this account to the issuer of those book-entry transfer corporate bonds when concluding the agreement referred to in Article 679 of that Act.

４会社法第百六十六条第一項本文の規定による請求により振替社債の交付を受けようとする者は、自己のために開設された当該振替社債の振替を行うための口座（特別口座を除く。）を当該振替社債を交付する会社に示さなければならない。

(4)A person seeking to be delivered book-entry transfer corporate bonds pursuant to a request under the main clause of Article 166, paragraph (1) of the Companies Act must indicate to the company delivering those book-entry transfer corporate bonds the account (but not a special account) that has been opened for it in which book entries can be made for those book-entry transfer corporate bonds.

第八十五条第八十条第一項又は第八十一条第一項の場合においては、各社債権者は、会社法第七百二十三条第一項の規定にかかわらず、その有する社債の金額（振替機関分制限額及び口座管理機関分制限額の合計額を除く。）に応じて、社債権者集会における議決権を有する。

Article 85(1)Notwithstanding Article 723, paragraph (1) of the Companies Act, in a case as referred to in Article 80, paragraph (1) or Article 81, paragraph (1), each bondholder holds voting rights exercisable at a bondholders meeting in proportion to the amount of corporate bonds held thereby (other than the sum total of the maximum amount ascribable to the book-entry transfer institution and maximum amount ascribable to the account management institution).

２会社法第七百十八条第一項及び第七百三十六条第一項並びに担保付社債信託法第四十九条第一項の規定の適用については、第八十条第一項又は第八十一条第一項の社債権者は、振替機関分制限額及び口座管理機関分制限額については、社債を有しないものとみなす。

(2)In applying the provisions of Article 718, paragraph (1) and Article 736, paragraph (1) of the Companies Act and Article 49, paragraph (1) of the Secured Bonds Trust Act, a bondholder as referred to in Article 80, paragraph (1) or Article 81, paragraph (1) is deemed not to hold the corporate bonds that correspond to the maximum amount ascribable to the book-entry transfer institution and the maximum amount ascribable to the account management institution.

第八十六条振替社債の社債権者が、会社法第七百十八条第一項の規定による社債権者集会の招集の請求、同条第三項の規定による社債権者集会の招集、社債権者集会における議決権の行使又は担保付社債信託法第四十九条第一項の規定による担保物の保管の状況の検査をするには、第三項本文の規定により書面の交付を受けた上、次の各号に掲げる場合の区分に応じ、それぞれ当該各号に定める者に当該書面を提示しなければならない。

Article 86(1)In order to demand that the relevant person call a bondholders meeting pursuant to the provisions of Article 718, paragraph (1) of the Companies Act; in order to call a bondholders meeting pursuant to the provisions of paragraph (3) of that Article; in order to vote at a bondholders meeting; or in order to inspect the conditions under which collateral under the provisions of Article 49, paragraph (1) of the Secured Bonds Trust Act is stored, the holder of book-entry transfer corporate bonds, after having been issued a paper-based document pursuant to the provisions of the main clause of paragraph (3), must present that document to the person that each of the following items prescribes for the category of case set forth in the item:

２振替社債の社債権者が社債権者集会において議決権を行使するには、社債権者集会の日の一週間前までに前項の規定による提示をし、かつ、社債権者集会の日に当該提示をしなければならない。

(2)In order for the holder of book-entry transfer corporate bonds to vote at a bondholders meeting, the bondholder must present the paper-based document as under the preceding paragraph no later than one week prior to the date of the bondholders meeting and on the day of the meeting.

３振替社債の社債権者は、その直近上位機関に対し、当該直近上位機関が備える振替口座簿の自己の口座に記載され、又は記録されている当該振替社債についての第六十八条第三項各号に掲げる事項を証明した書面の交付を請求することができる。ただし、当該振替社債について、既にこの項の規定による書面の交付を受けた者であって、当該書面を当該直近上位機関に返還していないものについては、この限りでない。

(3)A holder of book-entry transfer corporate bonds may demand that its Immediately Superior Institution issue a paper-based document certifying the information set forth in the items of Article 68, paragraph (3) with regard to the book-entry transfer corporate bonds entered or recorded under its own account in the book-entry transfer account register maintained by its Immediately Superior Institution; provided, however, that this does not apply to a person that has already been issued a document under this paragraph with regard to those book-entry transfer corporate bonds and that has not returned that document to its Immediately Superior Institution.

４前項本文の規定により書面の交付を受けた社債権者は、当該書面を同項の直近上位機関に返還するまでの間は、当該書面における証明の対象となった振替社債について、振替の申請又は抹消の申請をすることができない。

(4)A bondholder that has been issued a paper-based document pursuant to the main clause of the preceding paragraph may not apply for a book-entry transfer or deletion with respect to the book-entry transfer corporate bonds certified by the document until the bondholder returns that document to the Immediately Superior Institution referred to in that paragraph.

第八十六条の二吸収合併存続会社（会社法第七百四十九条第一項に規定する吸収合併存続会社をいう。以下同じ。）若しくは同法第七百六十七条に規定する株式交換完全親会社（以下この章及び第七章から第九章までにおいて「存続会社等」と総称する。）又は新設合併設立会社（同法第七百五十三条第一項に規定する新設合併設立会社をいう。以下同じ。）若しくは同法第七百七十三条第一項第一号に規定する株式移転設立完全親会社（以下この章及び第七章から第九章までにおいて「新設会社等」と総称する。）が吸収合併若しくは株式交換（以下この章及び第七章から第九章までにおいて「吸収合併等」と総称する。）又は新設合併若しくは株式移転（第七章から第九章までにおいて「新設合併等」と総称する。）に際して振替社債を交付しようとするときは、吸収合併等がその効力を生ずる日又は新設会社等の成立の日（以下この章及び第七章から第九章までにおいて「合併等効力発生日」という。）を第六十九条の二第一項第一号の一定の日として同項の通知をしなければならない。

Article 86-2(1)If a company surviving an absorption-type merger (meaning a company surviving an absorption-type merger as prescribed in Article 749, paragraph (1) of the Companies Act; the same applies hereinafter) or the wholly owning parent company resulting from a share exchange as prescribed in Article 767 of that Act (hereinafter collectively referred to as the "surviving or wholly owning company" in this Chapter and Chapters VII to IX, inclusive); or a company incorporated in a consolidation-type merger (meaning a company incorporated in a consolidation-type merger as prescribed in Article 753, paragraph (1) of that Act) or the wholly owning parent company incorporated in a share transfer as prescribed in Article 773, paragraph (1), item (i) of that Act (hereinafter collectively referred to as the "incorporated or wholly owning company" in this Chapter and Chapters VII to IX inclusive) seeks to deliver book-entry transfer corporate bonds at the time of the absorption-type merger or share exchange (hereinafter collectively referred to as an "absorption-type merger or share exchange" in this Chapter and Chapters VII to IX inclusive) or at the time of the consolidation-type merger or share transfer (hereinafter collectively referred to as a "consolidation-type merger or share transfer" in this Chapter and Chapters VII to IX inclusive), it must notify the relevant person as referred to in Article 69-2, paragraph (1), item (i), using the effective date of the absorption-type merger or share exchange or the date of incorporation of the incorporated or wholly owning company (hereinafter collectively referred to as the "effective date or date of incorporation" in this Chapter and Chapters VII to IX inclusive) as the fixed date referred to in that item.

２存続会社等が吸収合併等に際して振替社債を移転しようとする場合には、当該存続会社等は、合併等効力発生日以後遅滞なく、当該振替社債について振替の申請をしなければならない。

(2)If a surviving or wholly owning company seeks to transfer book-entry transfer corporate bonds at the time of the absorption-type merger or share exchange, it must apply for book entries to be made for those book-entry transfer corporate bonds without delay after the effective date or date of incorporation.

３持分会社が合併をする場合において、吸収合併存続会社又は新設合併設立会社が合併に際して振替社債を交付しようとする場合には、合併契約において、持分会社の社員のために開設された当該振替社債の振替を行うための口座（特別口座を除く。）を定めなければならない。

(3)If membership companies merge and the company surviving an absorption-type merger or the company incorporated in a consolidation-type merger seeks to deliver book-entry transfer corporate bonds at the time of the merger, it must specify, in the merger agreement, the accounts (but not special accounts) that have been opened for the members of the membership company in which book entries can be made for those book-entry transfer corporate bonds.

４吸収分割承継会社（会社法第七百五十七条に規定する吸収分割承継会社をいう。以下同じ。）又は新設分割設立会社（同法第七百六十三条に規定する新設分割設立会社をいう。以下同じ。）が会社分割に際して振替社債を交付しようとする場合には、吸収分割契約又は新設分割計画において、会社分割をする会社のために開設された当該振替社債の振替を行うための口座（特別口座を除く。）を定めなければならない。

(4)If the company succeeding in an absorption-type company split (meaning the company succeeding in an absorption-type company split as prescribed in Article 757 of the Companies Act; the same applies hereinafter) or the company incorporated in an incorporation-type company split (meaning the company incorporated in an incorporation-type company split as prescribed in Article 763 of that Act; the same applies hereinafter) seeks to deliver book-entry transfer corporate bonds at the time of the company split, it must specify, in the absorption-type company split agreement or incorporation-type company split plan, for the account (but not a special account) that has been opened for the splitting company in which book entries can be made for those book-entry transfer corporate bonds.

第八十六条の三振替社債については、会社法第六百八十一条第四号及び第五号、第六百八十二条第一項から第三項まで、第六百八十八条第一項、第六百九十条第一項、第六百九十一条第一項及び第二項、第六百九十三条第一項、第六百九十四条第一項並びに第六百九十五条の二第一項から第三項までの規定は、適用しない。

Article 86-3The provisions of Article 681, items (iv) and (v), Article 682, paragraphs (1) to (3) inclusive, Article 688, paragraph (1), Article 690, paragraph (1), Article 691, paragraphs (1) and (2), Article 693, paragraph (1), Article 694, paragraph (1) and Article 695-2, paragraphs (1) to (3) inclusive do not apply to book-entry transfer corporate bonds.

第八十七条第六十九条第一項の通知があった場合には、当該通知を受けた振替機関は、直ちに、当該通知に係る振替社債の銘柄について、政令で定める方法により、加入者が同項第七号に掲げる事項を知ることができるようにする措置を執らなければならない。

Article 87(1)Upon being notified as referred to in Article 69, paragraph (1), the Book-Entry Transfer Institution that has been so notified must immediately take measures, using the means prescribed by Cabinet Order, that will enable the Participants to learn the information set forth in item (vii) of that paragraph concerning book-entry transfer corporate bonds of the issue to which the notice pertains.

２前項の措置に関する費用は、同項の振替社債の発行者の負担とする。

(2)The expenses incurred in connection with the measures referred to in the preceding paragraph are borne by the issuer of the book-entry transfer corporate bonds referred to in that paragraph.

第八十八条この法律の規定の適用を受けるものとして財務大臣が指定した国債で振替機関が取り扱うもの（以下「振替国債」という。）についての権利（第九十八条に規定する利息の請求権を除く。）の帰属は、この章の規定による振替口座簿の記載又は記録により定まるものとする。

Article 88The ownership of rights (other than a claim for interest prescribed in Article 98) under a Japanese government bond which is designated by the Minister of Finance as being subject to the provisions of this Act and which is handled by a Book-Entry Transfer Institution (hereinafter referred to as a "Book-Entry Transfer JGB") is established by the entries or records in a book-entry transfer account register as under the provisions of this Chapter.

第八十九条振替国債については、国債証券を発行することができない。

Article 89(1)Japanese government bond certificates may not be issued for Book-Entry Transfer JGBs.

２振替国債の債権者は、当該振替国債を取り扱う振替機関が第二十二条第一項の規定により第三条第一項の指定を取り消された場合若しくは第四十一条第一項の規定により当該指定が効力を失った場合であって当該振替機関の振替業を承継する者が存しないとき、又は当該振替国債が振替機関によって取り扱われなくなったときは、前項の規定にかかわらず、国に対し、国債証券の発行を請求することができる。

(2)Notwithstanding the preceding paragraph, if a Book-Entry Transfer Institution that handles Book-Entry Transfer JGBs has its Article 3, paragraph (1) designation rescinded pursuant to the provisions of Article 22, paragraph (1) or its designation ceases to be effective pursuant to the provisions of Article 41, paragraph (1), and there is no person to succeed to the Book-Entry Transfer Services thereof; or if a Book-Entry Transfer Institution that handles Book-Entry Transfer JGBs ceases to handle those Book-Entry Transfer JGBs, the holder of such a Book-Entry Transfer JGB may ask the national government to issue a Japanese government bond certificate.

第九十条この章において「分離適格振替国債」とは、第九十三条第一項の規定により元本部分と利息部分に分離すること（以下「元利分離」という。）の申請ができる振替国債として財務大臣が指定するものをいう。

Article 90(1)The phrase "strippable book-entry transfer JGB" as used in this Chapter means a Book-Entry Transfer JGB designated by the Minister of Finance as one that a person may apply to separate into a principal portion and an interest portion (hereinafter referred to as "Bond Stripping") pursuant to the provisions of Article 93, paragraph (1).

２この章において「分離元本振替国債」とは、第九十三条の規定により元利分離が行われた分離適格振替国債の元本部分であった振替国債をいう。

(2)The phrase "principal-only book-entry transfer JGB" as used in this Chapter means a Book-Entry Transfer JGB that was the principal portion of a strippable book-entry transfer JGB that has been Stripped pursuant to the provisions of Article 93.

３この章において「分離利息振替国債」とは、第九十三条の規定により元利分離が行われた分離適格振替国債の利息部分であった振替国債をいう。

(3)The phrase "interest-only book-entry transfer JGB" as used in this Chapter means a Book-Entry Transfer JGB that was the interest portion of a strippable book-entry transfer JGB that has been Stripped pursuant to the provisions of Article 93.

第九十一条振替口座簿は、各加入者の口座ごとに区分する。

Article 91(1)A book-entry transfer account register is subdivided by account for each Participant.

２振替口座簿中の口座管理機関の口座は、次に掲げるものに区分する。

(2)The account of an Account Management Institution in a book-entry transfer account register is subdivided as follows:

３振替口座簿中の各口座（顧客口座を除く。）には、次に掲げる事項を記載し、又は記録する。

(3)Entries or records giving the following information are made for each account (other than customer accounts) in a book-entry transfer account register:

４振替口座簿中の顧客口座には、次に掲げる事項を記載し、又は記録する。

(4)Entries or records giving the following information are made for each customer account in a book-entry transfer account register:

５振替機関が機関口座を開設する場合には、振替口座簿に機関口座の区分を設け、次に掲げる事項を記載し、又は記録する。

(5)If a Book-Entry Transfer Institution opens an Institution-Held Account, it must create a subdivision for that account in the book-entry transfer account register and enter or record the following information:

６振替口座簿は、電磁的記録（主務省令で定めるものに限る。）で作成することができる。

(6)A book-entry transfer account register may be created as an electronic or magnetic record (limited to one as specified by Ordinance of the Competent Ministry).

第九十二条特定の銘柄の振替国債について、起債した場合には、国は、第十三条第一項の同意を与えた振替機関に対し、次に掲げる事項の通知をしなければならない。

Article 92(1)On issuing Book-Entry Transfer JGBs of a particular issue, the national government must notify the Book-Entry Transfer Institution to which it has given the consent referred to in Article 13, paragraph (1) of the following information:

２前項の通知があった場合には、当該通知を受けた振替機関は、直ちに、当該通知に係る振替国債の銘柄について、次に掲げる措置を執らなければならない。

(2)Upon being notified as referred to in the preceding paragraph, the Book-Entry Transfer Institution that has been so notified must immediately take the following measures for the Book-Entry Transfer JGBs of the issue about which it has been notified:

３前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた口座管理機関について準用する。

(3)If an Account Management Institution is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), the provisions of the preceding paragraph apply mutatis mutandis to the Account Management Institution that has been so notified.

第九十三条特定の銘柄の分離適格振替国債について、元利分離の申請があった場合には、振替機関等は、第五項から第七項までの規定により、当該申請において第四項の規定により示されたところに従い、その備える振替口座簿における減額及び増額の記載若しくは記録又は通知をしなければならない。

Article 93(1)On receiving an application to Strip a strippable book-entry transfer JGB of a particular issue, a Book-Entry Transfer Institution, etc., pursuant to the provisions of paragraphs (5) to (7) inclusive and as indicated in the application pursuant to the provisions of paragraph (4), must enter or record the reduction and increase in the book-entry transfer account register that it maintains, or must notify the relevant person.

２前項の申請は、加入者がその口座（顧客口座を除く。）の保有欄に記載又は記録がされている分離適格振替国債（差押えを受けたものを除く。）についてその直近上位機関に対して行うものとする。

(2)The application referred to in the preceding paragraph is something that the Participant in the holding column of whose account (this excludes a customer account) the strippable book-entry transfer JGB (other than one that has been seized) has been entered or recorded is to file with its Immediately Superior Institution.

３第一項の申請は、財務大臣が定める要件に該当する者でなければ行うことができない。

(3)The application referred to paragraph (1) may be made only by a person satisfying the requirements specified by the Minister of Finance.

４第一項の申請をする加入者（以下この条において「申請人」という。）は、当該申請において、減額の記載又は記録がされるべき分離適格振替国債の銘柄及び金額を示さなければならない。

(4)A Participant filing an application as referred to in paragraph (1) (hereinafter referred to as an "applicant" in this Article) must indicate in that application the issue and the amount of strippable book-entry transfer JGBs for which an entry or record showing a reduction will need to be created.

５第一項の申請があった場合には、当該申請を受けた振替機関等は、遅滞なく、次に掲げる措置を執らなければならない。

(5)Upon receipt of an application as referred to in paragraph (1), the Book-Entry Transfer Institution, etc. receiving it must take the following measures without delay:

６前項第二号の通知があった場合には、当該通知を受けた振替機関等は、直ちに、次に掲げる措置を執らなければならない。

(6)Upon being notified as referred to in item (ii) of the preceding paragraph, the Book-Entry Transfer Institution, etc. that has been so notified must immediately take the following measures:

７前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた振替機関等について準用する。

(7)The provisions of the preceding paragraph apply mutatis mutandis to a Book-Entry Transfer Institution, etc. that is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), once it has been so notified.

第九十四条特定の銘柄の分離元本振替国債及び分離利息振替国債について、統合の申請があった場合には、振替機関等は、第五項から第七項までの規定により、当該申請において第四項の規定により示されたところに従い、その備える振替口座簿における減額及び増額の記載若しくは記録又は通知をしなければならない。

Article 94(1)On receiving an application to reconstitute a principal-only book-entry transfer JGB and interest-only book-entry transfer JGBs of a particular issue, a Book-Entry Transfer Institution, etc., pursuant to the provisions of paragraphs (5) to (7) inclusive and as indicated in the application pursuant to the provisions of paragraph (4), must enter or record the reduction and increase in the book-entry transfer account register that it maintains, or must notify the relevant person.

２前項の申請は、加入者がその口座（顧客口座を除く。）の保有欄に記載又は記録がされている分離元本振替国債及び分離利息振替国債（差押えを受けたものを除く。）についてその直近上位機関に対して行うものとする。

(2)The application referred to in the preceding paragraph is something that the Participant in the holdings column of whose account (this excludes a customer account) the principal-only book-entry transfer JGB and interest-only book-entry transfer JGBs (other than one that has been seized) have been entered or recorded is to file with its Immediately Superior Institution.

３第一項の申請は、前条第三項に規定する要件に該当する者でなければ行うことができない。

(3)The application referred to in paragraph (1) may be made only by a person satisfying the requirements prescribed in paragraph (3) of the preceding Article.

４第一項の申請をする加入者（以下この条において「申請人」という。）は、当該申請において、減額の記載又は記録がされるべき分離元本振替国債及び各分離利息振替国債の銘柄及び金額を示さなければならない。この場合において、当該申請に係る各分離利息振替国債の利息支払期日及び金額は、当該申請に係る分離元本振替国債の金額と同額であって当該分離元本振替国債と名称及び記号を同じくする分離適格振替国債の各利息部分の利息支払期日及び金額と同一でなければならない。

(4)A Participant filing an application as referred to in paragraph (1) (hereinafter referred to as an "applicant" in this Article) must indicate in that application the issue and the amounts of the principal-only book-entry transfer JGB and each of the interest-only book-entry transfer JGBs for which an entry or record showing a reduction will need to be created. In such a case, the interest payment dates and the amounts of each of the interest-only book-entry transfer JGBs to which the application pertains must be the same as the interest payment dates and amounts of each of the interest portions of the strippable book-entry transfer JGB with the same name and code, and of the same amount, as the principal-only book-entry transfer JGB to which the application pertains.

５第一項の申請があった場合には、当該申請を受けた振替機関等は、遅滞なく、次に掲げる措置を執らなければならない。

(5)Upon receipt of an application as referred to in paragraph (1), the Book-Entry Transfer Institution, etc. receiving it must take the following measures without delay:

６前項第二号の通知があった場合には、当該通知を受けた振替機関等は、直ちに、次に掲げる措置を執らなければならない。

(6)Upon being notified as referred to in item (ii) of the preceding paragraph, the Book-Entry Transfer Institution, etc. that has been so notified must immediately take the following measures:

７前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた振替機関等について準用する。

(7)The provisions of the preceding paragraph apply mutatis mutandis to a Book-Entry Transfer Institution, etc. that is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), once it has been so notified.

第九十五条特定の銘柄の振替国債について、振替の申請があった場合には、振替機関等は、第四項から第八項までの規定により、当該申請において第三項の規定により示されたところに従い、その備える振替口座簿における減額若しくは増額の記載若しくは記録又は通知をしなければならない。

Article 95(1)On receiving an application for a book-entry transfer involving Book-Entry Transfer JGBs of a particular issue, a Book-Entry Transfer Institution, etc., pursuant to the provisions of paragraphs (4) to (8) inclusive and as indicated in the application pursuant to the provisions of paragraph (3), must create an entry or record showing a reduction or increase in the book-entry transfer account register that it maintains, or must notify the relevant person.

２前項の申請は、振替によりその口座（顧客口座を除く。）において減額の記載又は記録がされる加入者が、その直近上位機関に対して行うものとする。

(2)The application referred to in the preceding paragraph is something that the Participant in whose account (this excludes a customer account) the book-entry transfer will create an entry or record of a reduction is to file with its Immediately Superior Institution.

３第一項の申請をする加入者（以下この条において「申請人」という。）は、当該申請において、次に掲げる事項を示さなければならない。

(3)A Participant filing an application as referred to in paragraph (1) (hereinafter referred to as the "applicant" in this Article) must indicate the following information in that application:

４第一項の申請があった場合には、当該申請を受けた振替機関等は、遅滞なく、次に掲げる措置を執らなければならない。

(4)Upon receipt of an application as referred to in paragraph (1), the Book-Entry Transfer Institution, etc. receiving it must take the following measures without delay:

５前項第二号の通知があった場合には、当該通知を受けた振替機関等は、直ちに、次に掲げる措置を執らなければならない。

(5)Upon being notified as referred to in item (ii) of the preceding paragraph, the Book-Entry Transfer Institution, etc. that has been so notified must immediately take the following measures:

６前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた振替機関等について準用する。

(6)The provisions of the preceding paragraph apply mutatis mutandis to a Book-Entry Transfer Institution, etc. that is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), once it has been so notified.

７第四項第四号又は第五項第四号（前項において準用する場合を含む。以下この項において同じ。）の通知があった場合には、当該通知を受けた口座管理機関は、直ちに、次に掲げる措置を執らなければならない。

(7)Upon being notified as referred to in paragraph (4), item (iv) or paragraph (5), item (iv) (including as applied mutatis mutandis pursuant to the preceding paragraph; hereinafter the same applies in this paragraph), the Account Management Institution that has been so notified must immediately take the following measures:

８前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた口座管理機関について準用する。

(8)If an Account Management Institution is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), the provisions of the preceding paragraph apply mutatis mutandis to the Account Management Institution that has been so notified.

第九十六条特定の銘柄の振替国債について、抹消の申請があった場合には、振替機関等は、第四項から第六項までの規定により、当該申請において第三項の規定により示されたところに従い、その備える振替口座簿における減額の記載若しくは記録又は通知をしなければならない。

Article 96(1)On receiving an application for the deletion of a Book-Entry Transfer JGB of a particular issue, a Book-Entry Transfer Institution, etc., pursuant to the provisions of paragraphs (4) to (6) inclusive and as indicated in the application pursuant to the provisions of paragraph (3), must create an entry or record showing a reduction in the book-entry transfer account register that it maintains, or must notify the relevant person.

２前項の申請は、抹消によりその口座（顧客口座を除く。）において減額の記載又は記録がされる加入者が、その直近上位機関に対して行うものとする。

(2)The application referred to in the preceding paragraph is something that the Participant in whose account (this excludes a customer account) the reduction resulting from the deletion will be entered or recorded is to file with its Immediately Superior Institution.

３第一項の申請をする加入者（以下この条において「申請人」という。）は、当該申請において、次に掲げる事項を示さなければならない。

(3)A Participant filing an application as referred to in paragraph (1) (hereinafter referred to as the "applicant" in this Article) must indicate the following information in that application:

４第一項の申請があった場合には、当該申請を受けた振替機関等は、遅滞なく、次に掲げる措置を執らなければならない。

(4)Upon receipt of an application as referred to in paragraph (1), the Book-Entry Transfer Institution, etc. receiving it must take the following measures without delay:

５前項第二号の通知があった場合には、当該通知を受けた振替機関等は、直ちに、次に掲げる措置を執らなければならない。

(5)Upon being notified as referred to in item (ii) of the preceding paragraph, the Book-Entry Transfer Institution, etc. that has been so notified must immediately take the following measures:

６前項の規定は、同項第二号（この項において準用する場合を含む。）の通知があった場合における当該通知を受けた振替機関等について準用する。

(6)The provisions of the preceding paragraph apply mutatis mutandis to a Book-Entry Transfer Institution, etc. that is notified as referred to in item (ii) of the preceding paragraph (including as applied mutatis mutandis pursuant to this paragraph), once it has been so notified.

７国は、振替国債の債権者又は質権者に対し、振替国債の償還（分離利息振替国債にあっては、利息の支払）をするのと引換えにその口座における当該振替国債の銘柄についての当該償還に係る振替国債の金額と同額の抹消をその直近上位機関に対して申請することを請求することができる。

(7)The national government may demand that, in exchange for the government redeeming Book-Entry Transfer JGBs (or paying interest, if the bonds are interest-only book-entry transfer JGBs), the bondholder or pledgee thereof file an application with its Immediately Superior Institution to enter a deletion for the Book-Entry Transfer JGBs of that issue which appear on its account, deleting the same amount from the account as the amount of the Book-Entry Transfer JGBs that are being redeemed.

第九十七条振替機関等は、その備える振替口座簿について、第九十一条第三項各号、第四項各号又は第五項各号に掲げる事項につき変更が生じたことを知ったときは、直ちに、当該振替口座簿にその記載又は記録をしなければならない。

Article 97If a Book-Entry Transfer Institution, etc. learns of a change having arisen with respect to information as set forth in one of the items of Article 91, paragraph (3), (4) or (5) in connection with the book-entry transfer account register that it maintains, it must immediately enter or record the change in the book-entry transfer account register.

第九十八条振替国債（差押えを受けることなく弁済期が到来した利息の請求権（分離利息振替国債を除く。）を除く。次条から第百二条までにおいて同じ。）の譲渡は、振替の申請により、譲受人がその口座における保有欄（機関口座にあっては、第九十一条第五項第二号に掲げる事項を記載し、又は記録する欄）に当該譲渡に係る金額の増額の記載又は記録を受けなければ、その効力を生じない。

Article 98A transfer of Book-Entry Transfer JGBs (other than a claim for interest due free from seizure (other than an interest-only book-entry transfer JGB); the same applies in the following Article through Article 102) does not take effect unless the transferee has had an entry or record created in the holdings column of its account (or in the column where the information set forth in Article 91, paragraph (5), item (ii) is entered or recorded, for the Institution-Held Account), based on an application for book-entry transfer, showing an increase equal to the amount of the Book-Entry Transfer JGBs subject to the transfer.

第九十九条振替国債の質入れは、振替の申請により、質権者がその口座における質権欄に当該質入れに係る金額の増額の記載又は記録を受けなければ、その効力を生じない。

Article 99A pledge of Book-Entry Transfer JGBs does not take effect unless the pledgee has an entry or record created in the pledge column of its account, based on an application for book-entry transfer, showing an increase equal to the amount of the Book-Entry Transfer JGBs subject to the pledge.

第百条振替国債については、第九十一条第三項第五号の規定により当該国債が信託財産に属する旨を振替口座簿に記載し、又は記録しなければ、当該国債が信託財産に属することを第三者に対抗することができない。

Article 100(1)Unless an entry or record has been created for a Book-Entry Transfer JGB in a book-entry transfer account register pursuant to the provisions of Article 91, paragraph (3), item (v), indicating that the JGB is trust property, it is not permissible to assert against a third party that the JGB is trust property.

２前項に規定する振替口座簿への記載又は記録は、政令で定めるところにより行う。

(2)An entry or record in a book-entry transfer account register as prescribed in the preceding paragraph is created pursuant to the provisions of Cabinet Order.

第百一条加入者は、その口座（口座管理機関の口座にあっては、自己口座に限る。）における記載又は記録がされた振替国債についての権利を適法に有するものと推定する。

Article 101A Participant is presumed to be the lawful holder of the rights under a Book-Entry Transfer JGB that has been entered or recorded in the account thereof (but only in its own account, if the Participant is an Account Management Institution).

第百二条振替の申請によりその口座（口座管理機関の口座にあっては、自己口座に限る。）において特定の銘柄の振替国債についての増額の記載又は記録を受けた加入者（機関口座を有する振替機関を含む。）は、当該銘柄の振替国債についての当該増額の記載又は記録に係る権利を取得する。ただし、当該加入者に悪意又は重大な過失があるときは、この限りでない。

Article 102A Participant (or a Book-Entry Transfer Institution with an Institution-Held Account) that has had an entry or record created in its account (but only in its own account, if it is an Account Management Institution), based on an application for book-entry transfer, showing an increase in Book-Entry Transfer JGBs of a particular issue acquires the rights associated with the entry or record showing the increase in the Book-Entry Transfer JGBs of that issue; provided, however that this does not apply if the Participant has acted in bad faith or with gross negligence.

第百三条前条の規定による振替国債（分離適格振替国債、分離元本振替国債及び分離利息振替国債を除く。以下第百六条までにおいて同じ。）の取得によりすべての債権者の有する前条に規定する銘柄の振替国債の総額が当該銘柄の振替国債の発行総額（償還済みの額を除く。）を超えることとなる場合において、第一号の合計額が第二号の発行総額を超えるときは、振替機関は、その超過額（第一号の合計額から第二号の発行総額を控除した額をいう。）に達するまで、当該銘柄の振替国債を取得する義務を負う。

Article 103(1)If the total amount of the Book-Entry Transfer JGBs of a particular issue that all bondholders hold based on acquisitions of Book-Entry Transfer JGBs under the preceding Article (other than strippable book-entry transfer JGBs, principal-only book-entry transfer JGBs and interest-only book-entry transfer JGBs; hereinafter the same applies to Article 106 inclusive) comes to exceed the total issued amount of Book-Entry Transfer JGBs of that issue, and the aggregate amount referred to in item (i) exceeds the total issued amount which is referred to in item (ii), the Book-Entry Transfer Institution has a duty to acquire Book-Entry Transfer JGBs in that issue until its holdings reach the amount of the overage (meaning the aggregate amount referred to in item (i), less the total issued amount which is referred to in item (ii)):

２前項第一号に規定する金額は、同号に規定する口座における増額又は減額の記載又は記録であって当該記載又は記録に係る権利の発生、移転又は消滅が生じなかったものがある場合において、前条の規定により当該記載又は記録に係る金額の振替国債を取得した者のないことが証明されたときは、当該記載又は記録がなかったとした場合の金額とする。

(2)If there is any amount as prescribed in item (i) of the preceding paragraph for which an entry or record showing an increase or reduction has been created in an account as prescribed in that item, but the rights associated with that entry or record have not arisen, been transferred, or been extinguished, and it is proven that nobody has acquired Book-Entry Transfer JGBs pursuant to the provisions of the preceding Article in the amount for which the entry or record has been created, that amount is treated as if the entry or record had not been created.

３振替機関は、第一項の規定により振替国債を取得したときは、直ちに、国に対し、当該振替国債について債務の全部を免除する旨の意思表示をする義務を負う。

(3)Once a Book-Entry Transfer Institution acquires Book-Entry Transfer JGBs pursuant to the provisions of paragraph (1), it has a duty to immediately manifest its intention to the national government to be bound by its release of the government from all obligations related to those Book-Entry Transfer JGBs.

４前項に規定する振替国債についての権利は、同項の規定により免除の意思表示がされたときは、消滅する。

(4)The rights under the Book-Entry Transfer JGBs prescribed in the preceding paragraph are extinguished once an intention to be bound by a release is manifested pursuant to that paragraph.

５振替機関は、振替国債について第三項の規定により免除の意思表示を行ったときは、直ちに、当該振替国債について振替口座簿の抹消を行わなければならない。

(5)Once a Book-Entry Transfer Institution manifests its intention to be bound by a release pursuant to the provisions of paragraph (3) with respect to Book-Entry Transfer JGBs, it must immediately enter deletions for those Book-Entry Transfer JGBs in the book-entry transfer account register.

第百四条前条第一項に規定する場合において、第一号の合計額が第二号の金額を超えることとなる口座管理機関があるときは、当該口座管理機関は、国に対し、その超過額（第一号の合計額から第二号の金額を控除した額をいう。）に相当する額の当該銘柄の振替国債について債務の全部を免除する旨の意思表示をする義務を負う。

Article 104(1)In a case as prescribed in paragraph (1) of the preceding Article, if there is an Account Management Institution in connection with which the total amount referred to in item (i) comes to exceed the amount referred to in item (ii), the Account Management Institution has a duty to manifest its intention to the national government to be bound by its release of the government from all obligations related to Book-Entry Transfer JGBs of that issue in an amount equal to the overage (meaning the total amount referred to in item (i), less the amount referred to in item (ii)):

２前条第二項の規定は、次に掲げる事項について準用する。

(2)The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to:

３第一項の場合において、口座管理機関は、同項に規定する超過額に相当する額の同項に規定する銘柄の振替国債を有していないときは、同項の規定による免除の意思表示をする前に、当該超過額に達するまで、当該銘柄の振替国債を取得する義務を負う。

(3)In a case as referred to in paragraph (1), if the Account Management Institution does not hold Book-Entry Transfer JGBs of the issue prescribed in that paragraph in an amount equal to the overage prescribed in that paragraph, it has a duty to acquire Book-Entry Transfer JGBs in that issue until its holdings reach the amount of the overage, before manifesting its intention to be bound by a release under the provisions of that paragraph..

４口座管理機関は、第一項の規定により免除の意思表示をしたときは、直ちに、その直近上位機関に対し、次に掲げる事項を通知しなければならない。

(4)Once an Account Management Institution manifests its intention to be bound by a release pursuant to the provisions of paragraph (1), it must immediately notify its Immediately Superior Institution:

５前項の直近上位機関は、同項の通知を受けたときは、直ちに、同項第二号に掲げる銘柄の振替国債について、その備える振替口座簿における次に掲げる記載又は記録をしなければならない。

(5)Upon being notified as referred to in the preceding paragraph, the Immediately Superior Institution referred to in that paragraph must immediately create the following entries or records regarding Book-Entry Transfer JGBs as referred to in item (ii) of that paragraph, in the book-entry transfer account register that it maintains:

第百五条第百三条第一項に規定する場合において、同項に規定する振替機関が同項及び同条第三項の義務の全部を履行するまでの間は、国は、各債権者の有する当該銘柄の振替国債のうち第一号の金額が第二号の総額に占める割合を同条第一項に規定する超過額（同条第三項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条において「振替機関分制限額」という。）に関する部分について、元本の償還及び利息の支払をする義務を負わない。

Article 105(1)In a case as prescribed in Article 103, paragraph (1), until the Book-Entry Transfer Institution prescribed in that paragraph fully performs the obligations referred to in that paragraph and paragraph (3) of that Article, the national government does not have a duty to redeem the principal or pay interest on the part of the Book-Entry Transfer JGBs of the relevant issue that any of the bondholders holds which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in paragraph (3) of that Article) prescribed in paragraph (1) of that Article (hereinafter referred to as the "maximum amount ascribable to the book-entry transfer institution" in this Article):

２第百三条第一項に規定する場合において、同項に規定する振替機関は、各債権者に対して次に掲げる義務を負う。

(2)In the case prescribed in Article 103, paragraph (1), the Book-Entry Transfer Institution prescribed in that paragraph assumes the following duties toward each bondholder:

第百六条第百四条第一項に規定する場合において、同項に規定する口座管理機関が同項及び同条第三項の義務の全部を履行するまでの間は、国は、債権者（当該口座管理機関又はその下位機関が開設した口座に記載又は記録がされた振替国債についての債権者に限る。）の有する当該銘柄の振替国債のうち第一号の金額が第二号の総額に占める割合を同条第一項に規定する超過額（同項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条において「口座管理機関分制限額」という。）に関する部分について、元本の償還及び利息の支払をする義務を負わない。

Article 106(1)In a case as prescribed in Article 104, paragraph (1), until the Account Management Institution prescribed in that paragraph fully performs the obligations referred to in that paragraph and paragraph (3) of that Article, the national government does not have a duty to redeem the principal or pay interest on the part of the Book-Entry Transfer JGBs of the relevant issue that a holder (but only the holder of a book-entry transfer JGB that has been entered or recorded in an account opened by that Account Management Institution or by its Subordinate Institution) holds which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in that paragraph) prescribed in that paragraph (hereinafter referred to as the "maximum amount ascribable to the account management institution" in this Article):

２第百四条第一項に規定する場合において、同項に規定する口座管理機関は、前項に規定する債権者に対して次に掲げる義務を負う。

(2)In the case prescribed in Article 104, paragraph (1), the Account Management Institution prescribed in that paragraph assumes the following duties toward a bondholder as prescribed in the preceding paragraph:

第百七条第百二条の規定による分離適格振替国債、分離元本振替国債又は分離利息振替国債（以下第百十条までにおいて「分離適格振替国債等」という。）の取得により、すべての分離適格振替国債等の債権者の有する分離適格振替国債について第九十三条の規定により元利分離の手続が行われたとみなして計算した場合にすべての分離適格振替国債等の債権者の有することとなる分離元本振替国債及び分離利息振替国債の各銘柄ごとの総額が、すべての分離適格振替国債についてその発行総額（償還済みの額を除く。）につき同条の規定により元利分離の手続が行われたとみなして計算した場合の分離元本振替国債及び分離利息振替国債の各銘柄ごとの総額を超えることとなるものがある場合において、第一号の総額が第二号の総額を超えることとなる銘柄の分離元本振替国債又は分離利息振替国債があるときは、振替機関は、その超過額（第一号の総額から第二号の総額を控除した額をいう。）に達するまで、当該銘柄の分離元本振替国債又は分離利息振替国債を取得する義務を負う。

Article 107(1)If, as a result of the acquisition of strippable book-entry transfer JGBs, principal-only book-entry transfer JGBs, or interest-only book-entry transfer JGBs under the provisions of Article 102 (hereinafter referred to as "strippable and stripped book-entry transfer JGBs" up to Article 110 inclusive), the total amount, per issue, of principal-only book-entry transfer JGBs and interest-only book-entry transfer JGBs that all of the holders of strippable and stripped book-entry transfer JGBs would be calculated as holding if all of the strippable book-entry transfer JGBs that are held by the holders of strippable and stripped book-entry transfer JGBs were deemed to have been Stripped pursuant to the provisions of Article 93 comes to exceed the total amount, per issue, of principal-only book-entry transfer JGBs and interest-only book-entry transfer JGBs that is calculated when all of the strippable book-entry transfer JGBs issued are deemed to have been Stripped pursuant to the provisions of that Article for the total amount of the issuance (other than any amount that has been redeemed), and there are principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs in that issue of a total amount referred to in item (i) that would exceed the total amount referred to in item (ii), the Book-Entry Transfer Institution has a duty to acquire principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs in that issue until its holdings reach the amount of the overage (meaning the total amount referred to in item (i), less the total amount referred to in item (ii)):

２前項第一号に規定する金額は、同号に規定する口座における増額又は減額の記載又は記録であって当該記載又は記録に係る権利の発生、移転又は消滅が生じなかったものがある場合において、第百二条の規定により当該記載又は記録に係る金額の分離適格振替国債等を取得した者のないことが証明されたときは、当該記載又は記録がなかったとした場合の金額とする。

(2)If there is any amount as prescribed in item (i) of the preceding paragraph for which an entry or record showing an increase or reduction has been created in an account as prescribed in that item, but for which the associated with that entry or record have not arisen, been transferred, or extinguished, and it is proven that nobody has acquired strippable or stripped book-entry transfer JGBs pursuant to the provisions of the preceding Article in the amount for which the entry or record has been created, that amount is treated as if the entry or record had not been created.

３第一項の規定の適用については、第百二条の規定により取得された分離適格振替国債等につき第十三条第一項の同意を受けた各振替機関ごとにその取り扱う分離適格振替国債等について計算を行うものとする。

(3)In applying the provisions of paragraph (1), strippable and stripped book-entry transfer JGBs that have been acquired pursuant to the provisions of Article 102 and that are handled by Book-Entry Transfer Institution that have obtained consent as referred to in Article 13, paragraph (1) are to be calculated for each Book-Entry Transfer Institution handling them.

４振替機関は、第一項の規定により分離元本振替国債又は分離利息振替国債を取得したときは、直ちに、国に対し、当該分離元本振替国債又は分離利息振替国債について債務の全部を免除する旨の意思表示をする義務を負う。

(4)Once a Book-Entry Transfer Institution acquires principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs pursuant to the provisions of paragraph (1), it has a duty to immediately manifest its intention to the national government to be bound by its release of the government from all obligations related to those principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs.

５前項に規定する分離元本振替国債又は分離利息振替国債についての権利は、同項の規定により免除の意思表示がされたときは、消滅する。

(5)The rights under the principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs prescribed in the preceding paragraph are extinguished once an intention to be bound by a release is manifested pursuant to that paragraph.

６振替機関は、分離元本振替国債又は分離利息振替国債について第四項の規定により免除の意思表示を行ったときは、直ちに、当該分離元本振替国債又は分離利息振替国債について振替口座簿の抹消を行わなければならない。

(6)Once a Book-Entry Transfer Institution manifests its intention to be bound by a release pursuant to the provisions of paragraph (4) with respect to principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs, it must immediately enter deletions for those principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs in the book-entry transfer account register.

第百八条前条第一項に規定する場合において、第一号の総額が第二号の総額を超えることとなる銘柄の分離元本振替国債又は分離利息振替国債がある口座管理機関があるときは、当該口座管理機関は、国に対し、その超過額（第一号の総額から第二号の総額を控除した額をいう。）に相当する額の当該銘柄の分離元本振替国債又は分離利息振替国債について債務の全部を免除する旨の意思表示をする義務を負う。

Article 108(1)In a case as prescribed in paragraph (1) of the preceding Article, if there is an Account Management Institution with principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs in an issue for which the total amount referred to in item (i) that comes to exceed the total amount referred to in item (ii), the Account Management Institution has a duty to manifest its intention to the national government to be bound by its release of the government from all obligations related to principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs of that issue in an amount equal to the overage (meaning the total amount referred to in item (ii), less the total amount referred to in item (i)):

２前条第二項の規定は、次に掲げる事項について準用する。

(2)The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to:

３第一項の場合において、口座管理機関は、同項に規定する超過額に相当する額の同項に規定する銘柄の分離元本振替国債又は分離利息振替国債を有していないときは、同項の規定による免除の意思表示をする前に、当該超過額に達するまで、当該銘柄の分離元本振替国債又は分離利息振替国債を取得する義務を負う。

(3)In a case as referred to in paragraph (1), if the Account Management Institution does not hold principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs of the issue prescribed in that paragraph in an amount equal to the overage prescribed in that paragraph, it has a duty to acquire principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs in that issue until its holdings reach the amount of the overage, before manifesting its intention to be bound by a release under the provisions of that paragraph..

４口座管理機関は、第一項の規定により免除の意思表示をしたときは、直ちに、その直近上位機関に対し、次に掲げる事項を通知しなければならない。

(4)Once an Account Management Institution manifests its intention to be bound by a release pursuant to the provisions of paragraph (1), it must immediately notify its Immediately Superior Institution:

５前項の直近上位機関は、同項の通知を受けたときは、直ちに、同項第二号に掲げる銘柄の分離元本振替国債又は分離利息振替国債について、その備える振替口座簿における次に掲げる記載又は記録をしなければならない。

(5)Upon being notified as referred to in the preceding paragraph, the Immediately Superior Institution referred to in that paragraph must immediately create the following entries or records regarding principal-only book-entry transfer JGBs or interest-only book-entry transfer JGBs of the issue set forth in item (ii) of that paragraph, in the book-entry transfer account register that it maintains:

第百九条第百七条第一項に規定する場合において、同項に規定する振替機関が分離元本振替国債について同項及び同条第四項の義務を負ったときは、当該振替機関が当該義務の全部を履行するまでの間は、国は、各債権者の有する当該銘柄の分離元本振替国債及び当該銘柄の分離元本振替国債と名称及び記号を同じくする分離適格振替国債のうち、第一号の金額が第二号の総額に占める割合を同条第一項に規定する超過額（同条第四項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条において「振替機関分制限元本額」という。）に関する部分について、元本の償還をする義務を負わない。

Article 109(1)If a Book-Entry Transfer Institution as prescribed in Article 107, paragraph (1) has the obligations referred to in that paragraph and paragraph (4) of that Article as regards principal-only book-entry transfer JGBs in a case as prescribed in paragraph (1) of that Article, the national government does not have a duty to redeem the principal on the part of the principal-only book-entry transfer JGBs of the relevant issue and strippable book-entry transfer JGBs with the same name and code as the principal-only book-entry transfer JGBs of that issue that any of the bondholders holds which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in paragraph (4) of that Article) (hereinafter referred to as the "maximum amount of principal ascribable to the book-entry transfer institution" in this Article) until the Book-Entry Transfer Institution fully performs those obligations:

２第百七条第一項に規定する場合において、同項に規定する振替機関が分離利息振替国債について同項及び同条第四項の義務を負ったときは、当該振替機関が当該義務の全部を履行するまでの間は、国は、各債権者の有する当該銘柄の分離利息振替国債（当該振替機関が取り扱うものに限る。以下この条及び次条において同じ。）及び当該銘柄の分離利息振替国債と利息支払期日を同じくするすべての分離適格振替国債（当該振替機関が取り扱うものに限る。以下この条及び次条において同じ。）の利息のうち、第一号の総額が第二号の総額に占める割合を同条第一項に規定する超過額（同条第四項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条において「振替機関分制限利息額」という。）に関する部分について、利息の支払をする義務を負わない。

(2)If a Book-Entry Transfer Institution prescribed in Article 107, paragraph (1) has the obligations referred to in that paragraph and paragraph (4) of that Article as regards interest-only book-entry transfer JGBs in a case as prescribed in paragraph (1) of that Article, the national government does not have a duty to pay the part of the interest on the interest-only book-entry transfer JGBs of the relevant issue that any of the bondholders holds (but only those handled by the Book-Entry Transfer Institution, the same applies in this and the following Article), nor on all strippable book-entry transfer JGBs (but only those handled by the Book-Entry Transfer Institution, the same applies in this and the following Article) with the same interest payment date as the interest-only book-entry transfer JGBs of that issue that any of the bondholders holds, which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the total amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in paragraph (4) of that Article) (hereinafter referred to as the "maximum amount of interest ascribable to the book-entry transfer institution" in this Article), until the Book-Entry Transfer Institution fully performs the obligations referred to in that paragraph and paragraph (4) of that Article:

３第百七条第一項に規定する場合において、同項に規定する振替機関は、各債権者に対して次に掲げる義務を負う。

(3)In the case prescribed in Article 107, paragraph (1), the Book-Entry Transfer Institution prescribed in that paragraph assumes the following duties toward each bondholder:

第百十条第百八条第一項に規定する場合において、同項に規定する口座管理機関が分離元本振替国債について同項及び同条第三項の義務を負ったときは、当該口座管理機関が当該義務の全部を履行するまでの間は、国は、債権者（当該口座管理機関又はその下位機関が開設した口座に記載又は記録がされた振替国債についての債権者に限る。）の有する当該銘柄の分離元本振替国債及び当該銘柄の分離元本振替国債と名称及び記号を同じくする分離適格振替国債のうち、第一号の金額が第二号の総額に占める割合を同条第一項に規定する超過額（同項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条において「口座管理機関分制限元本額」という。）に関する部分について、元本の償還をする義務を負わない。

Article 110(1)If an Account Management Institution as prescribed in Article 108, paragraph (1) has the obligations referred to in that paragraph and paragraph (3) of that Article as regards principal-only book-entry transfer JGBs in a case as prescribed in paragraph (1) of that Article, the national government does not have a duty to redeem the principal on the part of the principal-only book-entry transfer JGBs of the relevant issue that a holder holds (but only by the holder of a book-entry transfer JGB entered or recorded in the account opened by the Account Management Institution or by its Subordinate Institution), nor on the part of the strippable book-entry transfer JGBs with the same name and code as the principal-only book-entry transfer JGBs of that issue that the holder holds, which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in that paragraph) (hereinafter referred to as the "maximum amount of principal ascribable to the account management institution" in this Article), until the Account Management Institution fully performs those obligations:

２第百八条第一項に規定する場合において、同項に規定する口座管理機関が分離利息振替国債について同項及び同条第三項の義務を負ったときは、当該口座管理機関が当該義務の全部を履行するまでの間は、国は、債権者（当該口座管理機関又はその下位機関が開設した口座に記載又は記録がされた振替国債についての債権者に限る。）の有する当該銘柄の分離利息振替国債及び当該銘柄の分離利息振替国債と利息支払期日を同じくするすべての分離適格振替国債の利息のうち、第一号の総額が第二号の総額に占める割合を同条第一項に規定する超過額（同項の義務の一部が履行されたときは、当該履行に係る額を控除した額）に乗じた額（以下この条において「口座管理機関分制限利息額」という。）に関する部分について、利息の支払をする義務を負わない。

(2)If an Account Management Institution prescribed in Article 108, paragraph (1) has a duty as referred to in that paragraph and paragraph (3) of that Article as regards interest-only book-entry transfer JGBs in the case prescribed in paragraph (1) of that Article, the national government does not have a duty to pay the part of the interest on the interest-only book-entry transfer JGBs of that issue that a holder holds (but only by the holder of a book-entry transfer JGB entered or recorded in the account opened by the Account Management Institution or by its Subordinate Institution), nor the part of the interest on all strippable book-entry transfer JGBs with the same interest payment date as the interest-only book-entry transfer JGBs of that issue that the holder holds, which corresponds to the amount arrived at when the percentage of the total amount referred to in item (ii) that the amount referred to in item (i) accounts for is multiplied by the amount of the overage prescribed in paragraph (1) of that Article (or by the amount of the overage less any amount representing partial performance of the obligation referred to in that paragraph) (hereinafter referred to as the "maximum amount of interest ascribable to the account management institution" in this Article), until the Account Management Institution fully performs those obligations:

３第百八条第一項に規定する場合において、同項に規定する口座管理機関は、前二項に規定する債権者に対して次に掲げる義務を負う。

(3)In the case prescribed in Article 108, paragraph (1), the Account Management Institution prescribed in that paragraph assumes the following duties toward a bondholder as prescribed in the preceding two paragraphs:

第百十一条国が第百五条第一項、第百六条第一項、第百九条第一項若しくは第二項又は前条第一項若しくは第二項の規定により義務を負わないとされた銘柄に係る当該義務を負わないとされた金額についてした元本の償還又は利息の支払は、国が善意の場合であっても、当該銘柄の他の振替国債に係る国の債務を消滅させる効力を有しない。

Article 111(1)Even if the national government is acting in good faith, its redemption of principal or payment of interest, in an amount that it does not have the duty to redeem or pay, for an issue that the provisions of Article 105, paragraph (1), Article 106, paragraph (1), Article 109, paragraph (1) or (2), or paragraph (1) or (2) of the preceding Article establish the national government as not having a duty to redeem or pay does not have the effect of extinguishing its obligations with respect to other Book-Entry Transfer JGBs of that issue.

２前項の場合において、振替国債の債権者は、国に対し、同項に規定する元本の償還又は利息の支払に係る金額の返還をする義務を負わない。

(2)In a case as referred to in the preceding paragraph, a holder of Book-Entry Transfer JGBs does not have a duty to return to the national government the amount of the principal redeemed or interest paid as prescribed in that paragraph.

３国は、第一項に規定する元本の償還又は利息の支払をしたときは、前項に規定する金額の限度において、第百五条第二項第一号、第百六条第二項第一号、第百九条第三項第一号若しくは第二号又は前条第三項第一号若しくは第二号の規定による振替国債の債権者の振替機関等に対する権利を取得する。

(3)If the national government redeems principal or pays interest as prescribed in paragraph (1), it acquires the rights of a holder of Book-Entry Transfer JGBs under the provisions of Article 105, paragraph (2), item (i), Article 106, paragraph (2), item (i), Article 109, paragraph (3), item (i) or (ii) or paragraph (3), item (i) or (ii) of the preceding Article toward the Book-Entry Transfer Institution, etc., to the extent of the amount prescribed in the preceding paragraph.

第百十二条振替国債の引受けの申込みをする者は、その申込みの際に、自己のために開設された当該振替国債の振替を行うための口座を国に示さなければならない。

Article 112A person offering to subscribe for Book-Entry Transfer JGBs must indicate to the national government the account opened for that person in which book entries can be made for the Book-Entry Transfer JGBs, at the time of the offer.

第百十三条第四章の規定（第六十六条第一号、第六十九条第一項第五号及び第六号並びに第二項第一号ロ及びハ、第六十九条の二、第七十条の二並びに第四節の規定を除く。）は、地方債について準用する。この場合において、次の表の上欄に掲げる規定中同表中欄に掲げる字句は、それぞれ同表下欄に掲げる字句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 113The provisions of Chapter IV (other than Article 66, item (i), Article 69, paragraph (1), items (v) and (vi), paragraph (2), item (i), sub-items (b) and (c), Article 69-2, Article 70-2 and the provisions of Section 4) apply mutatis mutandis to local government bonds. In such a case, the words set forth in the right-hand column of the following table are deemed to replace the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof, and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

第百十四条地方債で振替機関が取り扱うものの発行者は、引受けの申込みをする者に対し、当該地方債についてこの法律の規定の適用がある旨を明示しなければならない。ただし、契約により当該地方債の総額を引き受ける者がある場合には、この限りでない。

Article 114(1)The issuer of local government bonds handled by a Book-Entry Transfer Institution must clearly indicate to a person offering to subscribe for those bonds that this Act applies to those bonds; provided, however, that this does not apply to a person subscribing for the full amount of those local government bonds based on a contract.

２地方債で振替機関が取り扱うものの引受けの申込みをする者は、その申込みの際に、自己のために開設された当該地方債の振替を行うための口座を当該地方債の発行者に示さなければならない。

(2)A person offering to subscribe for local government bonds handled by a Book-Entry Transfer Institution must indicate to the issuer the account opened for that person in which book entries can be made for the local government bonds, at the time of the offer.

第百十五条第四章の規定（第六十六条第一号イからニまで、第六十九条第一項第五号及び第六号並びに第二項第一号ロ及びハ、第六十九条の二、第七十条の二、第八十三条、第八十四条第四項、第八十六条の二並びに第八十六条の三の規定を除く。）は、投資法人債（投資信託及び投資法人に関する法律第二条第十七項に規定する投資法人債をいう。以下同じ。）について準用する。この場合において、次の表の上欄に掲げる規定中同表中欄に掲げる字句は、それぞれ同表下欄に掲げる字句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 115The provisions of Chapter IV (other than Article 66, item (i), sub-items (a) to (d) inclusive, Article 69, paragraph (1), items (v) and (vi) and paragraph (2), item (i), sub-items (b) and (c), Article 69-2, Article 70-2, Article 83, Article 84, paragraph (4), Article 86-2 and Article 86-3) apply mutatis mutandis to investment corporation bonds (meaning investment corporation bonds as prescribed in Article 2, paragraph (17) of the Act on Investment Trusts and Investment Corporations; the same applies hereinafter). In such a case, the words set forth in the right-hand column of the following table are deemed to replace the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof, and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

第百十六条投資法人債で振替機関が取り扱うもの（以下「振替投資法人債」という。）に関する投資信託及び投資法人に関する法律第百九十六条第一項及び第二項、第百九十七条並びに第二百十九条の規定の適用については、振替投資法人債は、同法に規定する投資証券等のうち同法に規定する投資法人債券とみなす。

Article 116In applying the provisions of Article 196, paragraphs (1) and (2), Article 197 and Article 219 of the Act on Investment Trusts and Investment Corporations to investment corporation bonds handled by a Book-Entry Transfer Institution (hereinafter referred to as "Book-Entry Transfer Investment Corporation Bonds"), a Book-Entry Transfer Investment Corporation Bond is deemed to be an investment corporation bond certificate as prescribed in that Act which is among the investment securities, etc. prescribed in that Act.

第百十六条の二振替投資法人債については、投資信託及び投資法人に関する法律第百三十九条の七において準用する会社法第六百八十一条第四号及び第五号、第六百八十二条第一項から第三項まで、第六百八十八条第一項、第六百九十条第一項、第六百九十一条第一項及び第二項、第六百九十三条第一項、第六百九十四条第一項並びに第六百九十五条の二第一項から第三項までの規定は、適用しない。

Article 116-2The provisions of Article 681, items (iv) and (v), Article 682, paragraphs (1) to (3) inclusive, Article 688, paragraph (1), Article 690, paragraph (1), Article 691, paragraphs (1) and (2), Article 693, paragraph (1), Article 694, paragraph (1) and Article 695-2, paragraphs (1) to (3) inclusive of the Companies Act as applied mutatis mutandis pursuant to Article 139-7 of the Act on Investment Trusts and Investment Corporations do not apply to Book-Entry Transfer Investment Corporation Bonds.

第百十七条第四章の規定（第六十六条第一号イからニまで、第六十九条第一項第五号及び第六号並びに第二項第一号ロ及びハ、第六十九条の二、第七十条の二、第八十三条、第八十四条第四項、第八十六条の二並びに第八十六条の三の規定を除く。）は、相互会社の社債（保険業法第六十一条に規定する社債をいう。以下同じ。）について準用する。この場合において、次の表の上欄に掲げる規定中同表中欄に掲げる字句は、それぞれ同表下欄に掲げる字句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 117The provisions of Chapter IV (other than Article 66, item (i), sub-items (a) to (d) inclusive, Article 69, paragraph (1), items (v) and (vi) and paragraph (2), item (i), Sub-items (b) and (c), Article 69-2, Article 70-2, Article 83, Article 84, paragraph (4), Article 86-2 and Article 86-3) apply mutatis mutandis to a corporate bond issued by a mutual company (meaning a corporate bond as prescribed in Article 61 of the Insurance Business Act; the same applies hereinafter). In such a case, the words set forth in the right-hand column of the following table are deemed to replace the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof, and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

第百十七条の二相互会社の社債で振替機関が取り扱うものについては、保険業法第六十一条の五において準用する会社法第六百八十一条第四号及び第五号、第六百八十二条第一項から第三項まで、第六百八十八条第一項、第六百九十条第一項、第六百九十一条第一項及び第二項、第六百九十三条第一項、第六百九十四条第一項並びに第六百九十五条の二第一項から第三項までの規定は、適用しない。

Article 117-2The provisions of Article 681, items (iv) and (v), Article 682, paragraphs (1) to (3) inclusive, Article 688, paragraph (1), Article 690, paragraph (1), Article 691, paragraphs (1) and (2), Article 693, paragraph (1), Article 694, paragraph (1) and Article 695-2, paragraphs (1) to (3) inclusive of the Companies Act as applied mutatis mutandis pursuant to Article 61-5 of the Insurance Business Act do not apply to bonds issued by a mutual company which a Book-Entry Transfer Institution handles.

第百十八条第四章の規定（第六十六条第一号イからニまで、第六十九条第一項第五号及び第六号並びに第二項第一号ロ及びハ、第六十九条の二、第七十条の二、第八十三条、第八十四条第四項、第八十六条の二並びに第八十六条の三の規定を除く。）は、特定社債（資産の流動化に関する法律第二条第七項に規定する特定社債をいい、転換特定社債（同法第百三十一条第一項に規定する転換特定社債をいう。以下同じ。）及び新優先出資引受権付特定社債（同法第百三十九条第一項に規定する新優先出資引受権付特定社債をいう。以下同じ。）を除く。以下同じ。）について準用する。この場合において、次の表の上欄に掲げる規定中同表中欄に掲げる字句は、それぞれ同表下欄に掲げる字句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 118The provisions of Chapter IV (other than Article 66, item (i), sub-items (a) to (d), Article 69, paragraph (1), items (v) and (vi) and paragraph (2), item (i), sub-items (b) and (c), Article 69-2, Article 70-2, Article 83, Article 84, paragraph (4), Article 86-2 and Article 86-3) apply mutatis mutandis to specified corporate bonds (meaning specified corporate bonds as prescribed in Article 2, paragraph (7) of the Act on Securitization of Assets, and excluding convertible specified corporate bonds (meaning convertible specified corporate bonds as prescribed in Article 131, paragraph (1) of that Act; the same applies hereinafter) and specified corporate bonds with subscription rights for new preferred equity investment (meaning specified corporate bonds with subscription rights for new preferred equity investment as prescribed in Article 139, paragraph (1) of that Act; the same applies hereinafter); the same applies hereinafter). In such a case, the words set forth in the right-hand column of the following table are deemed to replace the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof, and beyond this, Cabinet Order provides for the necessary technical replacement of terms.

第百十九条特定社債で振替機関が取り扱うものについては、資産の流動化に関する法律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四号及び第五号、第六百八十二条第一項から第三項まで、第六百八十八条第一項、第六百九十条第一項、第六百九十一条第一項及び第二項、第六百九十三条第一項、第六百九十四条第一項並びに第六百九十五条の二第一項から第三項までの規定は、適用しない。

Article 119The provisions of Article 681, items (iv) and (v), Article 682, paragraphs (1) to (3) inclusive, Article 688, paragraph (1), Article 690, paragraph (1), Article 691, paragraphs (1) and (2), Article 693, paragraph (1), Article 694, paragraph (1) and Article 695-2, paragraphs (1) to (3) inclusive of the Companies Act as applied mutatis mutandis pursuant to Article 125 of the Act on Securitization of Assets do not apply to specified corporate bonds that a Book-Entry Transfer Institution handles.

第百二十条第四章の規定（第六十六条第一号イからニまで、第六十九条第一項第五号及び第六号並びに第二項第一号ロ及びハ、第六十九条の二、第七十条の二並びに第四節の規定を除く。）及び第百十四条の規定は、特別法人債（特別の法律により法人の発行する債券に表示されるべき権利をいう。）について準用する。この場合において、次の表の上欄に掲げる規定中同表中欄に掲げる字句は、それぞれ同表下欄に掲げる字句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 120The provisions of Chapter IV (other than Article 66, item (i), sub-items (a) to (d), Article 69, paragraph (1), items (v) and (vi) and paragraph (2), item (i), sub-items (b) and (c), Article 69-2, Article 70-2 and Section 4) and Article 114 apply mutatis mutandis to special corporation bonds (meaning the rights required to be indicated on bond certificates issued by a corporation pursuant to a special Act). In such a case, the words set forth in the right-hand column of the following table are deemed to replace the words set forth in the middle column of that table in the provisions set forth in the left-hand column thereof, and beyond this, Cabinet Order provides for the necessary technical replacement of terms.