Article 15An Electronically Recorded Monetary Claim (excluding an Electronically Recorded Monetary Claim connected with a record of guarantee and an Electronically Recorded Monetary Claim acquired by a person that has provided an Electronically Recorded Guarantee (hereinafter referred to as "Electronically Recorded Guarantor") pursuant to the provision of paragraph (1) of Article 35 (including cases where the provision is applied mutatis mutandis to paragraphs (2) and (3) of the same Article) (such an Electronically Recorded Monetary Claim is hereinafter referred to as "Special Right to Reimbursement"). The same shall apply to the following Article) accrues as a result of a record being made of its accrual.

Article 16(1)In the record of an accrual, the following matters shall be recorded:

(2)In the record of an accrual, the following matters may be recorded:

(3)If any matter listed in items (i) to (vi) of paragraph (1) is lacking, relevant Electronically Recorded Monetary Claims do not accrue.

(4)As regard to records made on the matters listed in Article 2 (2) (ix) of the Consumer Contract Act pertaining to the consumer defined by Article 2 (1) of the same Act (hereinafter simply referred to as "Consumer"), these records shall not be effective.

(5)Despite the provisions in paragraphs (1) and (2), Electronic Monetary Claim Recording Institutions may decide, pursuant to the provision of its Rules of Operation, not to record the matters listed in item (ii) of paragraph (1)(in a case where the obligation is paid in installments, limited to the installment pertaining to each payment date) and respective items in paragraph (2) (excluding items (i), (ii), and (ix)), or to restrict the recording of said matters.

Article 17The assignment of Electronically Recorded Monetary Claims shall not be effective unless a record has been made of that assignment.

Article 18(1)In the record of an assignment, the following matters shall be recorded:

(2)In the record of an assignment, the following matters may be recorded:

(3)Records on matters listed in item (ii) of the preceding paragraph regarding Consumer shall not be effective.

(4)In a case where matters listed in item (xii) or (xv) of Article 16 (2) have been recorded in the record of accrual (limited to the part involving the record of assignment) the Electronic Monetary Claim Recording Institution shall not make a record of assignment that conflicts with the contents of the record of accrual.

Article 19(1)The person recorded as the assignee of the Electronically Recorded Monetary Claims due to a request for the recording of an assignment shall acquire said Electronically Recorded Monetary Claims; provided, however that this does not apply to cases in which the person has acted in bad faith or with gross negligence.

(2)The provision of the preceding paragraph shall not apply in the following cases:

Article 20(1)The obligor in the record of accrual or an Electronically Recorded Guarantor (hereinafter referred to as "Electronically Recorded Obligor") may not assert a defense arising from an in personal relationship with the person who assigned said Electronically Recorded Monetary Claims to the obligee of those claims, against the obligee of the Electronically Recorded Monetary Claims using; provided, however, that this shall not apply in a case where said obligee acquired those Electronically Recorded Monetary Claims knowing that said obligor would be harmed.

(2)The provision in the preceding paragraph shall not apply in the following cases:

Article 21Payments of Electronically Recorded Monetary Claims made to the Electronically Recorded Person are effective even in a case where said Electronically Recorded Person does not have the right to receive the payment; provided, however, that this shall not apply to cases in which the person who made the payment has acted in bad faith or with gross negligence.

Article 22(1)In a case where the Electronically Recorded Obligor (including his/her heir and other general successors; hereinafter the same shall apply in this paragraph) has acquired the Electronically Recorded Monetary Claims, notwithstanding the provision of the main clause in Article 520 of the Civil Code, said Claims shall not be extinguished,provided, however, that this shall not apply in a case where a record of a Payment, etc. has been made due to the merger accompanying the acquisition of said Electronically Recorded Monetary Claims based on a request by said Electronically Recorded Obligor or by another Electronically Recorded Obligor with the approval of the former.

(2)Persons listed in the following respective items may not request the performance of obligations that arises from the Electronically Recorded Guarantee (hereinafter referred to as "Electronically Recorded Guarantee Obligation") against the persons prescribed in said respective items, even if they acquire the Electronically Recorded Monetary Claims:

Article 23Electronically Recorded Monetary Claims shall be extinguished in a case where said Claims have not been exercised for three years for reason of prescription.

Article 24In the record of a Payment, etc. , the following matters shall be recorded:

Article 25(1)Requests for the recording of a Payment, etc. may be made only by the persons listed in the following items:

(2)In a case where Payments, etc. have been made for Electronically Recorded Monetary Claims or secured claims of pledges on Electronically Recorded Monetary Claims (referred to as "Electronically Recorded Monetary Claims, etc." in the next paragraph), persons listed in (a) to (c) of item (iii) of the preceding paragraph may request persons listed in item (i) or item (ii) of the same paragraph to give approval regarding item (iii) of the same paragraph.

(3)A person who makes the payment for Electronically Recorded Monetary Claims, etc. may request approval under item (iii) of paragraph (1), in exchange for said payment to the person listed in item (i) or item (ii) of the same paragraph.

(4)A request for the recording of a Payment, etc. because of a Payment, etc. that was made for claims secured by revolving pledge, may not be filed unless said Payment, etc. was made after the determination of the principal secured by said revolving pledge and unless an Electronic Recording has been made of the determination.

Article 26Alteration of the contents of Electronically Recorded Monetary Claims or pledges on the Electronically Recorded Monetary Claims by manifestation of intention shall not be effective unless a record is made of the alteration, unless otherwise prescribed by this Act.

Article 27In the record of an alteration, the following matters shall be recorded:

Article 28A record of alteration for a case where Electronically Recorded Monetary Claims have been transferred as the result of an assignment of the right to reimbursement (excluding a Special Right to Reimbursement) by the person who is recorded to have made a Payment, etc. in the Monetary Claims Record and who has become the obligee of the claims by subrogation for reason of said Payment, etc. , shall be made through a recording that alters the name and address of the person to those of the assignee of said right to reimbursement.

Article 29(1)Requests for the recording of an alteration shall be filed by all persons that have interests (in case of inheritance or other general succession regarding these persons, meaning his/her heir or other general successors) in the Electronic Recording with regard to the recording of the alteration.

(2)Notwithstanding the provision of the preceding paragraph, the recording of an alteration to alter the Electronically Recorded Persons or Electronically Recorded Obligors due to inheritance or merger of corporations may be requested solely by the heir, or the corporation that will continue to exist after the merger, or the corporation established by the merger.However, if there are two or more heirs, all of them shall file requests for the recording of the alteration.

(3)The provision of Article 5 (2) and (3) shall be applied mutatis mutandis to cases prescribed in paragraph (1) and proviso of the preceding paragraph.

(4)Notwithstanding the provision of paragraph (1), requests for the recording of an alteration involving the name or address of the Electronically Recorded Person or Electronically Recorded Obligor may be filed independently by such person.The same shall apply to the record of an alteration that it is clear will not have any influence upon other persons' rights and obligations and which is prescribed in the Rules of Operation.

Article 30(1)In a case where a record of alteration is not in effect due to the invalidity or rescission of the request or for other reasons, the Electronically Recorded Obligor who owed the obligation before the recording of the alteration shall have the obligation in accordance with the contents of the Monetary Claims Record before the recording of the alteration.However, between a person who made a legitimate manifestation of intention in the request for the recording of said alteration and the counterparty, the Electronically Recorded Obligor who manifested his/her intention shall be responsible in accordance with the contents of the Monetary Claims Record after the recording of said alteration.

(2)In case provided for in the main clause of the preceding paragraph, the Electronically Recorded Obligor who came to owe the obligation after the recording of the alteration shall have the obligation in accordance with the contents of the Monetary Claims Record after the recording of said alteration.

Article 31An Electronically Recorded Monetary Claims connected with an Electronically Recorded Guarantee accrues through the recording of the guarantee.

Article 32(1)The following matters shall be recorded in the record of a guarantee:

(2)The following matters may be recorded in the record of a guarantee:

(3)In a case where there is no record of a matter listed in items (i) to (iii) in paragraph (1), Electronically Recorded Monetary Claims pertaining to the Electronically Recorded Guarantee shall not accrue.

(4)Records on matters listed in item (v) of paragraph (2) regarding Consumer shall not be effective.

(5)In cases where a matter listed in item (xii) or item (xv) of Article 16 (2) (limited to those pertaining to the record of a guarantee) has been recorded in the record of accrual, the Electronic Monetary Claim Recording Institution shall not make a record of guarantee that conflicts with the contents of the record of accrual.

Article 33(1)The validity of the Electronically Recorded Guarantee Obligation shall not be impaired, even in a case where the person who is recorded as the principal obligor does not owe his/her principal obligation (excluding cases where the record of matters listed in items (i) to (vi) of Article 16 (1) or items (i) to (iii), paragraph (1) of the preceding Article is not made).

(2)The provision in the preceding paragraph shall not apply in a case where the Electronically Recorded Guarantor is an individual (excluding those who are recorded as individual business operators).

Article 34(1)Provisions for Articles 452, 453 and 456 to 458 of the Civil Code and Article 511 (2) of the Commercial Code (Act No. 48 of 1899) shall not apply to Electronically Recorded Guarantees.

(2)Notwithstanding the provision of the preceding paragraph, in a case where the Electronically Recorded Guarantor is an individual (excluding those who are recorded as individual business operators), said Electronically Recorded Guarantor may assert against the obligee set-off with any claim which the principal obligor may have against the obligee.

Article 35(1)In the case where an Electronically Recorded Guarantor whose principal obligation accrued through the recording of the accrual, makes a disbursement (meaning payment or other acts purporting to extinguish an obligation recorded as the principal obligation with his/her property; the same shall apply hereinafter in this Article), and a record of a Payment, etc. is made to that effect, notwithstanding the provisions of Articles 459, 462, 463 and 465 of the Civil Code, said guarantor shall acquire the Electronically Recorded Monetary Claims of the amount equal to the aggregate of the amount jointly discharged with the disbursement, the amount of delinquency charges accrued after the date of the disbursement, and the amount of unavoidable expenses, against the persons listed in the following sub-items,provided, however, that as against the person listed in item (iii), the Electronically Recorded Monetary Claim so acquired shall be limited to the share to be borne by such person out of the amount of the disbursement that an Electronically Recorded Guarantor made over his/her share:

(2)The provision of the preceding paragraph shall be applied mutatis mutandis to case where an Electronically Recorded Guarantor whose principal obligation is the obligation accrued pursuant to the provision of the preceding paragraph, makes a disbursement.

(3)The provision of the first paragraph shall apply mutatis mutandis to case where an Electronically Recorded Guarantor whose principal obligation is an Electronically Recorded Guarantee Obligation, makes a disbursement.In this case, the term "persons listed in the following sub-items" shall be deemed to have been replaced with the term "persons listed in the following sub-items and the persons who would fall under the category of those listed in the following sub-items if the disbursement were made by the Electronically Recorded Guarantor who is recorded as the principal obligor."

Article 36(1)The creation of a pledge on Electronically Recorded Monetary Claims shall not be effective unless a record is made of the pledge's creation.

(2)Provision of Article 362 (2) of the Civil Code shall not apply to pledges in the preceding paragraph.

(3)Provisions of Articles 296 to 300, Articles 304, 342, 343, 346, 348, 349, 351, 373, 374, 378, 390, 391, Articles 398-2 to 398-10, 398-19, 398-20 (excluding item (iii) of paragraph (1)), and 398-22 of the Civil Code, shall apply mutatis mutandis to pledges in paragraph (1).

Article 37(1)In a record of pledge creation (excluding the record of a revolving pledge's creation; the same shall apply in the following paragraph), the following matters shall be recorded:

(2)In the record of a pledge's creation, the following matters may be recorded:

(3)In the record of a revolving pledge's creation, the following matters shall be recorded:

(4)In the record of a revolving pledge's creation, the following matters may be recorded;

(5)In a case where matters listed in item (xii) or item (xv) of Article 16 (2) (limited to the part pertaining to a record of pledge creation) have been recorded in the record of accrual, the Electronic Monetary Claim Recording Institution shall not make a record of pledge creation that conflicts with the contents of said record of accrual.

Article 38The provision of Articles 19 and 20 shall apply mutatis mutandis to records of pledge creation.In this case, the term "assignee" shall be deemed as having been replaced with "pledgee", and the term "said Electronically Recorded Monetary Claims" shall be deemed to have been replaced with "said pledge" in Article 19 (1), the term "assignee" shall be deemed to have been replaced with "pledgee" in item (ii), paragraph (2) of the same Article, the term "the recording of the assignment" shall be deemed to have been replaced with "the recording of the pledge's creation" in item (iii), paragraph (2) of the same Article, the term "against the obligee...assigned said Electronically Recorded Monetary Claims to said obligee" shall be deemed to have been replaced with "against the pledgee...created the pledge for said pledgee" in Article 20 (1), the term " said obligee" shall be deemed to have been replaced with " said pledgee" and the term "acquired said Electronically Recorded Monetary Claims" shall be deemed to have been replaced with "acquired said pledge" in the proviso of Article 20 (1), and the term "obligee" and the term "assignee" shall be deemed to have been replaced with "pledgee" in item (ii), paragraph (2) of the same Article.

Article 39(1)In the Electronic Recording of a change in the order of pledges pursuant to the provision of Article 374 (1) of the Civil Code as applied mutatis mutandis to Article 36 (3), the following matters shall be recorded:

(2)The request for an Electronic Recording to be made as referred to in the preceding paragraph shall be filled by all Electronically Recorded Persons for which the order of pledges is to be changed.In this case, the provision of Article 5 (2) and (3) shall apply mutatis mutandis.

Article 40(1)A sub-pledge pursuant to the provision of Article 348 of the Civil Code applied mutatis mutandis to Article 36 (3) shall not be effective unless an Electronic Recording is made of the sub-pledge.

(2)Provisions in paragraphs (1) to (4) of Article 37 shall apply mutatis mutandis to the Electronic Recording of a sub-pledge.

(3)The Pledge Number of the pledge that is the subject matter of a sub-pledge shall also be recorded in the Electronic Recording of the sub-pledge.

(4)In cases where a pledgee creates a sub-pledge for two or more persons, the order of priority of these sub-pledges shall follow the chronological order of their Electronic Recording.

Article 41(1)In the recording of an alteration due the transfer of pledges or sub-pledges in a case of partial assignment of secured claims, the amount of secured claim that is the subject of said assignment shall also be recorded in addition to the matters listed in respective items of Article 27.

(2)When a claim to be secured by a revolving pledge has been assigned, a request for the recording of an alteration due to the transfer of the revolving pledge may not be made unless said assignment has been made after the determination of the principal amount secured by said revolving pledge, and an Electronic Recording has been made of said determination.

Article 42(1)In the Electronic Recording of the determination of the principal secured by revolving pledge (hereinafter simply referred to as "Principal" in this Article), the following matters shall be recorded:

(2)Electronic Recording for the Principal that has been determined pursuant to the provision of Article 398-19(2) or item (iv) of Article 398-20 (1) of the Civil Code, applied mutatis mutandis to Article 36 (3) may be requested solely by the Electronically Recorded Person of said revolving pledge.However, when a request is made after the Principal is determined pursuant to the provision of item (iv) of Article 398-20 of the Civil Code, the request shall be made jointly with the request for an Electronic Recording to be made of the acquisition of said revolving pledge or the right whose subject is said revolving pledge.

Article 43(1)Electronically Recorded Monetary Claims may be divided (including cases where a separation is made with respect to specific obligees or obligors when there are two or more recorded obligees or obligors).

(2)Electronically Recorded Monetary Claims shall be divided pursuant to the provision of the next Article to Article 47, by a record of the division being made in the Monetary Claims Record in which the Electronically Recorded Monetary Claims being divided have been recorded (hereinafter referred to as "Original Monetary Claims Record"), and in the Monetary Claims Record which is being newly created (hereinafter referred to as "Divided Monetary Claims Record"), and by a part of the matters recorded in the Original Monetary Claims Record being recorded in the Divided Monetary Claims Record simultaneously with the recording of the division.

(3)Requests for the recording of a division may be filed independently by the person that will be recorded as the obligee in the Divided Monetary Claims Record.

Article 44(1)In the recording of a division, the following matters shall be recorded in the Divided Monetary Claims Record:

(2)In the recording of a division, the following matters shall be recorded in the Original Monetary Claims Record:

(3)In a case where matters listed in item (xii) or item (xv) of Article 16 (2) (limited to the part pertaining to the record of a division) have been recorded in the record of accrual, the Electronic Monetary Claim Recording Institution shall not make a record of a division that conflicts with the contents of said record of accrual.

Article 45(1)Electronic Monetary Claim Recording Institutions shall record the following matters in the Divided Monetary Claims Record simultaneously with the recording of a division:

(2)In cases when the Electronic Monetary Claim Recording Institution has recorded matters listed in item (i) of preceding paragraph in the Divided Monetary Claims Record, a statement that said matter has been transferred from the Original Monetary Claims Record and the date of the transfer shall be recorded in said Divided Monetary Claims Record; and in cases when the Electronic Monetary Claim Recording Institution has recorded matters listed in item (ii) to item (iv) of the same paragraph, the date of the records shall be recorded in said Divided Monetary Claims Record.

Article 46(1)Electronic Monetary Claim Recording Institutions shall record the following matters in the Original Monetary Claims Record simultaneously with the recording of a division:

(2)When an Electronic Monetary Claim Recording Institution records matters listed in the respective items of the preceding paragraphs in the Original Monetary Claims Record, it shall record the date of the record in said Original Monetary Claims Record.

Article 47Notwithstanding the provision of Article 43 (3) and the preceding three Articles, necessary matters regarding a request for the recording of a division, the Matters Recorded in the record of the division, and recording in Divided Monetary Claims Records and in Original Monetary Claims Records accompanying the recording of the division in the following cases shall be specified by the ordinance of the competent ministry, in accordance with the examples of these provision:

Article 48(1)As for Electronically Recorded Monetary Claims or pledges on these Electronically Recorded Monetary Claims (hereinafter, referred to as "Electronically Recorded Monetary Claims, etc." in this paragraph), it may not be asserted against a third party that the Electronically Recorded Monetary Claims, etc. are a part of the trust property unless an Electronic Recording has been made for the trust.

(2)In addition to what is provided for in this Act, matters necessary for Electronic Recording for a trust shall be provided for by the Cabinet Order.

Article 49(1)In a case where compulsory execution, disposition for tax delinquency or other restriction on the disposition regarding Electronically Recorded Monetary Claims is made, and when documents pertaining to these restrictions of dispositions have been delivered, the Electronic Monetary Claim Recording Institution shall make an Electronic Recording of the execution, etc. without delay.

(2)Necessary matters in connection with the Electronic Recording of execution, etc. shall be specified by the Cabinet Order.

(3)Necessary matters concerning the procedures on execution, provisional attachment and provisional disposition, auction and injunction in anticipation of confiscation of Electronically Recorded Monetary Claims shall be provided by way of rules of the Supreme Court.

Article 50In addition to what is provided for in this Act, the procedures for the Electronic Recording of Electronically Recorded Monetary Claims and other matters necessary for Electronic Recording shall be specified by Cabinet Order.

Article 51(1)A competent minister may designate those who meet the following requirements as those performing business prescribed in Article 56 (hereinafter referred to as "Electronic Monetary Claims Recording Business") upon its application:

(2)In the case the competent minister has made a designation provided for in the preceding paragraph, he/she shall make public notice regarding the trade name and address of the head office of the designated Electronic Monetary Claim Recording Institution on the Official Gazette.

Article 52(1)An applicant intending to receive a designation provided for in paragraph (1) of the preceding Article shall submit to the competent minister a written application for designation that prescribes the following matters:

(2)The following documents shall be attached to the written application for designation:

(3)In the case referred to in the preceding paragraph, when articles of incorporation, a balance sheet or a profit and loss statement is prepared in the form of electromagnetic records, the electromagnetic records (limited to those specified by the ordinance of the competent ministry) may be attached in lieu of documents.

Article 53(1)The amount of stated capital of Electronic Monetary Claim Recording Institutions shall not be less than the amount specified by the Cabinet Order.

(2)The amount specified by the Cabinet Order in the preceding paragraph shall not be under 500,000,000 yen.

(3)The amount of net assets of Electronic Monetary Claim Recording Institutions shall not be less than the amount specified by the Cabinet Order referred to in paragraph (1).

Article 54The provision of proviso of paragraph (2) of, Article 331(including cases in which it is applied mutatis mutandis to Article 335 (1) of Companies Act), paragraph (2) of Article 332 (including cases in which it is applied mutatis mutandis to Article 334 (1) of the Companies Act), Article 336 (2), and the proviso of Article 402 (5) of the Companies Act, shall not be applied to Electronic Monetary Claim Recording Institutions.

Article 55Directors, accounting advisors (when an accounting advisor is a corporation, its members who are to perform the duty), company auditors, executive officers or employees of the Electronic Monetary Claim Recording Institution, and those who were formerly at those positions, shall not disclose or misuse any secrets obtained in the course of his/her duties relating to the Electronic Monetary Claims Recording Business.

Article 56Electronic Monetary Claim Recording Institutions shall conduct business for the Electronic Recording of Electronically Recorded Monetary Claims, in accordance with the provision of this Act and Rules of Operation.

Article 57Electronic Monetary Claim Recording Institutions may not engage in business other than Electronic Monetary Claims Recording Business and ancillary business.

Article 58(1)Pursuant to provisions of the ordinance of the competent ministry, Electronic Monetary Claim Recording Institutions may entrust a part of their Electronic Monetary Claims Recording Business to banks, etc. (banks (referring to banks prescribed in Article 2 (1) of Banking Act (Act No. 59 of 1981)), cooperative financial institutions (referring to the cooperative financial institution prescribed in Article 2 (1) of Act on Preferred Equity investment by Cooperative Financial Institutions (Act No. 44 of 1993)) and other financial institutions specified by the Cabinet Order; the same shall apply hereinafter) and other organizations, with the approval of the competent minister.

(2)Notwithstanding the provisions of other laws, banks, etc. may be entrusted, pursuant to the provision of the preceding paragraph, to perform said entrusted business.

Article 59Electronic Monetary Claim Recording Institutions shall prescribe procedures, in its Rules of Operation, for Electronic Recording, contracts regarding settlement of remittance between accounts provided in Article 62 (1), or matters pertaining to the contract provided in Article 64 and other matters specified by the ordinances of the competent ministry.

Article 60Electronic Monetary Claim Recording Institutions shall perform their business so as not to provide insufficient protection for those who use said Electronic Monetary Claim Recording Institutions.

Article 61Electronic Monetary Claim Recording Institutions shall not unreasonably discriminate against specific persons.

Article 62(1)The Electronic Monetary Claim Recording Institution may conclude a contract regarding the settlement of remittances between accounts with the obligor and banks, etc.

(2)The phrase "Settlement of remittances between accounts" prescribed in the preceding paragraph and paragraph (2) of the next Article means a form of payment, used with regard to the obligation under an Electronically Recorded Monetary Claim (excluding one involving a record of guarantee and a Special Right to Reimbursement; hereinafter the same shall apply in this section), in which, based on an agreement between the Electronic Monetary Claim Recording Institution, the obligor, and the bank, etc. , the institution provides said bank, etc. with information, in advance, regarding the payment date that is recorded in the Monetary Claims Records, the amount payable, and the obligor's and Obligee's Accounts; and on the payment date, the bank, etc. transfers a payment from said Obligor's Account to said Obligee's Account.

Article 63(1)In the case where an Electronic Monetary Claim Recording Institution concludes a contract regarding settlements of remittance between accounts provided in paragraph (1) of the preceding Article, when the matters listed in item (i) of Article 16 (2) are recorded in the Monetary Claims Record, the Electronic Monetary Claim Recording Institution shall provide the bank, etc. pertaining to said contract with the information prescribed in paragraph (2) of the preceding Article.

(2)In the case referred to in the preceding paragraph, when Electronic Monetary Claim Recording Institutions receive a notice from the banks, etc. prescribed in the same paragraph, that there has been a settlement of remittance between accounts for the full amount of the obligation pertaining to the Electronically Recorded Monetary Claims to be paid on the payment date, the Electronic Monetary Claim Recording Institutions shall make a record of the Payment, etc. regarding said settlement of remittance between accounts without delay.

Article 64In addition to the contract regarding a settlement of remittance between accounts provided in Article 62 (1), an Electronic Monetary Claim Recording Institution may conclude a contract regarding payment of obligations pertaining to Electronically Recorded Monetary Claims to the Obligee's Account, with the obligor or obligee, and the bank, etc.

Article 65In cases where Electronic Monetary Claim Recording Institutions conclude a contract provided by the preceding Article and when the matters listed in item (ii) of Article 16 (2) have been recorded in the Monetary Claims Record, if the Electronic Monetary Claim Recording Institutions receive a notice regarding the transfer payment of obligations pertaining to Electronically Recorded Monetary Claims to the Obligee's Account from the bank, etc. pertaining to said contract (limited to cases specified by the ordinance of the competent ministry as cases in which it is possible for the Electronic Monetary Claim Recording Institution to be certain that the obligation pertaining to an Electronically Recorded Monetary Claims has been paid), the Electronic Monetary Claim Recording Institution shall make a record of Payment, etc. for said payment without delay.

Article 66The notice prescribed in Article 63 (2) and the preceding Article shall be deemed to be a request for an Electronic Recording to be made and the provision of Article 8 shall apply.

Article 67Electronic Monetary Claim Recording Institutions shall prepare books and documents, etc. and other records on its business and keep these documents, pursuant to the ordinance of the competent ministry.

Article 68(1)Electronic Monetary Claim Recording Institutions shall prepare a report on business and assets every business year and submit it to the competent minister.

(2)Matters that are stated in the report of the preceding paragraph, submission date and other matters necessary regarding the report of the same paragraph shall be specified by the ordinance of the competent ministry.

Article 69(1)In cases in which Electronic Monetary Claim Recording Institutions intend to reduce the amount of their stated capital, they shall obtain an approval of the competent minister, pursuant to the ordinance of the competent ministry.

(2)In cases in which Electronic Monetary Claim Recording Institutions intend to increase the amount of their stated capital, they shall give notice to the competent minister, pursuant to the ordinance of the competent ministry.

Article 70The alteration of the articles of incorporation or Rules of Operation of Electronic Monetary Claim Recording Institutions shall not be effective unless the competent minister approves such alteration.

Article 71In cases in which Electronic Monetary Claim Recording Institutions intend to discontinue Electronic Monetary Claims Recording Business, it shall obtain an approval of the competent minister, pursuant to the ordinance of the competent ministry.

Article 72(1)In cases in which a matter listed in item (i) or item (iii) to (v) of Article 52 (1) has changed, the Electronic Monetary Claim Recording Institutions shall give notification to this effect and submit the documents listed in item (i) or (iii) of Article 52 (2) to the competent minister, pursuant to the ordinance of the competent ministry.

(2)In case in which a notification of changes to the Electronic Monetary Claim Recording Institution's trade name or the address of its head office has been given pursuant to the provisions of the preceding paragraph, the competent minister shall make a public notice to this effect in the Official Gazette.

Article 73(1)When the competent minister finds it necessary for the appropriate and reliable performance of Electronic Monetary Claims Recording Business, the competent minister may issue an order the Electronic Monetary Claim Recording Institution or the person that has been entrusted with the business by said Institution, to submit reports or materials regarding the Electronic Monetary Claim Recording Institution's business or assets, or may have the employees [of the competent ministry] conduct on-site inspections of said Institution or the business office or office of the person who has been entrusted with the business from said Institution regarding its business operation or financial conditions or books and documents, and other materials (as to those who have been entrusted with the business from said Institution, limited to articles necessary for the inspection of the business of said Institution or its financial conditions) or [the competent minister may have the employees] ask the relevant persons questions (as to the relevant person of those who have been entrusted with the business from said Institution, limited to matters pertinent to the questioning regarding the business of said Institution or its financial conditions).

(2)The employees making on-site inspections, pursuant to the provision of the preceding paragraph, shall carry identification cards certifying their status and show it to the relevant persons.

(3)The authority to conduct on-site inspection prescribed in the provision of paragraph (1) shall not be construed as being accorded for the purposes of carrying out criminal investigations.

Article 74When the competent minister finds it necessary for the appropriate and reliable performance of Electronic Monetary Claims Recording Business, he/she may, to the extent necessary, order Electronic Monetary Claim Recording Institutions to take necessary measures for the improvement of business operation or conditions of assets.

Article 75(1)When an Electronic Monetary Claim Recording Institution fall under any of the following respective items, the competent minister may rescind the designation of Article 51 (1), order the suspension of the whole or a part of its business for a period not exceeding six months or order the dismissal of the director, the accounting advisor, the company auditor or executive officers:

(2)In a case where the competent minister rescinds the designation under Article 51 (1) pursuant to the provision of the preceding paragraph, he/she shall make a public notice to this effect in the Official Gazette.

Article 76(1)In cases where an Electronic Monetary Claim Recording Institution falls under any of following items, the competent minister may order it to transfer its Electronic Monetary Claims Recording Business to another stock company within a period fixed by him/her:

(2)A resolution of the shareholders meeting of an Electronic Monetary Claim Recording Institution that has received an order under the provisions of the preceding paragraph, pursuant to the provision of Article 322 (1), Article 466, Article 467 (1), Article 783 (1) or Article 795 (1) of the Companies Act (excluding a resolution by shareholders meeting provided for in item (ii) of Article 309 (3) of the Companies Act with regard to the resolution made pursuant to the provision of Article 783 (1) of the Companies Act), may be made provisionally with a two-thirds majority of the voting rights of the shareholders present, notwithstanding the provisions of Article 309 (2) and Article 324 (2) of the Companies Act.

(3)A resolution of the shareholders meeting of an Electronic Monetary Claim Recording Institution that has received an order under the provisions of the paragraph (1), in accordance with item (ii) of Article 309 (3) of the Companies Act, may be made provisionally with the majority of the shareholders present and a two-thirds majority of the voting rights of the shareholders present, notwithstanding the provisions of Article 309 (3) of the Companies Act.

(4)In a case where resolution was made provisionally pursuant to the provisions of paragraph (2) (hereinafter referred to as "Provisional Resolution" in this paragraph and the following paragraph), a notice regarding the purpose of said Provisional Resolution shall be given to respective shareholders, and another shareholders meeting shall be convened within one month from the day of said Provisional Resolution.

(5)In cases where a Provisional Resolution was approved by the majority prescribed in paragraph (2) in the shareholders meeting referred to in the preceding paragraph, it shall be deemed that the resolution pertaining to the matter which was provisionally resolved was made at the time when said Provisional Resolution was approved.

(6)The preceding two paragraphs shall apply mutatis mutandis to cases where a resolution is provisionally made pursuant to the provision of paragraph (3).In this case, the term "paragraph (2)" in the preceding paragraph shall be deemed as having been replaced with the term "paragraph (3)".

Article 77(1)In cases where the Electronic Monetary Claim Recording Institution receives an order pursuant to the provision of paragraph (1) of the preceding Article, and when it does not transfer the Electronic Monetary Claims Recording Business within the period provided by the aforementioned order and allows the due date to pass, the Monetary Claims Record in the Registry of the Electronic Monetary Claim Recording Institution shall cease to be effective as of the day after the last date of said period.

(2)After the day the Monetary Claims Record ceases to be effective pursuant to the provision of the preceding paragraph (hereinafter referred to as "Validity Lapse Day" in this Article), Electronically Recorded Monetary Claims and pledges created on it shall continue to exist as nominative claims and pledges on it with the contents of the Electronically Recorded Monetary Claims which were recorded in said Record.

(3)In cases where a person who was an Electronically Recorded Guarantor on the Validity Lapse Day, performed an action to extinguish the obligation recorded as the principal obligation with regard to the nominative claim in the preceding paragraph such as payment in exchange for his/her own property, he/she shall acquire the right to reimbursement, with the same contents as a Special Right to Reimbursement.

(4)The competent minister shall, after the Validity Lapse Day, promptly, make a public notice to the effect that the Monetary Claims Record referred to in paragraph (1) ceases to be effective, in the Official Gazette.

(5)The person who was an Electronic Monetary Claims Recording Institution or a general successor (limited to the person who has succeeded to the rights and obligations of the Electronic Monetary Claims Recording Institution that ceases to exist after the merger, and does not perform Electronic Monetary Claims Recording Business. Hereinafter the same shall apply in this chapter.) shall, after the Validity Lapse Day, immediately send documents evidencing all the matters provided for in the following respective items (excluding Obligor's Account) to persons listed in the following respective items.

Article 78(1)A merger (limited to case where a stock company that continues to exist after the merger or a stock company that is established by the merger performs Electronic Monetary Claims Recording Business; hereinafter referred to as "Specified Merger" in this Article) where Electronic Monetary Claim Recording Institution(s) are the only parties or is one of the parties shall not be effective without the approval of the competent minister.

(2)An Electronic Monetary Claim Recording Institution that intends to receive the approval under the preceding paragraph shall submit to the competent minister a written application for merger approval that states matters listed in respective items of Article 52 (1) regarding a stock company that will continue to exist after the Specified Merger or a stock company that will be established by the Specified Merger (hereinafter referred to as "Electronic Monetary Claim Recording Institution after the Specified Merger" in this Article).

(3)Documents or electromagnetic records in which the contents of the merger agreement are stated or recorded (limited to those specified by the ordinance of the competent ministry; hereinafter the same shall apply in this paragraph) and other documents or electromagnetic records specified by the ordinance of the competent ministry shall be attached to the written application for merger approval.

(4)In cases where an application for approval under paragraph (1) is made, the competent minister shall examine whether the application meets the following standards:

(5)The Electronic Monetary Claim Recording Institution after the Specified Merger (excluding cases where the Electronic Monetary Claim Recording Institution is a stock company that continues to exist after the Specified Merger) shall be deemed to have obtained the designation under Article 51 (1) at the time of the Specified Merger.

(6)The Electronic Monetary Claim Recording Institution after the Specified Merger shall succeed to the rights and obligations arising out of the administrative authority's approval and other dispositions regarding the business of the Electronic Monetary Claim Recording Institution extinguished after the Specified Merger.

Article 79(1)An incorporation-type company split conducted by an Electronic Monetary Claim Recording Institution where a newly formed stock company succeeds to whole or a part of its Electronic Monetary Claims Recording Business (hereinafter simply referred to as "Incorporation-type Company Split" in this Article) shall not be effective without a competent minister's approval.

(2)The Electronic Monetary Claim Recording Institution that intends to receive an approval under the preceding paragraph shall submit to the competent minister a written application for Incorporation-type Company Split approval that states the following matters regarding the stock company to be established by the Incorporation-type Company Split (hereinafter referred to as "Formed Company" in this Article):

(3)Documents or electromagnetic records in which the contents of the Incorporation-type Company Split plan are stated or recorded (limited to those specified by the ordinance of the competent ministry; hereinafter the same shall apply in this paragraph) and other documents or electromagnetic records specified by the ordinance of the competent ministry shall be attached to the written application for Incorporation-type Company Split approval.

(4)In cases where an application for approval under paragraph (1) is made, the competent minister shall examine whether the application meets the following standards:

(5)The Formed Company shall be deemed to have obtained the designation under Article 51 (1) at the time of the Incorporation-type Company Split.

(6)The Formed Company shall succeed to the rights and obligations arising out of the administrative authority's approval and other dispositions regarding the business that constitute the subject matter of succession from the Electronic Monetary Claim Recording Institution that conducted the Incorporation-type Company Split.

Article 80(1)An absorption-type company split conducted by Electronic Monetary Claim Recording Institutions for the purpose of having another stock company succeeds to whole or a part of its Electronic Monetary Claims Recording Business (hereinafter simply referred to as "Absorption-type Company Split" in this Article) shall not be effective without a competent minister's approval.

(2)The Electronic Monetary Claim Recording Institution that intends to obtain an approval under the preceding paragraph shall submit to the competent minister a written application for Absorption-type Company Split approval that states the following matters regarding a stock company that is taking over whole or a part of its Electronic Monetary Claims Recording Business by the Absorption-type Company Split (hereinafter referred to as the "Succeeding Company" in this Article):

(3)Documents or electromagnetic records in which the contents of the Absorption-type Company Split agreement are stated or recorded (limited to those specified by the ordinance of the competent ministry; hereinafter the same shall apply in this paragraph) and other documents or electromagnetic records specified by the ordinance of the competent ministry shall be attached to the written application for an Absorption-type Company Split approval.

(4)In cases where an application for approval under paragraph (1) is made, the competent minister shall examine whether the application meets the following standards:

(5)The Succeeding Company (excluding cases where an Electronic Monetary Claim Recording Institution is the Succeeding Company) shall be deemed to have obtained the designation under Article 51 (1) at the time of the Absorption-type Company Split.

(6)The Succeeding Company shall succeed to the rights and obligations arising out of the administrative authority's approval and other dispositions regarding the business activities that constitute the subject matter of succession from the Electronic Monetary Claim Recording Institution that conducted the Absorption-type Company Split.

Article 81(1)The transfer of the whole or a part of Electronic Monetary Claims Recording Business conducted by an Electronic Monetary Claim Recording Institution to other stock company (hereinafter referred to as "Business Transfer" in this Article) shall not be effective without the competent minister's approval.

(2)The Electronic Monetary Claim Recording Institution that intends to obtain an approval under the preceding paragraph shall submit to the competent minister a written application for Business Transfer approval that states the following matters regarding the stock company to be transferred the whole or a part of its Electronic Monetary Claims Recording Business by the Business Transfer (hereinafter referred to as "Transferee Company" in this Article):

(3)Documents or electromagnetic records in which the contents of the transfer contract are stated or recorded (limited to those specified by the ordinance of the competent ministry; hereinafter the same shall apply in this paragraph) and other documents or electromagnetic records specified by the ordinance of the competent ministry shall be attached to the written application for Business Transfer approval.

(4)In a case where an application for approval under paragraph (1) is made, the competent minister shall examine whether the application meets the following standards:

(5)The Transferee Company (excluding cases where the Electronic Monetary Claim Recording Institution is an Transferee Company) shall be deemed to have obtained the designation under Article 51 (1) at the time of Business Transfer.

(6)The Transferee Company shall succeed to the rights and obligations arising out of the administrative authority's approval and other dispositions regarding the business activities that constitute the subject matter of the transfer of the Electronic Monetary Claim Recording Institution that made the Business Transfer.

Article 82The following matters shall not be effective without the competent minister's approval:

Article 83(1)In a case where an Electronic Monetary Claim Recording Institution falls under any of the following items, their designation under Article 51 (1) shall cease to be effective.

(2)In a case where the designation under Article 51 (1) ceased to be effective pursuant to the provision of the preceding paragraph, a person who was an Electronic Monetary Claim Recording Institution or a general successor shall notify the competent minister to that effect, as specified by the ordinance of the competent ministry.

(3)In a case where the notification has been made under the provision of the preceding paragraph, the competent minister shall publicly notify to this effect in the Official Gazette.

Article 84In a case where the designation under Article 51 (1) is rescinded pursuant to the provision of Article 75 (1) or where said designation ceases to be effective pursuant to the provision of paragraph (1) of the preceding Article (excluding case that fall under item (iii) of the same paragraph), the person who was an Electronic Monetary Claim Recording Institution or a general successor shall promptly finish the Electronic Monetary Claims Recording Business performed by said Institution.In this case, the person who was said Institution or a general successor shall still be deemed an Electronic Monetary Claim Recording Institution for the purpose of finishing the Electronic Monetary Claims Recording Business.

Article 85(1)In liquidation procedures, bankruptcy procedures, rehabilitation proceedings, reorganization proceedings, or procedures for the recognition and assistance of an Electronic Monetary Claim Recording Institution, the court may ask for an opinion or may request to conduct inspection or investigation, to the competent minister.

(2)In the procedures prescribed in the preceding paragraph, the competent minister may, if he/she finds it necessary, state his/her opinion to the court.

(3)The provision of Article 73 shall apply mutatis mutandis to case where the competent minister has been requested by the court to conduct inspection or investigation, pursuant to the provision of paragraph (1).