Article 1. The Securities Exchange of Japan Law shall hereby be abolished.

Article 2. With regard to the application of the penal provisions to such actions conducted prior to the enforcement of the present Law, the old Securities Exchange of Japan Law shall be still effective after the enforcement of the present Law.

Article 3. The Securities Exchange of Japan shall hereby be dissolved. The Security Exchange of Japan shall be regarded as being still in existence as far as and within the extent of the objective of the liquidation. In this case, the old Securities Exchange of Japan Law shall still be effective within such extent.

Article 4. The liquidators of the Securities Exchange of Japan shall be elected by the Court from among persons other than those who are or have been the subscribers of the Securities Exchange of Japan.

Article 5. The liquidation of the Securities Exchange of Japan shall be placed under the supervision of the Court.

Article 6. Registration with regard to dissolution or liquidation of Securities Exchange of Japan shall be according to provisions as stipulated by a separate Ordinance. Matters required to be registered pursuant to the foregoing paragraph cannot be set up against third party or parties.

Article 7. The liquidators shall make an investigation upon the condition of the property of the Securities Exchange of Japan, prepare the inventory and the balance sheet and submit the same to the inspector for approval without delay. The liquidators shall submit to the Court the inventory and the balance sheet without delay after the approval as prescribed by the foregoing paragraph was obtained.

Article 8. The liquidators shall prepare an inventory, balance sheet, and business report every business year and submit the same within two (2) months after the lapse of the business year to the inspector. The inspector shall file an opinion with the Court without delay after giving approval to the documents as prescribed by the foregoing paragraph. After submitting the documents as prescribed by paragraph 1 to the Court, the liquidators shall keep the documents as prescribed by the same paragraph and the opinion as prescribed by the foregoing paragraph at the head office for a period of four (4) months. The provisions of paragraph 2 of Article 282 of the Commercial Code shall apply mutatis mutandis to the case of the foregoing paragraph. After submitting the documents as prescribed by paragraph 1 to the Court, the liquidators shall make a public notice of the balance sheet as prescribed by the same paragraph without delay.

Article 9. If, within six (6) months from the day when the documents as prescribed by paragraph 1 of the foregoing Article were filed with the Court, no objection with respect to the documents is filed with the Securities Exchange of Japan from the subscribers, it shall be regarded that the Securities Exchange of Japan has released the liability from the liquidators and inspector;provided that this shall not apply to the case where the liquidators committed an illegal action.

Article 10. If deemed necessary for carrying out liquidation, on the consent of more than one half of the subscribers aggregate number of whose subscription corresponds to more than one half of the total number of subscriptions is obtained, the Securities Exchange of Japan can establish a company whose main object is to lease immovables by investing with a part of the remnant assets.

Article 11. In the case of the foregoing Article, the remnant assets shall be distributed in proportion to the number of subscriptions to the subscribers in money and stocks aquired as a result of the investment as prescribed by paragraph 1 of the foregoing Article. In the case of the foregoing paragraph, with respect to stocks which are not proper in volume to be distributed, or which are supposed to be distributed to the Government, War-time Finance Bank or the subscribers amount, whose subscription exceeds the amount corresponding to one hundredth (1/100) of the capital stock of the Securities Exchange of Japan, the distribution of the remnant assets shall be made in money obtained by disposing of such stocks notwithstanding the provisions of the same paragraph.

Article 12. When the liquidation on the assets of the Securities Exchange of Japan is completed, the liquidations shall prepare a statement on accounts without delay and submit the same to the inspector for approval. The provisions of paragraph 2 of Article 7, paragraph 2 to paragraph 4 of Article 8 and Article 9 shall apply mutatis mutandis to the case of the foregoing paragraph.

Article 13. The provisions of Article 124, Article 125, Article 128, Article 131, Article 418, Article 421 to Article 425 inclusive and Article 429 of the Commercial Code, and the provisions of paragraphs 2 and 3 of Article 135-25, paragraph 2 of Article 136 and Article 137 of the Law concerning the Non-Contentious Case shall apply mutatis mutandis to liquidation of the Securities Exchange of Japan. Article 44 and Article 54 of the Civil Code and paragraph 2 of Article 39, paragraph 3 of Article 129, paragraph 2 of Article 254, paragraph 1 of Article 261, Article 265, paragraph 1 of Article 266, Article 274, paragraph 1 of Article 276, main part of paragraph 1 of Article 277, Article 278 and Article 435 of the Commercial Code, Article 166 of the Bankruptcy Law, and Article 135-64 of the Law concerning the Non-Contentious Case shall apply mutatis mutandis to liquidators of the Securities Exchange of Japan. The provisions of Article 265, paragraph 1 of Article 266, Article 274, main part of paragraph 1 of Article 277 and Article 278 of the Commercial Code shall apply mutatis mutandis to the inspector of the Securities Exchange of Japan.

Article 14. Liquidators and inspector of the Securities Exchange of Japan shall be subject to the penalty of not more than five thousand yen (\5,000.00) in the following cases: 1. If they fail to effect registration or effected false registration in violation of orders issued on the basis of the provisions of Article 6; 2. If they fail to file with the Court inventory, balance sheet, business report, statement on accounts or opinions, or made false statements therein in violation of paragraph 2 of Article 7 (including such case as stipulated in paragraph 3 of Article 8 or paragraph 2 of Article 12, wherein the said provisions are applied mutatis mutandis) or paragraph 2 of Article 8 (including such case as stipulated in paragraph 2 of Article 12, wherein the said provisions are applied mutatis mutandis); 3. If they fail to have in hands the documents in violation of paragraph 4 of Article 8 (including such case as stipulated by paragraph 2 of Article 12, wherein the said provisions are applied mutatis mutandis); 4. If they reject perusal of the documents or delivery of copy or extract thereof in violation of the provisions of paragraph 2 of Article 282 of the Commercial Code which is applied mutatis mutandis to paragraph 5 of Article 8 (including such case as stipulated by paragraph 2 of Article 12, wherein the said provisions are applied mutatis mutandis); 5. If they fail to make public notice as prescribed by paragraph 1 of Article 421 of the Commercial Code which is applied mutatis mutandis to paragraph 6 of Article 8 (including such case as stipulated by paragraph 2 of Article 12, wherein the said provisions are applied mutatis mutandis), or made false public notice; 6. If they distribute the remnant assets in violation of Article 131 of the Commercial Code which is applied to Article 11 or paragraph 1 of the foregoing Article; 7. If they fail to request the declaration of bankruptcy in violation of paragraph 3 of Article 124 which is applied mutatis mutandis to paragraph 1 of the foregoing Article; 8. If they set illegally the period of time as prescribed by paragraph 1 of Article 421 which is applied mutatis mutandis to paragraph 1 of the foregoing Article with the objective to delay the completion of liquidation; 9. If they repay liabilities in violation of Article 423 of the Commercial Code which is applied mutatis mutandis to paragraph 1 of the foregoing Article; 10. If they disturb investigation as prescribed by Article 274 of the Commercial Code which is applied mutatis mutandis to paragraph 2 of the foregoing Article.