I hereby promulgate the Law for Partial Amendments to the Commercial Code. Signed:HIROHITO, Seal of the Emperor This twelfth day of the seventh month of the twenty-third year of Showa (July 12, 1948) Prime Minister ASHIDA Hitoshi Law No.148 Law for Partial Amendments to the Commercial Code The Commercial Code (Law No.48 of 1899) shall partially be amended as follows: In Article 170, Paragraph 1, "the first payment on each share" shall read "the payment of the whole amount of the shares." Article 171, Paragraph 2 shall be deleted and in Paragraph 3 of the same Article, "the first payment" shall read "the payment on the shares." In Article 172, "the first payment" shall read "the payment on the shares." Article 175, Paragraph 2, Item 4 shall be amended as follows: 4. Deleted. In Article 177, Paragraph 1, "the first payment" shall read "the payment of the whole amount of the shares." Article 188, Paragraph 2, Item 5 shall be amended as follows: 5. Deleted. In Article 201, Paragraph 1, "or has acquired them by transfer" and "of a shareholder" shall be deleted and in Paragraph 2 of the same Article, "or has acquired them by transfer" shall be deleted. In Article 282, Paragraph 2, "fifty yen" shall read "twenty yen" and the provise thereto shall be deleted. Article 208, Paragragh 2 shall be deleted. In Article 209, Paragraph 3, "the first paragraph of the preceding Article" shall read "the preceding Article."

Articles 213 to 221 inclusive Deleted.

Article 223, Item 3 shall be amended as follows: 3. Deleted. In Article 224, Paragraph 3, "former shareholders, transferors" shall be deleted. Article 225, Paragraph 2 shall be deleted. In Article 227, Paragraph 1, "in respect of a fully paid-up share" shall be deleted. In Article 293, "the amount paid on the shares conformably to the Articles of Incorporation" shall read "the number of the share hold by each shareholder." In Article 297, Paragraphs 1 and 2, "the amount paid up on the shares" shall read "the total amount of capital." In Article 301, Paragraph 2, item 10, "and of the amount paid up on the shares" shall be deleted.

Article 347. Deleted.

Article 356, Item 4 shall be amended as follows: 4. Deleted. Article 357, Paragraph 2, Item 3 shall be amended as follows: 3. Deleted. Article 365, Paragraph 1 shall be deleted. In Article 374, Paragraph 2, "or may order payment of the unpaid amount of the shares" shall be deleted, and in Paragraph 3 of the same Article, "Article 208, Paragraph 1" shall read "Article 208." Below Article 379, Paragraph 1, the following proviso shall be added and in Paragraph 2 of the same Article, "in the proviso to Article 214, Paragraph 1 and" shall be deleted. "However, they may, with the permission of the Court, be sold by other methods instead of sale by public auction." In Article 381, Paragraph 1, "the amount paid up on shares" shall read "capital."

Article 392 and Article 393. Deleted.

In Article 409, Item 2 and Article 410, Item 2, "_and number_, the amount to be paid thereon_" shall read "_and number_." In Article 416, Paragraph 4, "Par.1" shall be deleted. In Article 425, "the amount paid up on the shares in pursuance of the Articles of Incorporation" shall read "the amount of shares held by each shareholder." In Article 430, Paragraph 1, "126" shall read "125." In Article 456, Paragraph 1, "Article 392, Article 393," shall be deleted. In Article 460, Paragraph 2, Item 1, "Item 4" shall read "Item 5." In Article 465, Item 1, below "Items 2 to" there shall be added "4, 6 to." In Article 497, "or have acquired shares by transfer_, and persons who have otherwise disguised a transfer of shares" shall be deleted. Article 498, Item 16 shall read as follows: 16. Deleted. Supplementary Provisions:

Article 1. The present Code shall come into force as from the day of its promulgation.

Article 2. The new Code within the meaning of this Supplementary Provisions shall be taken to refer to the provisions which are comprised in the amendments to the present Code and the old Code shall be taken to refer to the provisions which have hitherto been in operation.

Article 3. As regards the shares for which payments of the total amount of the shares have not been completed at the enforcement of the new Code, the old Code shall apply even, after the enforcement of the new Code. The same shall also apply in respect to the shares to which the subscription had been made at the time of the incorporation of the company or of the increase of its capital and of which their total amount had not been paid up at one time, prior to the enforcement of the new Code. Excepting the cases mentioned in the preceding paragraph, the provisions of the old Code shall apply to any matters which has arisen prior to the coming into force of the new Code.

Article 4. Concerning the shares prescribed in the preceding Article a company shall Bike necessary measures to cause the shares to be paid up or to reduce the capital, etc. for the purpose of causing the whole amount of the shares to be paid up within a period of two years as from the day of the enforcement of the new Code. In regard to the measures in case the measures prescribed in the preceding paragraph have not been taken within the period stipulated in the same paragraph, special provisions shall be made by law.

Article 5. The provisions of Article 297, Paragraphs 1 and 2 and Article 301, Paragraph 1, Item 10 of the old Code shall still be effective even after the coming into force of the new Code in respect of the issue of debenture by the company having the shares the whole amount of which has not been paid up.

Article 6. In cases where it is, at the time of the enforcement of the new Code, provided by other laws and ordinance that the provisions of the Commercial Code shall apply mutatis mutandis, the provisions of the old Code shall apply mutatis mutandis even after the enforcement of the new Code only as to shares or contribution which has been subscribed already, and in so far as they also apply, the provisions of the old Code shall still be effective.

Attorney-General SUZUKI Yoshio Prime Minister ASHIDA Hitoshi