A National Pension Fund (hereinafter referred to as a "Fund") is to provide the necessary benefits in connection with the old age of its members, in order to achieve the purpose of Article 1.

A National Pension Fund is a regional-type National Pension Fund (hereinafter referred to as a "regional fund") or an occupational-type National Pension Fund (hereinafter referred to as an "occupation-based fund").

①A regional fund is organized by category 1 insured persons (excluding a person who is not required to pay premiums under Article 89, paragraph (1), Article 90, paragraph (1), or Article 90-3, paragraph (1), a person who is not required to pay premiums for part of the amount under Article 90-2, paragraphs (1) through (3), and an insured person of the farmers' pension; the same applies in the following paragraph and Article 127, paragraph (1)) who have their domicile within the district of the National Pension Fund.

②An occupation-based fund is organized by category 1 insured persons who are engaged in the same kind of business or work within the district of the National Pension Fund.

③A person prescribed in the preceding two paragraphs is referred to as a person having the status as a member.

①A National Pension Fund is a juridical person.

②The domicile of a National Pension Fund is at the location of its principal office.

①A Fund must use the term "National Pension Fund" in its name.

②A person that is not a Fund must not use the name "National Pension Fund".

①The district of a National Pension Fund is the entire area of one prefecture (or, for a regional fund that survives an absorption-type merger under Article 137-3, the entire area of one or more prefectures) in the case of a regional fund, and the entire country in the case of an occupation-based fund.

②There is one regional fund for each prefecture, and one occupation-based fund nationwide for each kind of business or work.

①To establish a regional fund, persons appointed by the Minister of Health, Labour and Welfare from among persons having the status as a member and persons having knowledge and experience concerning pensions must become founding committee members.

②The appointment of the founding committee members under the preceding paragraph is to be made if 300 or more persons having the status as a member have made a request to the Minister of Health, Labour and Welfare expressing their wish for the establishment of a regional fund.

③To establish an occupation-based fund, 15 or more persons who intend to become members of it must become incorporators.

④A regional fund may not be established unless it has 1,000 or more members.

⑤An occupation-based fund may not be established unless it has 3,000 or more members.

①Founding committee members or incorporators (hereinafter referred to as "founding committee members, etc.") must prepare the articles of association, give public notice of them together with the date, time, and place of the organizational meeting, and hold the organizational meeting.

②The public notice under the preceding paragraph must be given no later than two weeks before the day of the meeting.

③The approval of the articles of association prepared by the founding committee members, etc., and the decision on other matters necessary for the establishment, must be made by resolution of the organizational meeting.

④The articles of association under the preceding paragraph may be amended at the organizational meeting; provided, however, that this does not apply to the provisions concerning the district and the members.

⑤The proceedings of the organizational meeting are decided by two-thirds or more of those present, with the attendance of at least half of the persons having the status as a member who have, by the day of the meeting, notified the founding committee members, etc. of their consent to the establishment.

⑥Beyond what is provided in the preceding paragraphs, the procedure for the proceedings and other matters necessary in connection with the organizational meeting are specified by Cabinet Order.

The founding committee members, etc. must, without delay after the conclusion of the organizational meeting, submit to the Minister of Health, Labour and Welfare a document stating the articles of association and other necessary matters, and obtain approval of the establishment.

①A National Pension Fund is formed at the time it receives approval of establishment.

②A person who has notified their consent to the establishment under Article 119-2, paragraph (5) is, when the National Pension Fund is formed, to acquire the status as a member on the day of its formation.

When approval of establishment has been given, the founding committee members, etc. must, without delay, hand over their affairs to the president.

①A National Pension Fund must specify the following matters in its articles of association:

②The articles of association of an occupation-based fund must specify, in addition to the matters listed in the preceding paragraph, the kind of business or work pertaining to its establishment.

③An amendment to the articles of association under the preceding two paragraphs (excluding one pertaining to a matter specified by Cabinet Order) does not become effective unless the authorization of the Minister of Health, Labour and Welfare is obtained.

④If a National Pension Fund has amended its articles of association with regard to a matter specified by Cabinet Order under the preceding paragraph, it must, without delay, notify the Minister of Health, Labour and Welfare of that amendment.

A National Pension Fund must give public notice of the name of the National Pension Fund, the location of its office, the names of its officers, and other matters specified by Cabinet Order, as specified by Cabinet Order.

①A National Pension Fund has a board of delegates.

②The board of delegates is organized by delegates.

③Delegates are appointed from among the members, as specified by the articles of association.

④The delegates at the time of establishment are elected at the organizational meeting from among the persons who have notified their consent to the establishment under Article 119-2, paragraph (5).

⑤The term of office of a delegate is the period specified by the articles of association, not exceeding three years; provided, however, that the term of office of a delegate elected to fill a vacancy is the remaining term of the predecessor.

⑥The board of delegates is convened by the president. If one-third or more of the fixed number of delegates submit to the president a document stating the matters to be referred to the meeting and the reason for convening it, and request that the board of delegates be convened, the president must convene the board of delegates within 20 days from the day of that request.

⑦The board of delegates has a chairperson. The president serves as the chairperson.

⑧Beyond what is provided in the preceding paragraphs, the convening of the board of delegates, the procedure for its proceedings, and other matters necessary in connection with the board of delegates are specified by Cabinet Order.

①The following matters must be resolved by the board of delegates.

②If the board of delegates cannot be constituted, or if the president finds that there is no time to convene the board of delegates, the president may dispose of a matter that must be resolved by the board of delegates and that requires urgent handling.

③The president must report a measure taken under the preceding paragraph at the next board of delegates and seek its approval.

④The board of delegates may request an auditor to audit the affairs of the National Pension Fund, and request a report on the results.

①A National Pension Fund has directors and auditors as officers.

②Directors are elected by the delegates from among themselves; provided, however, that, within a range not exceeding one-third of the fixed number of directors (or, for a regional fund whose district has become the entire country as a result of an absorption-type merger under Article 137-3, one-half), the board of delegates may elect directors from among persons having the knowledge and experience necessary for the proper operation of the affairs of the National Pension Fund.

③The directors at the time of establishment are elected at the organizational meeting from among the persons who have notified their consent to the establishment under Article 119-2, paragraph (5); provided, however, that, within a range not exceeding one-third of the fixed number of directors, directors may be elected from among persons having knowledge and experience concerning pensions.

④One of the directors is the president, elected by the directors.

⑤Auditors are elected by the board of delegates, one each from among persons having knowledge and experience and from among the delegates.

⑥The auditors at the time of establishment are elected at the organizational meeting, one each from among persons having knowledge and experience and from among the persons who have notified their consent to the establishment under Article 119-2, paragraph (5).

⑦The term of office of an officer is the period specified by the articles of association, not exceeding three years; provided, however, that the term of office of an officer elected to fill a vacancy is the remaining term of the predecessor.

⑧Even after the expiration of their term of office, an officer continues to perform their duties until a successor officer assumes office.

⑨An auditor may not concurrently serve as a director or an employee of the National Pension Fund.

①The president represents the National Pension Fund and executes its affairs. If an accident befalls the president, or if there is a vacancy in the office of president, a person designated in advance by the president from among the directors acts on behalf of the president or performs the president's duties.

②Except as otherwise provided in the articles of association, the affairs of the National Pension Fund are decided by a majority of the directors, and in the case of a tie vote, the decision rests with the president.

③A director may, as specified by the president, assist the president in executing the affairs of the National Pension Fund concerning the management and investment of the reserve fund to be applied to pensions and lump-sum payments (hereinafter referred to as the "reserve fund").

④An auditor audits the affairs of the National Pension Fund.

⑤An auditor may, based on the results of an audit, submit an opinion to the president or the board of delegates when the auditor finds it necessary.