Article 101-4Objection by the Creditors

①The creditor of an incorporated association-operated financial instruments exchange implementing an entity conversion may state an objection to the incorporated association-operated financial instruments exchange with regard to the entity conversion.

②An incorporated association-operated financial instruments exchange implementing an entity conversion must issue public notice of the following particulars in the Official Gazette, and must issue a notice of those particulars to its known creditors individually; provided, however, that the period set forth in item (ii) may not be less than one month:

③If a creditor does not state an objection within the period set forth in item (ii) of the preceding paragraph, the creditor is deemed to accept the entity conversion.

④If a creditor states an objection within the period referred to in paragraph (2), item (ii), the incorporated association-operated financial instruments exchange implementing the entity conversion must pay its debt or provide commensurate collateral to the creditor, or must deposit commensurate property with a trust company, etc. for the purpose of allowing that creditor to receive payment for the debt; provided, however, that this does not apply if the entity conversion is unlikely to be detrimental to the creditor.