①Supervisors must perform their duties with due care of a prudent manager.

②If supervisors fail to exercise the due care under the preceding paragraph, those supervisors are jointly and severally liable to compensate losses arising in interested parties.

①Supervisors may receive advance payment of the expense, and remunerations determined by the court.

②Supervisors must obtain the permission of the court if, after their appointment, they transfer, or transferred claims owed by the liquidating stock company or shares in the liquidating stock company.

③Supervisors cannot receive payment of expense or remuneration if they engage in the acts provided for in the preceding paragraph without the permission under the preceding paragraph.

If the court issues an investigation order, it must appoint one or more investigating members in investigation order, and prescribe the matters that the investigators ought to investigate and the period in which the investigators are to report the outcome of the investigation to the court.

The provisions of the preceding Subsection (excluding Article 527, paragraph (1) and proviso to Article 529) apply mutatis mutandis to supervisors.

①If an order is issued for the commencement of special liquidation, a liquidating stock company must obtain the permission of the court in order to carry out the acts set forth below; provided, however, that, if supervisors are appointed under the provisions of Article 527, paragraph (1), consent of the supervisors must be obtained in lieu of that permission:

②Notwithstanding the provisions of the preceding paragraph, the permission under that paragraph is not required with respect to the act set forth in items (i) through (v) of that paragraph in the cases set forth below:

③Any act committed without the permission under paragraph (1) or consent of supervisors in lieu thereof is ineffective; provided, however, that the above provision may not be asserted against a third party in good faith.

①If an order for commencement of special liquidation is issued, if a liquidating stock company intends to carry out any act set forth below, it must obtain the permission of the court:

②The provisions of paragraph (3) of the preceding Article apply mutatis mutandis to the acts committed without the permission under the preceding paragraph.

③The provisions of Chapter VII (excluding Article 467, paragraph (1), item (v)) do not apply to the cases of special liquidation.

①If an order is issued for commencement of special liquidation, a liquidating stock company must perform obligations to agreement claim creditors in proportion to the amount of their claims.

②Notwithstanding the provisions of the preceding paragraph, a liquidating stock company may, with the permission of the court, perform its obligations relating to minor claims, claims secured by security interests, or other claims that are unlikely to be detrimental to other creditors even if performed in excess of the proportion of the amount of the claims.

①A liquidating stock company may convert its assets into cash pursuant to the provisions of the Civil Execution Act and other laws and regulations on judicial enforcement procedures. In these cases, the provisions of Article 535, paragraph (1), item (i) do not apply.

②A liquidating stock company may convert the assets that underlie the security interest provided for in Article 522, paragraph (2) (hereinafter in this Article and in the following Article simply referred to as "security interest") into cash pursuant to the provisions of the Civil Execution Act and other laws and regulations on judicial enforcement procedures. In these cases, a person who holds relevant security interest (hereinafter in this Article and in the following Article simply referred to as "security interest holder") may not refuse the conversion into cash.

③In the cases of the preceding two paragraphs, the provisions of Article 63 and Article 129 of the Civil Execution Act (including the cases where those provisions are applied mutatis mutandis under that act and other laws and regulations on judicial enforcement procedures) do not apply.

④If, in the case of paragraph (2), the amount that the security interest holder is to receive is not fixed yet, the liquidating stock company must deposit the proceeds separately. In these cases, the security interest exists with respect to the proceeds so deposited.

①If security interest holders have the right to dispose of the assets that underlie the security interest without relying on the method prescribed by the Act, the court may, in response to the petition by the liquidating stock company, specify the period during which the security interest holders ought to effect the disposition.

②Security interest holders will lose their right under the preceding paragraph if they do not effect disposition during the period under the preceding paragraph.

①If an order is issued for commencement of special liquidation, if the court finds it necessary to supervise the liquidation, the court may, in response to a petition by the creditors, liquidators, company auditors or shareholders or ex officio, order a provisional disposition prohibiting the disposal of the property of the liquidating stock company, or issue any other necessary provisional orders.

②Even during the period from the time when a petition for commencement of special liquidation is filed to the time when a ruling is handed down on relevant petition, if the court finds it necessary, the court may, at the petition of the creditors, liquidators, company auditors or shareholders or ex officio, issue a provisional orders under the provisions of the preceding paragraph. The same applies if an immediate appeal in Article 890, paragraph (5) is filed against the ruling to dismiss the petition for the commencement of special liquidation.

③If the court issues a provisional order under the provisions of the preceding two paragraphs that prohibits the liquidating stock company from paying its creditors or taking any other action to extinguish its obligations to them, the creditors may not, in relation to the special liquidation, assert the validity of any payment or other action extinguishing those obligations which is in contravention of that provisional order; provided, however, that this is limited to if the creditor knows that the provisional order has been issued at the time of that action.

①If an order is issued for commencement of special liquidation, if the court finds that it is necessary to supervise the liquidation, the court, at the petition of the creditors, liquidators, company auditors or shareholders or ex officio, may prohibit a liquidating stock company from entering or recording in the shareholder register any information that is required to be entered in the shareholder register.

②Even during the period from the time when a petition for commencement of special liquidation is filed to the time when a ruling is handed down on relevant petition, if the court finds it necessary, the court may, in response to the petitions by the creditors, liquidators, company auditors or shareholders or ex officio, effect the disposition under the provisions of the preceding paragraph. The same applies if immediate appeal under Article 890, paragraph (5) is filed against the ruling to dismiss the petition for the commencement of special liquidation.

①If an order for commencement of special liquidation is issued, if the court finds it necessary to supervise the liquidation, the court may, with respect to rights to seek damages pursuant to the liability of the incorporators, directors at incorporation, company auditors at incorporation, officers, etc. provided for in Article 423, paragraph (1) or liquidators (hereinafter in this subsection referred to as "subject officers"), in response to the petition by the liquidating stock company or ex officio, effect provisional orders against the assets of relevant subject officers.

②Even during the period from the time when a petition for commencement of special liquidation is filed to the time when a ruling is made with respect to relevant petition, if the court finds it urgently necessary, the court may, at the petition of the liquidating stock company or ex officio, issue a provisional order under the provisions of the preceding paragraph. The same applies if immediate appeal in Article 890, paragraph (5) is filed against the ruling to dismiss a petition for the commencement of special liquidation.

If an order is issued for commencement of special liquidation, if the court finds it necessary to supervise the liquidation, the court may, in response to the petitions by the creditors, liquidators, company auditors or shareholders or ex officio, effect the disposition that prohibits the exemption of liability of the subject officers.

①If an order is issued for commencement of special liquidation, a liquidating stock company may rescind the exemption of liability of subject officers effected within one year prior to or after the time when the petition for commencement of special liquidation was filed. The same applies with respect to the exemption from the liability of subject officers that effected for improper purpose.

②The rights of rescission under the provisions of the preceding paragraph are exercised by filing an action or defense.

③The rights of rescission under the provisions of paragraph (1) cannot be exercised when two years have lapsed from the day when the order was issued for the commencement of special liquidation. The same applies if twenty years have elapsed from the day when subject officers were exempted from liability.