bondholders meetings for each class of bonds are constituted by bondholders.

At bondholders meetings, matters provided for in this Act and matters in relation to the interests of the bondholders may be resolved.

①Bondholders meetings may, where necessary, be convened at any time.

②Bondholders meetings are convened by the bond-issuing company or bond administrator, except if a bondholders meeting is convened pursuant to the provisions of the following paragraph or paragraph (3) of the following Article.

③In the cases set forth below, the assistant bond administrator may convene a bondholders meeting.

①Bondholders who hold not less than one tenth of the total amount of bonds of a certain Class (excluding bonds that have been redeemed) may demand that the bond-issuing company, bond administrator, or assistant bond administrator convene a bondholders meeting, by disclosing the matters that form the purpose of the bondholders meeting and the reasons for the convocation.

②The sum of the amount of bonds in the class in question which are held by the bond-issuing company itself is not included in the calculation of the total amount of the bonds prescribed in the preceding paragraph.

③In the following cases, the bondholders who made the demand under the provisions of paragraph (1) may convene a bondholders meeting with the permission of the court:

④Bondholders of bearer bonds who intend to make a demand pursuant to the provisions of paragraph (1) or to effect the convocation pursuant to the provisions of the preceding paragraph must present their bond certificates to the bond-issuing company, bond administrator or assistant bond administrator.

A person who convenes a bondholders meeting (hereinafter in this Chapter referred to as "convener") must specify the following matters when convening a bondholders meeting:

①In order to convene a bondholders meeting, the convener must give written notice thereof to known bondholders and the bond-issuing company, as well as to the bond administrator or assistant bond administrator if appointed, no later than two weeks prior to the day of the bondholders meeting.

②In lieu of sending the written notice referred to in the preceding paragraph, the convener may send a notice by electronic or magnetic means with the consent of bondholders, pursuant to the provisions of Cabinet Order. In these cases, relevant convener is deemed to have sent the written notice under that paragraph.

③The notice referred to in the preceding two paragraphs must state or record the matters set forth in each item of the preceding Article.

④If a bond-issuing company issues bearer bond certificates, in order to convene a bondholders meeting, the convener must give public notice to the effect that a bondholders meeting will be convened and of the matters set forth in each item of the preceding Article no later than three weeks prior to the day of the bondholders meeting.

⑤The public notice pursuant to the provisions of the preceding paragraph must be given in accordance with the means of public notice used by the bond-issuing company; provided, however, that, if the convener is a person other than the bond-issuing company, and that method is electronic public notice, that public notice must be effected by publication in Official Gazette.

①When giving notice referred to in paragraph (1) of the preceding Article, the convener must deliver documents containing reference materials for exercising voting rights (hereinafter in this Article referred to as "reference documents for bondholders meetings") and the documents to be used by bondholders to exercise voting rights (hereinafter in this Chapter referred to as "voting form") to known bondholders, pursuant to the provisions of Ministry of Justice Order.

②If the convener issues notice by electronic or magnetic means as referred to in paragraph (2) of the preceding Article to bondholders who have given consent referred to in the same paragraph, in lieu of delivering the reference documents for bondholders meetings and voting forms under the provisions of the preceding paragraph, the convener may use electronic or magnetic means to provide the information that is required to be detailed in those documents; provided, however, that if there is a request from a bondholder, the convener must deliver these documents to relevant bondholder.

③If public notice is given pursuant to the provisions of paragraph (4) of the preceding Article, if there is a request by a holder of bearer bonds no later than one week prior to the day of the bondholders meeting, the convener must immediately deliver the reference documents for bondholders meetings and voting forms to relevant bondholder.

④In lieu of delivering the reference documents for bondholders meetings and voting form under the provisions of the preceding paragraph, a convener may use electronic or magnetic means to provide the information that is required to be detailed in these documents, with the consent of the bondholders and pursuant to the provisions of Cabinet Order. In these cases, relevant convener is deemed to have delivered those documents under the provisions of that paragraph.

①If the particulars referred set forth in Article 719, item (iii) have been specified, when using electronic or magnetic means to notify bondholders that have given the consent referred to in Article 720, paragraph (2), the convener must use that electronic or magnetic means to provide the bondholders with the information that is required to be detailed in the voting form, pursuant to the provisions of Ministry of Justice Order.

②If the matters set forth in Article 719, item (iii) are specified, if there is a request from a bondholder who did not give consent under Article 720, paragraph (2) no later than one week prior to the day of the bondholders meeting to be provided with the information that is required to be detailed in the voting form by electronic or magnetic means, the convener must use electronic or magnetic means to immediately provide the bondholder with that information, pursuant to the provisions of Ministry of Justice Order.

①Bondholders have voting rights at bondholders meetings in proportion to the total amounts of bonds of the relevant classes they hold (excluding amounts already redeemed).

②Notwithstanding the provisions of the preceding paragraph, a bond-issuing company does not have voting rights with respect to its own bonds that it holds.

③Holders of bearer bonds who intend to exercise voting rights must present their bond certificates to the convener no later than one week prior to the day of a bondholders meeting.

①In order to pass a matter to be resolved at a bondholders meeting, the consent of persons who hold more than half of the total amount of voting rights of voting rights holders (meaning the bondholders who can exercise voting rights; hereinafter the same applies in this Chapter) present at the meeting must be obtained.

②Notwithstanding the provisions of the preceding paragraph, in order to pass the following matters at a bondholders meeting, the consent of persons who hold not less than one fifth of the total amount of voting rights of voting rights holders, being not less than two thirds of the total amount of voting rights of voting rights holders present at the meeting, must be obtained:

③At bondholders meetings, matters other than those set forth in Article 719, item (ii) may not be resolved.

①Bondholders may exercise voting rights by proxy. In these cases, relevant bondholders or proxies must submit to the convener a document certifying the power of representation.

②The grant of the power of representation under the preceding paragraph must be made for each bondholders meeting.

③Bondholders or proxies referred to in paragraph (1) may, in lieu of submitting a document certifying the power of representation, use electronic or magnetic means to provide the information that is required to be detailed in relevant document, with the approval of the convener and pursuant to the provisions of Cabinet Order. In these cases, relevant bondholders or proxies are deemed to have submitted relevant document.

④If the bondholders are persons who gave consent under Article 720, paragraph (2), the convener may not refuse to grant approval under the preceding paragraph without reasonable grounds.

①Bondholders who do not attend a bondholders meeting may exercise voting rights in writing.

②The exercise of voting rights in writing is effected by entering the necessary matters on the voting form and submitting it to the convener by the time prescribed by Ministry of Justice Order.

③The amount of voting rights exercised in writing under the provisions of the preceding paragraph is included in the amount of the voting rights of the bondholders present at the meeting.

①The exercise of voting rights by electronic or magnetic means is effected by using electronic or magnetic means to provide the convener with the information that is required to be entered in the voting form no later than the time prescribed by Ministry of Justice Order, with the approval of the convener and pursuant to the provisions of Cabinet Order.

②If the bondholders are persons who have given consent under Article 720, paragraph (2), the convener may not refuse to grant approval under the preceding paragraph without justifiable grounds.

③The amount of the voting rights exercised by electronic or magnetic means under the provisions of paragraph (1) is included in the amount of the voting rights of the bondholders present at the meeting.

①Bondholders may exercise the voting rights they hold without maintaining consistency. In these cases, the bondholders must notify the convener to that effect and of the reasons for the same no later than three days prior to the day of the bondholders meeting.

②If a bondholder in the preceding paragraph is not a person who holds bonds on behalf of others, the convener may reject the inconsistent exercise of the voting rights held by relevant bondholder under the provisions of that paragraph.