Liabilities of Incorporators Article 103 In cases where the solicitation under Article 57, paragraph (1) is carried out, for the purpose of the application of the provisions of Article 52, paragraph (2), "in the following cases" in such paragraph is read as "in the cases of item (i)".
In the case prescribed in Article 102, paragraph (3), a person prescribed by Ministry of Justice Order as an incorporator or Director at Incorporation involved in falsifying payment is jointly and severally liable with subscribers set forth in paragraph (1) of the preceding Article to make payment prescribed in that paragraph;provided, however, that this does not apply to cases where the person (excluding those persons who falsified the payment) proves that the person did not fail to exercise due care with respect to the performance of the person's duties.
The obligations assumed by an incorporator or Director at Incorporation pursuant to the provisions of the preceding paragraph may not be exempted without the consent of all shareholders.
In cases where the solicitation under Article 57, paragraph (1) is carried out, any person (excluding the incorporators) who consents to specifying or recording the person's name and a statement to the effect that the person supports the incorporation of the Stock Company in a document or an electronic or magnetic record regarding such solicitation, including an advertisement for such solicitation, is deemed to be an incorporator and the provisions of the preceding Section and the preceding three paragraphs apply.
