CHAPTER III RECEIVERS

Article 94 (Appointment)

The court shall appoint a receiver from among those qualified for the performance of such duties, listening to the opinion of the administrative committee and the council of creditors. [This Article Wholly Amended by Act No. 5517, Feb. 24, 1998]

Article 95 (Idem)

(1) Any bank (meaning, any financial institution as referred to in Article 2 (2) of the Banking Act), trust company and merchant bank may be a receiver.

(2) In the case referred to in Paragraph (1), the juristic person shall nominate from among the directors a person to carry out the duties of receiver, and report this to the court.

Article 96 (Standing)

In litigation concerning company property, the receiver shall become either the plaintiff or defendant.

Article 97 (Execution of Duties of Several Receivers)

(1) In the case of several receivers, they shall carry out their duties jointly: provided, that duties may be divided with the permission of the court.

(2) In case of there being several receivers, the declaration of intention a third party to only one of them shall be sufficient.

Article 98 (Acting Receiver)

(1) The receiver may, if necessary, appoint an acting receiver under his responsibility to carry out his duties.

(2) In the appointment of the acting receiver referred to in the preceding Paragraph, the permission of the court must be received.

(3) When the court has granted permission under Paragraph (2), the provisions of Articles 39 (7) through (9) shall apply mutatis mutandis.

(4) An acting receiver may effect all judicial or extra-judicial acts in substitution for the receiver.

Article 99 (Obligation to Report on Accounts)

Upon the completion of the duties of the receiver, the receiver or his successor shall, without delay, submit a report of the accounts to the court.

Article 100 (Emergency Disposition in Case of Completion of Duties)

Where the duties of the receiver have been completed, the receiver or his successor shall, if urgent circumstances arise, make all necessary dispositions until a new receiver or the company is able to administer the property.

Article 101 (Application Mutatis Mutandis of Provisions concerning Investigative Committee)

The provisions of Articles 40 (3) through 44 shall apply mutatis mutandis to the receiver.