Misplaced Pages

#908091

44-541: The oldest predecessor of company was the Musashi Electric Railway ( 武蔵電気鉄道 , Musashi Denki Tetsudō ) , opened in 1908. The railway's operations were converted into a kabushiki gaisha (company) in 1910. Keita Gotō , now a notable Japanese industrialist, was appointed as the CEO in 1920 and he began a major expansion program. The most important predecessor was first registered on September 2, 1922, as

88-531: A ⟨k⟩ , is often used, but the original Japanese pronunciation is kabushiki gaisha , with a ⟨g⟩ , owing to rendaku . A kabushiki gaisha must include " 株式会社 " in its name (Article 6, paragraph 2 of the Companies Act). In a company name, " 株式会社 " can be used as a prefix (e.g. 株式会社 電通 , kabushiki gaisha Dentsū , a style called 前株 , mae-kabu ) or as a suffix (e.g. トヨタ自動車 株式会社 , Toyota Jidōsha kabushiki gaisha ,

132-423: A (so-called) "close company" ( 非公開会社 , hi-kōkai gaisha ) , in which case the company (e.g. its board of directors or a shareholders' meeting, as defined in the articles of incorporation) must approve any transfer of shares between shareholders; this designation must be made in the articles of incorporation. The articles must be sealed by the incorporator(s) and notarized by a civil law notary , then filed with

176-511: A K.K. is carried out by one or more incorporators ( 発起人 , hokkinin , sometimes referred to as "promoters") . Although seven incorporators were required as recently as the 1980s, a K.K. now only needs one incorporator, which may be an individual or a corporation. If there are multiple incorporators, they must sign a partnership agreement before incorporating the company. The purpose statement requires some specialized knowledge, as Japan follows an ultra vires doctrine and does not allow

220-468: A K.K. must have a board of directors ( 取締役会 , torishimariyaku kai ) consisting of at least three individuals. Directors have a statutory term of office of two years, and auditors have a term of four years. Small companies can exist with only one or two directors, with no statutory term of office, and without a board of directors ( 取締役会非設置会社 , torishimariyaku-kai hi-setchi-gaisha ) . In such companies, decisions are made via shareholder meeting and

264-477: A K.K. to act beyond its purposes. Judicial or administrative scriveners are often hired to draft the purposes of a new company. Additionally, the articles of incorporation must contain the following if applicable: Other matters may also be included, such as limits on the number of directors and auditors. The Corporation Code allows a K.K. to be formed as a "stock company that is not a public company" ( 公開会社でない株式会社 , kōkai gaisha denai kabushiki gaisha ) , or

308-738: A major upscale department store chain, the Tokyu Department Store operating in Japan and the MBK Center in Bangkok , Thailand. Other retail operations include Tokyu Hands stores (except for the two locations in Nagoya , which are owned by Sanco Creative Life Co., indirectly controlled by Kintetsu Group Holdings , and operated under license). It also runs a number of hotels under the names Tokyu/Pan Pacific in Japan and formerly owned

352-399: A minor issue when deciding how to structure a business in Japan. As all publicly traded companies follow the K.K. structure, smaller businesses often choose to incorporate as a K.K. simply to appear more prestigious. In addition to income taxes, K.K.s must also pay registration taxes to the national government and may be subject to local taxes. Generally, the power to bring actions against

396-513: A price of less than ¥50,000 per share (effective 1982-2003 ), or operate with paid-in capital of less than ¥10 million (effective 1991–2005). On June 29, 2005, the Diet of Japan passed a new Companies Act ( 会社法 , kaisha-hō ) , which took effect on May 1, 2006. A kabushiki gaisha may be started with capital as low as ¥1, making the total cost of a K.K. incorporation approximately ¥240,000 (about US$ 2,500) in taxes and notarization fees. Under

440-431: A reservation by paying a small surcharge. Passenger accommodation consists of high-back longitudinal seating throughout, except car 3, which is a "Q Seat" car that features rotating pairs of seats that can be arranged in longitudinal mode or transverse mode. Security cameras are installed in the cars. The manufacturers and delivery dates for the fleet are as shown below. On 10 April 2022, 3020 series set 3021 received

484-454: A style called 後株 , ato-kabu ). Many Japanese companies translate the phrase " 株式会社 " in their name as " Company, Limited "—this is very often abbreviated as " Co., Ltd. "—but others use the more Americanized translations "Corporation" or "Incorporated". Texts in England often refer to kabushiki kaisha as " joint stock companies ". While that is close to a literal translation of the term,

SECTION 10

#1732780808909

528-510: Is a type of company ( 会社 , kaisha ) defined under the Companies Act of Japan . The term is often translated as "stock company", " joint-stock company " or "stock corporation". The term kabushiki gaisha in Japan refers to any joint-stock company regardless of country of origin or incorporation; however, outside Japan the term refers specifically to joint-stock companies incorporated in Japan. In Latin script, kabushiki kaisha , with

572-593: Is also combined into one Unicode character at code point U+337F ㍿ SQUARE CORPORATION , while the parenthesized form can also be represented with a single character, U+3231 ㈱ PARENTHESIZED IDEOGRAPH STOCK as well as parentheses around U+682A 株 CJK UNIFIED IDEOGRAPH-682A and its romanization U+33CD ㏍ SQUARE KK . These forms, however, only exist for backward compatibility with older Japanese character encodings and Unicode and should be avoided when possible in new text. The first kabushiki gaisha

616-900: Is an electric multiple unit (EMU) commuter train type built by J-TREC and used by the Japanese private railway operator Tokyu Corporation in the Tokyo area since March 2018. The 2020 series is used primarily on the Tokyu Den-en-toshi Line while its derivatives, the 3020 series ( 3020系 , 3020-kei ) and the 6020 series ( 6020系 , 6020-kei ) , are used mainly on the Tokyu Meguro Line and Tokyu Oimachi Line respectively. The 2020 series trains were built by Japan Transport Engineering Company (J-TREC) as part of its "Sustina S24 Series" family of 20-metre long four-door stainless steel cars. The styling of

660-629: Is referred to as a company with a board of statutory auditors ( 監査役会設置会社 , kansayaku-kai setchi-gaisha ) . Close K.K.s may also have a single person serving as director and statutory auditor, regardless of capital or liabilities. A statutory auditor may be any person who is not an employee or director of the company. In practice, the position is often filled by a very senior employee close to retirement, or by an outside attorney or accountant. Japanese law does not designate any corporate officer positions. Most Japanese-owned kabushiki gaisha do not have "officers" per se , but are directly managed by

704-707: The Meguro-Kamata Electric Railway ( 目黒蒲田電鉄 , Meguro-Kamata Dentetsu ) and is related to the construction of Den-en-chōfu . It was originally founded by the developers of Den-en-chōfu). It was acquired by the Musashi Electric Railway in 1924, shortly before Musashi was renamed into the Tokyo-Yokohama Electric Railway ( 東京横浜電鉄 , Tōkyō-Yokohama Dentetsu ) , also known as the Toyoko, in

748-501: The Pan Pacific Hotels abroad, which it sold to UOL Limited of Singapore. Formerly the owner of Japan Air System (JAS), Tokyu used to be the largest shareholder of Japan Airlines Holdings (JAL) following JAS's merger with JAL. The Tokyu Group also owns and operates the upscale Tokyu Hotels and budget Tokyu Inns. From 1958 until 2001, Tokyu also owned the Japanese (now American) Shirokiya department store company. It

792-752: The Toei Company in 1951. Toyoko took its current name on 1 May 1942, after the Japanese government compelled the company to acquire the Odawara Express Railway and the Keihin Electric Railway in 1943 to support Japan's efforts in Pacific War of World War II . In 1944 it also acquired the Keio Teito Electric Railway (which had merged with Odawara Express before in 1940). In 1948, after

836-585: The Illinois Business Corporation Act of 1933, giving kabushiki gaisha many traits of American corporations , and to be more exact, Illinois corporations. Over time, Japanese and U.S. corporate law diverged, and K.K. assumed many characteristics not found in U.S. corporations. For instance, a K.K. could not repurchase its own stock (a restriction lifted by the amendment of the Commercial Code in 2001), issue stock for

880-478: The Legal Affairs Bureau in the jurisdiction where the company will have its head office. In a direct incorporation, each incorporator receives a specified amount of stock as designated in the articles of incorporation. Each incorporator must then promptly pay its share of the starting capital of the company, and if no directors have been designated in the articles of incorporation, meet to determine

924-555: The Meguro Line and for the opening of the Sōtetsu Tōkyū Link Line . All three trainsets are distinguished with an “8-Cars” sticker located on the front window of the first and last cars, and are formed as follows: The original six-car formation was as follows: The manufacturers and delivery dates for the fleet are as shown below. Details of the 6020 series were officially announced on 12 October 2017. The first set

SECTION 20

#1732780808909

968-467: The Ministry of Finance. Under the new Company Law, public and other non-close K.K.s may either have a statutory auditor, or a nominating committee ( 指名委員会 , shimei-iin-kai ) , auditing committee ( 監査委員会 , kansa-iin-kai ) and compensation committee ( 報酬委員会 , hōshū-iin kai ) structure similar to that of American public corporations. If the company has an auditing committee, it

1012-568: The amount of damages being claimed, shareholders rarely had the motivation to sue on the company's behalf. In 1993, the Commercial Code was amended to reduce the filing fee for all shareholder derivative suits to ¥8,200 per claim. This led to a rise in the number of derivative suits heard by Japanese courts, from 31 pending cases in 1992 to 286 in 1999, and to a number of very high-profile shareholder actions, such as those against Daiwa Bank and Nomura Securities Tokyu 2020 series The Tokyu 2020 series ( 東急2020系 , Tōkyū 2020-kei )

1056-425: The decision-making power of the directors is relatively limited. As soon as a third director is designated such companies must form a board. At least one director is designated as a Representative Director ( 代表取締役 , daihyō-torishimariyaku ) , holds the corporate seal and is empowered to represent the company in transactions. The Representative Director must "report" to the board of directors every three months;

1100-415: The directors on the corporation's behalf is granted to the statutory auditor. Historically, derivative suits by shareholders were rare in Japan. Shareholders have been permitted to sue on the corporation's behalf since the postwar Americanization of the Commercial Code; however, this power was severely limited by the nature of court costs in Japan. Because the cost to file a civil action is proportional to

1144-618: The directors, one of whom generally has the title of president ( 社長 , sha-chō ) . The Japanese equivalent of a corporate vice president is a department chief ( 部長 , bu-chō ) . Traditionally, under the lifetime employment system, directors and department chiefs begin their careers as line employees of the company and work their way up the management hierarchy over time. This is not the case in most foreign-owned companies in Japan, and some native companies have also abandoned this system in recent years in favor of encouraging more lateral movement in management. Corporate officers often have

1188-529: The doorways and car ends, LCD screens are also located above the seats. Security cameras are installed in the cars. The trains are formed as follows, with five motored ("M") cars and five non-powered trailer ("T") cars, and car 1 at the Shibuya end. The manufacturers and delivery dates for the fleet are as shown below. [REDACTED] Sōtetsu Main Line On 26 March 2019, Tokyu Corporation announced

1232-417: The exact meaning of this statutory provision is unclear, but some legal scholars interpret it to mean that the board must meet every three months. In 2015, the requirement that at least one director and one Representative Director must be a resident of Japan was changed. It is not required to have a resident Representative Director although it can be convenient to do so. Directors are mandatories ( agents ) of

1276-671: The following years. The first trainset, 2121, was delivered from the J-TREC factory in Yokohama in late November 2017, and shown off to the media on 30 November 2017. The second trainset, 2122, was delivered from the J-TREC factory in Niitsu, Niigata , in February 2018. The first sets entered service on 28 March 2018. Passenger accommodation consists of high-back longitudinal seats. In addition to passenger information screens placed above

1320-404: The incorporator, and then make payment for his or her shares by a date specified by the incorporator(s). Capital must be received in a commercial bank account designated by the incorporator(s), and the bank must provide certification that payment has been made. Once the capital has been received and certified, the incorporation may be registered at the Legal Affairs Bureau. Under present law,

1364-470: The initial directors and other officers. The other method is an "incorporation by offering," in which each incorporator becomes the stock underwriter of a specified number of shares (at least one each), and the other shares are offered to other investors. As in a direct incorporation, the incorporators must then hold an organizational meeting to appoint the initial directors and other officers. Any person wishing to receive shares must submit an application to

Tokyu Corporation - Misplaced Pages Continue

1408-701: The introduction of new 3020 series trains on their Meguro Line. The first set of eight cars was delivered in April 2019. A second set of eight cars was transferred from J-TREC in Yokohama to Nagatsuta in May 2019. Trial runs on the Den-en-toshi Line began in June 2019. The first 3020 series set entered revenue service on 22 November 2019. Set 3123 was the first set to be lengthened to an eight-car formation, having re-entered service in April 2022. Another set 3121

1452-437: The legal title of shihainin , which makes them authorized representatives of the corporation at a particular place of business, in addition to a common-use title. Kabushiki gaisha are subject to double taxation of profits and dividends, as are corporations in most countries. In contrast to many other countries, however, Japan also levies double taxes on close corporations ( yugen gaisha and gōdō gaisha ). This makes taxation

1496-422: The old Commercial Code, a K.K. required starting capital of ¥10 million (about US$ 105,000); a lower capital requirement was later instituted, but corporations with under ¥3 million in assets were barred from issuing dividends , and companies were required to increase their capital to ¥10 million within five years of formation. The main steps in incorporation are the following: The incorporation of

1540-777: The required equipment to enable Sotetsu through service in the near future. Set 3121 had officially entered service along the Sotetsu network on September 26, 2023, over a half year later of the opening of the Sōtetsu-Tokyu Link Line. Passenger accommodation consists of high-back seating. The trains are also fitted with security cameras and air purifiers . The trains are operated as eight-car sets. They were originally built as such, but were initially operated as six-car sets, with two cars per set stored until 2022, when platform doors were extended to fit 8-car trains as part of Tokyu Corporation's strategy to cope with high demand on

1584-496: The same year. After Musashi/Toyoko's acquisition, the Meguro-Kamata Electric Railway initially operated as a subsidiary of Toyoko. It was not until 16 October 1939 that both Toyoko and Meguro-Kamata Electric railways were formally merged and the new company took the Toyoko name. In 1938, Toyoko established Toyoko Eiga [ja] , possibly for competition with Ichizo Kobayashi 's Toho Company . It became

1628-732: The shareholders, and the Representative Director is a mandatory of the board. Any action outside of these mandates is considered a breach of mandatory duty. Every K.K. with multiple directors must have at least one statutory auditor ( 監査役 , kansayaku ) . Statutory auditors report to the shareholders, and are empowered to demand financial and operational reports from the directors. K.K.s with capital of over ¥500m, liabilities of over ¥2bn and/or publicly traded securities are required to have three statutory auditors, and must also have an annual audit performed by an outside CPA . Public K.K.s must also file securities law reports with

1672-647: The trains was overseen by Tanseisha, a company involved in designing commercial buildings along the Tokyu route. The classification "2020 series" for the trains was chosen to mark the year 2020 in which the Tokyo Olympics were scheduled to be held and in which Tokyu celebrated its 100th anniversary. Details of the 2020 series were officially announced on 17 March 2017. Three ten-car sets (30 vehicles) are scheduled to be delivered during fiscal 2017, entering service in spring 2018, with further sets introduced over

1716-401: The two are not precisely the same. The Japanese government once endorsed "business corporation" as an official translation but now uses the more literal translation "stock company." Japanese often abbreviate " 株式会社 " in a company name on signage (including the sides of their vehicles) to 株 in parentheses , as, for example, " ABC㈱ ." The full, formal name would then be " ABC株式会社 ". 株式会社

1760-638: The war, Tokyu divested the acquired companies, and the divested companies are now known as Odakyu Electric Railway , Keikyu Corporation , and Keio Corporation respectively. The 1943–48 era of Tokyu was colloquially known as Dai-Tokyu (lit. Great Tokyu ). Tokyu also operates the Kodomonokuni Line ( Nagatsuta Station – Kodomonokuni Station , 3.4 km) under contract with and on behalf of Yokohama Minatomirai Railway Company . The Tokyu Group also owns two smaller railroad companies, Ueda Kōtsū and Izukyū Corporation ; several bus companies; and

1804-788: Was delivered from the J-TREC factory in Yokohama in December 2017, followed by a second in January 2018. The first sets entered service on 28 March 2018. In both sets, car 3 was replaced by a new-build "Q Seat" car built in October 2018. The outgoing cars were subsequently used in 2020 series sets 2126F and 2127F. The Q Seat cars are usually arranged in longitudinal mode, but on specific evening express trains from Ōimachi to Nagatsuta, they are arranged in transverse mode and can be used only with

Tokyu Corporation - Misplaced Pages Continue

1848-642: Was lengthened to an eight-car formation and re-entered service mid July 2022. Finally on the 13 of August 2022, the remaining set 3122 was sent to Nagatsuta depot where it was lengthened to an eight-car formation. Service commenced on the Tōkyū Shin-Yokohama Line in March 2023. As of June 2023, the 3020 series lacks equipment needed in order to through run on the Sōtetsu Shin-Yokohama Line and associated through services. Tokyu plans to install

1892-632: Was the Dai-Ichi Bank , incorporated in 1873. Rules regarding kabushiki gaisha were set out in the Commercial Code of Japan , and was originally based on laws regulating German Aktiengesellschaft (which also means share company). However, during the United States-led Allied Occupation of Japan following World War II, the occupation authorities introduced revisions to the Commercial Code based on

1936-666: Was the owner of Mago Island until 2005, when Mel Gibson purchased it for US$ 15 million. Tokyu Corporation is also the largest single shareholder in the Shizuoka Railway Company , but its holdings in the railway are not part of the group. New Tokyu 2020 series ten-car EMUs and Tokyu 6020 series seven-car EMUs have entered service since early 2018. Kabushiki gaisha A kabushiki gaisha ( Japanese : 株式会社 , pronounced [kabɯɕi̥ki ɡaꜜiɕa] ; lit.   ' share company ' ) or kabushiki kaisha , commonly abbreviated K.K. or KK ,

#908091