| (1) | A company which has a period for the settlement of accounts once per year may determine in its articles of incorporation that the company may pay dividends (hereafter in this Article referred to as "interim dividend") on a specified date set by a resolution of the board of directors to the shareholders on such date only one time during a business year. <Amended by Act No. 10600, Apr. 14, 2011> |
| (2) | Interim dividends shall be paid within the limit of the amount calculated by deducting the following amounts from the value of net assets on the balance sheets in the immediately previous period for the settlement of accounts: <Amended by Act No. 6488, Jul. 24, 2001; Act No. 10600, Apr. 14, 2011> |
| 1. | The amount of capital in the immediately previous period for the settlement of accounts; |
| 2. | The total amount of the capital reserve and earned surplus reserve accumulated until the immediately previous period for the settlement of accounts; |
| 3. | The amount which is to be distributed as a profit or paid at an ordinary general meeting of shareholders in the immediately previous period for the settlement of accounts; |
| 4. | The earned surplus reserve which is to be accumulated in the relevant period for the settlement of accounts for the payment of interim dividends. |
| (3) | If the value of net assets on the balance sheets in the relevant period for the settlement of accounts is deemed unlikely to amount to the total sum of amounts listed in the subparagraphs of Article 462 (1), the company shall not pay interim dividends. <Amended by Act No. 6488, Jul. 24, 2001> |
| (4) | Where, even if the value of net assets on the balance sheets in the relevant period for the settlement of accounts fails to amount to the total sum of the amounts listed in the subparagraphs of Article 462 (1), payment of interim dividends is made, directors shall be jointly and severally liable to compensate for the difference (where the amount of dividend is less than such difference, the amount of dividend) to the company: Provided, That the same shall not apply where the directors prove that they have not been negligent in rendering judgment that the situation described in paragraph (3) is not likely to occur. <Amended by Act No. 6488, Jul. 24, 2001> |
| (5) | For the purposes of Articles 340 (1), 344 (1), 350 (3) (including where this shall apply mutatis mutandis under Articles 423 (1), 516 (2), and 516-10: hereafter in this paragraph the same shall apply), 354 (1), 458, and 464 and subparagraph 3 of Article 625, interim dividends shall be deemed dividends under Article 462 (1), and for the purposes of Article 350 (3), a specified date mentioned in paragraph (1) shall be deemed the end of the business year. <Amended by Act No. 10600, Apr. 14, 2011> |
| (6) | The provisions of Articles 399 (2) and (3) and 400 shall apply mutatis mutandis with respect to the liability of directors under paragraph (4), and Article 462 (3) and (4), with respect to interim dividends paid in breach of paragraph (3). <Amended by Act No. 10600, Apr. 14, 2011> |
[This Article Added by Act No. 5591, Dec. 28, 1998]