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THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933

Exhibit 10.8

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  SUCH SECURITIES AND ANY SECURITIES OR SHARES ISSUED HEREUNDER MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT.  COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THESE SECURITIES AND RESTRICTING THEIR TRANSFER OR SALE MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD HEREOF TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.

No. 2005 - ____Date: August 31, 2005 ("Effective Date")

STOCK PURCHASE WARRANT FOR COMMON STOCK

OF

ASI TECHNOLOGY CORPORATION

This certifies that, for value received, ______________ ("Holder") is entitled, subject to the terms and conditions set forth below, to purchase from ASI TECHNOLOGY CORPORATION, a Nevada corporation (the "Company"), the number and type of securities described below at an exercise price of $0.50 per share (the "Exercise Price").  The number, character and Exercise Price of the Warrant Shares are subject to adjustment as provided below and all references to "Warrant Shares" and "Exercise Price" herein shall be deemed to include any such adjustment or series of adjustments. This Warrant is issued pursuant to Section 1 of that certain Securities Purchase Agreement between the Company and certain "Investors" thereunder, dated as of August 31, 2005 (the "Purchase Agreement"), pursuant to which such Investors, including the Holder, purchased Common Stock shares of the Company (the "Common Stock") and certain 7% Subordinated Notes ( the "Notes").  The Holder is subject to certain restrictions, and entitled to certain rights, as set forth in the Purchase Agreement. The Purchase Agreement is incorporated herein by reference.

This Warrant is one of a duly authorized series of Warrants of the Company (which are identical except for the variations necessary to express the identification numbers, names of the holder, number of shares issuable upon exercise thereof and Warrant issue dates) issued in connection with the Purchase Agreement and designated for reference purposes as "Series 2005 Stock Purchase Warrants." The term "Stock Purchase Warrant" or "Warrant" as used herein shall also mean this Warrant, and any Warrants delivered in substitution or exchange therefor as provided herein.

This Stock Purchase Warrant is subject to the following terms and conditions:

	Term of Stock Purchase Warrant; Securities Covered by Stock Purchase Warrant. Subject to the terms and conditions set forth herein, this Stock Purchase Warrant shall be exercisable, in whole or in part, on any business day during the period (the "Exercise Period") commencing on the Effective Date (as defined in the Purchase Agreement) and ending on the first to occur of (a) July 31, 2008; or (b) the closing of the Company's sale of all or substantially all of its assets or the acquisition of the Company by another entity by means of merger or other transaction as a result of which stockholders of the Company immediately prior to such acquisition possess less than 50% of the voting power of the acquiring entity immediately following such acquisition, and thereafter shall be void and of no further force or effect thereafter. The number of shares subject to each Holder's Stock Purchase Warrant is set forth on the signature page hereto and shall be equal to the quotient obtained by dividing the number of Shares (as such term is defined in the Purchase Agreement) purchased by such Holder under the Purchase Agreement by two (2) (the "Warrant Shares").

	Exercise of Stock Purchase Warrant.

	Cash Exercise.  This Stock Purchase Warrant may be exercised by the Holder during the Exercise Period by (i) the surrender of this Stock Purchase Warrant to the Company, with the Notice of Exercise annexed hereto duly completed and executed on behalf of the Holder, at the office of the Company (or such other office or agency of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books of the Company) and (ii) the delivery of payment to the Company, for the account of the Company, by cash, wire transfer of immediately available funds to a bank account specified by the Company, or by certified or bank cashier's check, in an amount equal to the Exercise Price multiplied by the number of Warrant Shares for which this Stock Purchase Warrant is being exercised as specified in the Notice of Exercise, such payment to be made in lawful money of the United States of America. The Holder may also exchange principal amount of the Note as exercise payment as provided in Section 5 of the Note. The Company agrees that such Warrant Shares shall be deemed to be issued to the Holder as the record holder of such Warrant Shares as of the close of business on the date on which this Stock Purchase Warrant shall have been exercised and surrendered and payment made for the Warrant Shares as aforesaid.  A stock certificate or certificates for the Warrant Shares specified in the Notice of Exercise shall be delivered to the Holder as promptly as practicable, and in any event within ten (10) business days, thereafter.  If this Stock Purchase Warrant shall have been exercised only in part and has not otherwise expired, the Company shall, at the time of delivery of the stock certificate or certificates, deliver to the Holder a new Stock Purchase Warrant evidencing the right to purchase the remaining Warrant Shares, which new Stock Purchase Warrant shall in all other respects be identical with this Stock Purchase Warrant. No adjustments shall be made on Warrant Shares issuable on the exercise of this Stock Purchase Warrant for any dividends or distributions paid or payable to holders of record of any capital stock of the Company prior to the date as of which the Holder shall be deemed to be the record holder of such Warrant Shares.

	This Stock Purchase Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender for exercise as provided above, and the person entitled to receive the shares of Warrant Shares issuable upon such exercise shall be treated for all purposes as the holder of record of such shares as of the close of business on such date. As promptly as practicable on or after such date and in any event within ten (10) business days thereafter, the Company at its expense shall issue and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of shares issuable upon such exercise.  In the event that this Stock Purchase Warrant is exercised in part, the Company at its expense will execute and deliver a new Stock Purchase Warrant of like tenor exercisable for the number of shares for which this Stock Purchase Warrant may then be exercised.

	No Fractional Shares or Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Stock Purchase Warrant.  In lieu of any fractional share to which the Holder would otherwise be entitled, the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction (after aggregating all shares issuable upon exercise thereof).

	Replacement of Stock Purchase Warrant.  On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Stock Purchase Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Stock Purchase Warrant, the Company at its expense shall execute and deliver, in lieu of this Stock Purchase Warrant, a new Stock Purchase Warrant of like tenor and amount.

	Rights of a Stockholder.  Subject to Sections 8 and 10 of this Stock Purchase Warrant, the Holder shall not be entitled to vote or receive dividends or be deemed the holder of Warrant Shares for any purpose, and nothing contained herein shall be construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value, or change of stock to no par value, consolidation, merger, conveyance or otherwise) or to receive notice of meetings, or to receive dividends or subscription rights or otherwise until this Stock Purchase Warrant shall have been exercised as provided herein and then only as to the shares for which this Stock Purchase Warrant has been so exercised.

	Transfer of Stock Purchase Warrant.

	Transfer. With respect to any offer, sale or other disposition of this Stock Purchase Warrant or any underlying securities, the Holder will give written notice to the Corporation prior thereto, describing briefly the manner, together with a written opinion of such Holder's counsel, to the effect that such offer, sale or other distribution may be effected without registration or qualification (under any applicable federal or state law then in effect).  Furthermore, no such transfer shall be made unless the transferee meets the same investor suitability standards set forth in Section 3 of the Purchase Agreement. Promptly upon receiving such written notice and reasonably satisfactory opinion, if so requested, the Corporation, as promptly as practicable, shall notify such Holder that such Holder may sell or otherwise dispose of this Warrant or the underlying securities, as the case may be, all in accordance with the terms of the written notice delivered to the Corporation. If a determination has been made pursuant to this Section 6 that the opinion of counsel for the Holder is not reasonably satisfactory to the Corporation, the Corporation shall so notify the Holder promptly after such determination has been made. Each Warrant thus transferred shall bear the same legends appearing on this Warrant, and underlying securities thus transferred shall bear the legends required by Section 3.11 of the Purchase Agreement. The Corporation may issue stop transfer instructions to its transfer agent in connection with such restrictions.

	Exchange of Stock Purchase Warrant Upon a Transfer.  On surrender of this Stock Purchase Warrant for exchange, properly endorsed on the Assignment Form and subject to the provisions of this Stock Purchase Warrant with respect to compliance with the Act and applicable state securities laws and with the limitations on assignments and transfers and contained in this Section 6, the Company at its expense shall issue to or on the order of the Holder a new Stock Purchase Warrant or Stock Purchase Warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder of any applicable transfer taxes) may direct, for the number of shares issuable upon exercise hereof.

	Compliance with Securities Laws.

	The Holder of this Stock Purchase Warrant, by acceptance hereof, acknowledges that this Stock Purchase Warrant and the Warrant Shares to be issued upon exercise hereof are being acquired solely for the Holder's own account and not as a nominee for any other party, and for investment, and that the Holder will not offer, sell or otherwise dispose of this Stock Purchase Warrant or any Warrant Shares to be issued upon exercise hereof except under circumstances that will not result in a violation of the Act or any applicable state securities laws.  Holder hereby represents and warrants that such Holder is an "accredited investor" as such term is defined under Regulation D promulgated by the Securities and Exchange Commission. Upon exercise of this Stock Purchase Warrant, the Holder shall, if requested by the Company, confirm in writing, in a form satisfactory to the Company, that Holder remains an accredited investor and the Warrant Shares so purchased are being acquired solely for the Holder's own account and not as a nominee for any other party, for investment, and not with a view toward distribution or resale. Any transferee of this Stock Purchase Warrant shall represent the same as condition to such transfer and any subsequent exercise thereof. 

	This Stock Purchase Warrant and all Warrant Shares issued upon exercise hereof shall be stamped or imprinted with a legend in substantially the following form (in addition to any legend required by state securities laws and the Purchase Agreement):

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.  SUCH SECURITIES AND ANY SECURITIES OR SHARES ISSUED HEREUNDER MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SAID ACT.  COPIES OF THE AGREEMENT COVERING THE PURCHASE OF THESE SECURITIES AND RESTRICTING THEIR TRANSFER OR SALE MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD HEREOF TO THE SECRETARY OF THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.

	Reservation of Stock.  The Company covenants that during the Exercise Period, the Company will reserve from its authorized and unissued Warrant Shares a sufficient number of shares to provide for the issuance of Warrant Shares upon the exercise of this Stock Purchase Warrant.  The Company further covenants that all shares issued upon the exercise of rights represented by this Stock Purchase Warrant and payment of the Exercise Price, in the amount and otherwise all as set forth herein, shall be free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein).

	Notices.  All notices required or permitted hereunder to be given shall be in writing and shall be telecopied or mailed by registered or certified mail, postage prepaid, or otherwise delivered by hand or by messenger, 

If to the Company:  980 American Pacific Drive, Suite #111

Henderson, Nevada 89014

Attn: CEO

With a copy to:Reed Smith LLP

1999 Harrison Street, 25th Flr.

Oakland, CA 94612

Attn. Donald C. Reinke

 

If to any of the Holders: The address set forth on the Company's records.

	Amendments. Any term of this Stock Purchase Warrant hereunder may be amended, waived or terminated only with the written consent of the Company and the holders of at least a majority in interest of the Warrant Shares then exercisable under all Stock Purchase Warrants.  Any amendment, waiver or termination effected in accordance with this Section 9 shall be binding upon the Company, each of the Holders and each transferee of the Stock Purchase Warrants.

	Adjustments.  The Exercise Price and the number of shares purchasable hereunder are subject to adjustment from time to time as follows:

	Reclassification, etc.  If the Company, at any time while this Stock Purchase Warrant or any portion thereof is exercisable and remains outstanding and unexpired, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this Stock Purchase Warrant exist into the same or a different number of securities of any other class or classes, this Stock Purchase Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Stock Purchase Warrant immediately prior to such reclassification or other change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 10.

	Split, Subdivision or Combination of Shares.  If the Company, at any time while this Stock Purchase Warrant or any portion thereof is exercisable and remains outstanding and unexpired, shall split, subdivide or combine the outstanding shares of Warrant Shares into a different number of shares of Warrant Shares, then (i) in the case of a split or subdivision, the Exercise Price for such securities shall be proportionately decreased and the Warrant Shares issuable upon exercise of this Stock Purchase Warrant shall be proportionately increased, and (ii) in the case of a combination, the Exercise Price for such Warrant Shares shall be proportionately increased and the securities issuable upon exercise of this Stock Purchase Warrant shall be proportionately decreased.  If the Warrant Shares are convertible into any other stock or securities of the Company, then if all of the outstanding Warrant Shares should be converted at any time prior to the Expiration Date into shares of the Company's Common Stock or other stock or securities of the Company then (i) this Stock Purchase Warrant immediately shall become exercisable for that number of shares of such stock or securities (subject to further adjustment as herein provided) which would have been received if this Stock Purchase Warrant had been exercised in full and the Warrant Shares received thereupon had been simultaneously converted immediately prior to such event, (ii) the Exercise Price hereunder shall be appropriately adjusted and (iii) all references herein to Warrant Shares shall be automatically deemed amended to be references to the stock or securities into which the Warrant Shares was converted.

	Adjustments for Dividends in Stock or Other Securities or Property.  If, while this Stock Purchase Warrant or any portion hereof is exercisable and remains outstanding and unexpired, the holders of Warrant Shares (or any shares of stock or securities at the time receivable upon exercise of this Stock Purchase Warrant) shall have received, or, on or after the record date fixed for the determination of eligible stockholders, shall have become entitled to receive, without payment therefor, capital stock or any other securities that are at any time directly or indirectly convertible into or exchangeable for capital stock of the Company, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend, then and in each case, this Stock Purchase Warrant shall represent the right to acquire, in addition to the number of shares of the security receivable upon exercise of this Stock Purchase Warrant, and without payment of any additional consideration therefor, the amount of such capital stock and other securities that the Holder would hold on the date of such exercise had it been the holder of record of such capital stock as of the date on which the holders of capital stock received or became entitled to receive such capital stock or other securities.

	No Impairment.  The Company will not, by any voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 10 and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment.

	Miscellaneous.

	This Stock Purchase Warrant and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Nevada without regard to the conflict of law provisions thereof. Any dispute arising in relation to this Stock Purchase Warrant shall be resolved and venue shall be established in the competent courts of Las Vegas, Nevada.

	In the event of a dispute with regard to the interpretation of this Stock Purchase Warrant, the prevailing party may collect the cost of attorney's fees, litigation expenses or such other expenses as may be incurred in the enforcement of the prevailing party's rights hereunder.

	The Holder agrees that the Warrant Shares be bound by such market standoff provisions (i.e., restrictions on stock resale provisions following the Company's sale of securities in the public market) as provided in the Purchase Agreement with respect to this Stock Purchase Warrant and the Warrant Shares.

	This Stock Purchase Warrant shall be exercisable as provided for herein, except that in the event that the expiration date of this Stock Purchase Warrant shall fall on a day other than a business day, the expiration date for this Stock Purchase Warrant shall be extended to 5:00 p.m.  Pacific standard time on the first business day following such day.  For all purposes of this Stock Purchase Warrant, a business day shall mean any day, other than a Saturday or a Sunday, upon which banks are open for business in Nevada.

IN WITNESS WHEREOF, ASI TECHNOLOGY CORPORATION has caused this Series 2005 Stock Purchase Warrant to be executed as of the date first above written.

SIGNATURE PAGE TO STOCK PURCHASE WARRANT

 

Number of Warrant Shares:_________
COMPANY:

ASI TECHNOLOGY CORPORATION

By:/s/ JERRY E. POLIS

ACKNOWLEDGED:

____________________________________

HolderArticles of Incorporation

 Exhibit 4.1 
  
 (TRANSLATION) 
  
 ARTICLES OF INCORPORATION 
  
 June 28, 2005 
  
 KYOCERA CORPORATION 

 – 1 – 
  

 (TRANSLATION) 
  
 ARTICLES OF INCORPORATION 
 OF

 KYOCERA CORPORATION 
  
 CHAPTER I 
  
 GENERAL PROVISIONS 
  
 Article 1. Trade Name 
  
 The name of the Company shall be “KYOCERA KABUSHIKI KAISHA” (in English “KYOCERA CORPORATION”). 
  
 Article 2. Objects 
  
 The objects of the Company shall be to engage in the following businesses: 
  

	 	(1)	Manufacture and sale of and research on fine ceramics and various kinds of products utilizing fine ceramics; 

  

	 	(2)	Manufacture and sale of and research on single crystal materials and various kinds of products utilizing single crystal materials; 

  

	 	(3)	Manufacture and sale of and research on composite materials; 

  

	 	(4)	Manufacture and sale of and research on specialty plastics; 

  

	 	(5)	Manufacture and sale of and research on measurement instruments for electronics; 

  

	 	(6)	Manufacture and sale of and research on electronic and electric instruments and parts thereof; 

  

	 	(7)	Manufacture and sale of and research on component parts of automobiles; 

  

	 	(8)	Manufacture and sale of and research on precious metals, precious stones and semiprecious stones and various kinds of products utilizing precious metals, precious stones and
semiprecious stones; 

  

	 	(9)	Manufacture and sale of and research on accessories and interior and exterior decorations and ornaments; 

  

	 	(10)	Wholesales and retail sale of health foods; 

  

	 	(11)	Manufacture and sale of and research on material and equipment for medical use; 

  

	 	(12)	Manufacture and sale of and research on equipment utilizing solar energy; 

  

	 	(13)	Manufacture and sale of and research on optical machinery and instruments and precision machinery and instruments and parts hereof; 

  

	 	(14)	Manufacture and sale of and research on machinery and equipment for business use and machinery and equipment for industrial use and parts thereof; 

  

	 	(15)	Manufacture and sale of and research on photosensitive materials for photographic use; 

  

	 	(16)	Design, control and contract of construction relating to public works, building, electric equipment and piping construction; 

 – 2 – 
  

	 	(17)	Sale, purchase, lease, maintenance and brokerage of real estate; 

  

	 	(18)	Lease, maintenance and management of facilities relating to sports, recreation, medical care, hotels and restaurants, and the travel agency business; 

  

	 	(19)	Road freight handling and warehousing; 

  

	 	(20)	Business relating to non-life insurance agency and life insurance canvassing, and general leasing, factoring and finance business; 

  

	 	(21)	Sale and purchase of various kinds of plants and technology related thereto; 

  

	 	(22)	Design and sale of software relating to computers; 

  

	 	(23)	Disposition through sale and the like and acquisition through purchase and the like of patents and other industrial property rights and know-how appertaining to the preceding items
and acting as intermediary in such transactions; 

  

	 	(24)	Businesses relating to import and export of any of the foregoing items; and 

  

	 	(25)	All commercial activities relating or incidental to any of the foregoing. 

  
 Article 3. Location of Principal Office 
  
 The principal office of the Company shall be located in Kyoto City. 
  
 Article 4. Public Notices 
  
 Public notices by the Company shall be made by electronic public notice, provided, however, that if, due to accident that makes the use of the electronic
public notice impossible or other unavoidable reason, electronic public notices can not be made, public notices by the Company shall appear in The Nihon Keizai Shimbun. 
  
 CHAPTER II 
  
 SHARES 
  
 Article 5. Total Number of Shares Authorized to be Issued 
  
 The total number of shares authorized to be issued by the Company shall be 600,000,000. 
  
 Article 6. Repurchase of Treasury Stock 
  
 The Company may, under the provisions of Article 211-3, Paragraph 1(2) of the Commercial Code, acquire its own stock, pursuant to a resolution of the
Board of Directors. 
  
 Article 7. Number of Shares Constituting a Share Unit
and Non-Issuance of the Certificates for Shares not Constituting a Full Share Unit 
  
 1. The number of shares constituting a single share unit of the Company shall be 100. 
  
 2. The Company shall not issue any certificate for shares relating to the number of shares not constituting a single share unit (the “shares not
constituting a full share unit”), except for the cases provided for in the Share Handling Regulations of the Company. 

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 Article 8. Purchase of Shares to Increase the Number of Shares of Shareholders holding Shares not Constituting a Full
Share Unit 
  
 Shareholders (which shall hereinafter include
beneficial owners) of the Company holding shares not constituting a full share unit may, in accordance with the provisions of the Share Handling Regulations of the Company, require the Company to sell such number of Shares as will, when aggregated
with the relevant shares not constituting a full share unit can, constitute a full share unit. 
  
 Article 9. Record Date 
  
 1. The Company shall deem the shareholders holding voting rights entered or recorded in the Shareholders Register (which shall hereinafter include the Register of Beneficial Owners) as of the end of each fiscal year to be those shareholders
(which shall hereinafter include beneficial owners) who are entitled to exercise their rights at the ordinary general meeting of shareholders held in respect of the relevant fiscal year. 
  
 2. In addition to the preceding paragraph, the Company may, by resolution of the Board of Directors, and having given prior
public notice thereof set a record date an extraordinary basis. 
  
 Article 10.
Transfer Agent 
  
 1. The Company shall have a Transfer Agent
for the shares. 
  
 2. The Transfer Agent and its office for share
handling shall be decided by a resolution of the Board of Directors and public notice thereof shall be given. 
  
 3. The Shareholders Register and the Register of Lost Share Certificate of the Company shall be kept at the Transfer Agent’s share handling office,
and the Company shall not handle, but shall have the Transfer Agent handle, the registration of transfer of shares, the purchase of shares not constituting a full share unit by the Company or from the Company and other businesses relating to the
shares. 
  
 Article 11. Share Handling Regulations 
  
 Denomination of share certificates of the Company, registration of transfer
of shares, purchase of shares not constituting a full share unit by the Company and from the Company and other matters relating to share handling and fees therefor shall be provided for in the Share Handling Regulations of the Company established by
the Board of Directors. 

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 CHAPTER III 
  
 GENERAL MEETING OF SHAREHOLDERS 
  
 Article 12. Convocation 
  
 1. An ordinary general meeting of shareholders of the Company shall be convened within three months after the last day of each fiscal year. 
  
 2. In addition to the preceding paragraph, an extraordinary general meeting
of shareholders may be convened whenever necessary. 
  
 3. A
general meeting of shareholders shall be held in Kyoto City or at the Shiga Factory of the Company located at Gamo-cho, Gamo-gun, Shiga Prefecture. 
  
 Article 13. Person to Convene Meetings 
  
 1. Unless otherwise provided for by the laws and ordinances, a general meeting of shareholders shall be convened by the President in accordance with a
resolution therefor of the Board of Directors. 
  
 2. Should the
President be unable to act, one of the other Directors in the order fixed in advance by the Board of Directors shall act in his place. 
  
 Article 14. Chairman of Meetings 
  
 1. The President shall act as a chairman of a general meeting of shareholders. 
  
 2. Should the President be unable to act, one of the other Directors, in the order fixed in advance by the Board of
Directors, shall act in his place. 
  
 Article 15. Method of Resolutions

  
 1. Unless otherwise provided for by the laws and
ordinances or these Articles of Incorporation, resolutions of a general meeting of shareholders shall be adopted by a majority of the voting rights of the shareholders present at the meeting. 
  
 2. Resolutions of a general meeting of shareholders pursuant to Article 343
of the Commercial Code shall be adopted by two-thirds or more of the voting rights of the shareholders present at the meeting, at which the shareholders holding one-third or more of the voting rights of all shareholders must present. 
  
 Article 16. Exercise of Voting Rights by Proxy 
  
 A shareholder of the Company or his legal representative may exercise his
voting rights at a general meeting of shareholders by proxy who shall be another shareholder of the Company possessing voting rights; provided that such shareholder or proxy shall submit to the Company a document evidencing his proxy right prior to
the opening of each general meeting of shareholders. 
  
 Article 17. Minutes

  
 The substance of the proceedings at a general meeting of
shareholders and the results thereof shall be recorded in the minutes, and the original of such minutes, after the chairman and the Directors present at the meeting have affixed their names and seals thereto, shall be kept for ten years at the
principal office of the Company, and copies thereof shall be kept for five years at the branch offices of the Company. 

 – 5 – 
  

 CHAPTER IV 
  
 DIRECTORS AND BOARD OF DIRECTORS 
  
 Article 18. Number of Directors 
  
 The Company shall have not more than twenty Directors. 
  
 Article 19. Election of Directors 
  
 1. Directors shall be elected at a general meeting of shareholders. 
  
 2. The election as provided in the previous paragraph shall be made by a majority of voting rights of shareholders present
who shall represent one-third or more of the total number of the voting rights relating to the issued shares. 
  
 3. For the election of Directors, no cumulative voting shall be used. 
  
 Article 20. Term of Office of Directors 
  
 1. The term of office of the Directors shall end with the conclusion of the ordinary general meeting of shareholders for the last fiscal year within two
years after assumption of their offices. 
  
 2. The term of office
of the Director elected to increase the number of the Directors or to fill a vacancy shall terminate when the term of office of the other Directors shall terminate. 
  
 Article 21. Executive Directors and Chairman Emeritus, Advisors and Counsellors 
  
 1. The Board of Directors may appoint, by resolution, a Chairman of the
Board of Directors, a President and Director, several Vice-Chairmen and Directors, Executive Vice-Presidents and Directors, Senior Managing Directors, Managing Directors and Advisors and Directors. 
  
 2. The Board of Directors may appoint, by resolution, a Chairman Emeritus.

  
 3. The Board of Directors may appoint, by resolution, Advisors
and Counsellors. 
  
 Article 22. Representative Directors 
  
 1. The President shall be a Representative Director. 
  
 2. In addition to the Representative Director set forth in the preceding
paragraph, the Board of Directors may, by resolution, appoint Representative Directors from among the Directors. 

 – 6 – 
  

 Article 23. Remuneration and Retirement Allowances of Directors 
  
 Remuneration and retirement allowances of Directors shall be determined at a
general meeting of shareholders. 
  
 Article 24. Convocation of Meetings of
Board of Directors 
  
 Notice of meetings of the Board of
Directors shall be dispatched to each Director and Corporate Auditor at least three days prior to the date set for such meeting; provided, however, that in the event of emergency such period may be shortened. 
  
 Article 25. Board of Directors Regulations 
  
 Unless otherwise provided for by the laws and ordinances or these Articles
of Incorporation, matters concerning the Board of Directors shall be provided for in the Board of Directors Regulations established by the Board of Directors. 
  

CHAPTER V 
  
 CORPORATE AUDITORS AND BOARD OF CORPORATE AUDITORS 
  

Article 26. Number of Corporate Auditors 
  
 The Company shall have not more than five Corporate Auditors. 
  
 Article 27. Election of Corporate Auditors 
  
 1. Corporate Auditors shall be elected at a general meeting of shareholders. 
  
 2. The election as provided in the previous paragraph shall be made by a majority of voting rights of shareholders present
who shall represent one-third or more of the total number of the voting rights relating to the issued shares. 
  
 Article 28. Term of Office of Corporate Auditors 
  
 1. The term of office of the Corporate Auditors shall end with the conclusion of the ordinary general meeting of shareholders for the last fiscal year within four years after assumption of their offices. 

 
 2. The term of office of the Corporate Auditor elected to fill a vacancy
shall terminate when the term of office of his predecessor would otherwise terminate. 
  
 Article 29. Full-time Corporate Auditor(s) 
  
 The Corporate Auditors shall elect from among themselves (a) full-time Corporate Auditor(s). 
  
 Article 30. Remuneration and Retirement Allowances of Corporate Auditors 
  
 Remuneration and retirement allowances of Corporate Auditors shall be determined at a general meeting of shareholders. 
  
 Article 31. Convocation of Meetings of Board of Corporate Auditors 
  
 Notice of meetings of the Board of Corporate Auditors shall be dispatched to
each Corporate Auditor at least three days prior to the date set for such meeting; provided, however, that in the event of emergency such period may be shortened. 
  
 Article 32. Regulations of Board of Corporate Auditors 
  
 Unless otherwise provided for by the laws and ordinances or these Articles of Incorporation, matters concerning the Board of
Corporate Auditors shall be provided for in the Regulations of the Board of Corporate Auditors established by the Board of Corporate Auditors. 

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 CHAPTER VI 
  
 ACCOUNTS 
  
 Article 33. Fiscal Year 
  
 The fiscal year of the Company shall be a period commencing on April 1 in each year and ending on March 31 of the following year and the accounts of each
fiscal year shall be settled on the last day of each fiscal year. 
  
 Article
34. Dividends 
  
 Dividends of the Company shall be paid to
the shareholders or pledgees who are registered or recorded on the Shareholders Register as of the end of March 31 in each year. 
  
 Article 35. Interim Dividends 
  
 The Company may distribute cash, as interim dividends, by the resolution of the Board of Directors to the shareholders or pledgees who are registered or
recorded on the Shareholders Register as of the end of September 30 in each year, pursuant to Article 293-5 of the Commercial Code. 
  
 Article 36. Period of Limitation for Dividends 
  
 If cash dividends and interim dividends are not collected within three years from the date when the payment thereof becomes due, the Company shall be
exempt from its obligation to make such payment. 
  
 CHAPTER
VII 
  
 MISCELLANEOUS 
  
 Article 37. Transfer Agent for Bonds in Foreign Currencies 
  
 The Company may have a Transfer Agent outside Japan for the bonds in foreign
currencies.

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