Common use of Statutory Auditors Clause in Contracts

Statutory Auditors. INSWEB JAPAN shall have at least three (3) statutory auditors (KANSA-YAKU), each of whom shall be appointed by SB Finance (one (1) of whom shall serve on a full-time basis). A statutory auditor may be removed for cause in accordance with the Commercial Code. SB Finance shall also have the right, exercisable in its sole discretion, to remove such statutory auditor at any time, effective upon delivery of written notice to INSWEB JAPAN, the statutory auditor to be removed and the other shareholders of INSWEB JAPAN. In the event of a vacancy in the office of a statutory auditor for any reason (including removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance.

Statutory Auditors. INSWEB JAPAN The Company shall have at least three (3) statutory auditors (KANSA-YAKU), each of whom shall be appointed by SB Finance (one (1) of whom shall serve on a full-time basis). A statutory auditor may be removed for cause in accordance with the Commercial Code. SB Finance shall also have the right, exercisable in its sole discretion, to remove such statutory auditor at any time, effective upon delivery of written notice to INSWEB E-LOAN JAPAN, the statutory auditor to be removed and the other shareholders of INSWEB E-LOAN JAPAN. In the event of a vacancy in the office of a statutory auditor for any reason (including removal in accordance with the preceding sentence), the vacancy shall be filled by SB Finance.