Amendments to the Company Act were announced by the President on May 20, 2015. Companies are now required to specifically set forth in the Articles of Incorporation the amount of surplus profits to be distributed to employees as compensation, such distribution to be a set amount or a percentage of the profits of a given year. The compensation may be distributed in the form of new shares to be issued by the company or paid in cash. If there are accumulated losses by the company, the losses shall be covered first. Other amendments include the establishment of the closely-held corporation ias a new type of corporation. The main provisions include (1) a closely-held corporation is a privately owned company with 50 or less shareholders, (2) share transfer restrictions shall be specified in the Articles of Incorporation, (3) in addition to cash, a promoter’s contribution to equity capital may be in the form of assets, technical know-how, labor service or good-will required by the company, (4) stocks with or without par value may be issued, (5) classified stocks with multiple voting rights or with veto right over specific matters may be issued.