(1) Notwithstanding the provisions of Article 449, a company may approve the documents listed in Article 447 by a resolution of the board of directors as determined by its articles of incorporation: Provided, That in such cases, all of the following requirements shall be satisfied:
1. That an external auditor presents an opinion that each of the documents listed in Article 447 appropriately represents the company's financial conditions and performance of management in accordance with statutes and the articles of incorporation;
2. That all the auditors (in cases of a company which has established an audit committee, referring to the members of the audit committee) give consent thereto.
(2) In cases where a board of directors gives approval pursuant to paragraph (1), directors shall report the details of each document listed in Article 447 to a general meeting of shareholders.[This Article Newly Inserted by Act No. 10600, Apr. 14, 2011]