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Advance Residence proposes new directors, charter changes on investment focus

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Advance Residence proposes new directors, charter changes on investment focus

Advance Residence Investment Corp. will hold a general unit holder meeting Oct. 26 to consider the appointment of new directors and to propose changes to its articles of incorporation governing the company's investment focus.

The company is proposing to appoint Takeshi Takano as a substitute executive director to fill in a vacancy in case the number of executive directors falls below the requirement. Yoshitsugu Oba, an audit and supervisory board member at Mitsubishi Motors Corp., was also proposed to be a supervisory director as supervisory director Hidejiro Matsuda, whose term will expire at the end of the meeting, will not stand for re-election.

Satoru Kobayashi and Kesao Endo were also chosen as candidates to be substitute supervisory directors.

Additionally, Advance is amending certain provisions of its articles of incorporation to allow it to invest in real estates that are used for lodging, but can be used potentially for residential purposes, as well as to invest in securities and monetary claims that are tied to real estate and real estate-backed securities in cases where the purpose is other than surplus fund management.