I hereby give My Sanction to the Special Account Law for the Special Measures for the Establishment of Property Owning Farmers, for which the concurrence of the Imperial Diet has been obtained, and cause the same to be promulgated.
Signed:HIROHITO, seal of the Emperor
This nineteenth day of the tenth month of the twenty-first year of Showa (October 19, 1946)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister for Home Affairs OMURA Seiichi
Minister of Agriculture and Forestry WADA Hiroo
Minister of Finance ISHIBASHI Tanzan
Special Account Law for the Special Measures for the Establishment of Property Owning Farmers.
Art.1. For the purpose of establishment of property owning farmers, a special account shall be established to deal with the revenues and expenditures pertaining to purchase, use, sale, lease, exchange, etc. of land, rights, timber and other equipment (hereinafter called agricultural land, etc.).
Art.2. The revenues of this special account consist of the proceeds of the sale of agricultural land, etc. annual instalment of the sale of agricultural land etc. the rent transfer from General Account and incidental miscellaneous incomes;the expenditures of this Special Account consist of the cost of purchasing agricultural lands, etc. transfer to other account provided for in Art.3 and Art.4, Paragragh 1, bonuses to the land owners, payment of rent, the redemption of the Agricultural Land Bond and payment of their interests, various charges concerning the floatation and redemption of the Bond, administrative expenses, expenses for the collection of the proceeds of sale and incidental miscellaneous expenses.
Art.3. In case the title of Agricultural land, etc. which formerly belonged to other accounts be transferred to this account sum equivalent to certain percentage of the annual receipt of both the principal and interest for the sale of agricultural land shall be transferred to original accounts, which percentage being decided by the ration between the total amount of agricultural land already sold and the amount of those which came from other accounts.
Art.4. In case the proceeds from the sale of land exceeds their receiving value, certain percentage of both annual receipt of the principal and interest of that proceeds shall be transferred to General Account, which percentage shall be decided by the ratio between the total value of those, agricultural land and that amount in excess.
The principal of the preceeds of agricultural land, etc. shall only be utilized for the payment of the purchasing value of agricultural land, etc., redemption of principal of the Bond, and transfer provided for in the preceding Article and in the preceding paragraph of the present Article.
Art.5. Agricultural Bond shall belong to the account of this Special Account.
Sums necessary for the redemption, payment of the interest of the Agricultural Bond and borrowing and various charge concerning the floatation and redemption of the Bonds shall be transferred each fiscal year to the Special Account for the debts consolidation fund.
Art.6. Any surplus in cash of this Special Account may be deposited in the Deposit Bureau of the Finance Ministry.
Art.7. Government may make temporary loan from the Deposit Bureau of the Ministry of Finance or from the Bank of Japan or utilize the surplus cash in the national chest on account of this Special Account in case available cash is short for necessary payment.
The temporary loan and the utilized surplus cash in the national chest provided for in the preceding paragraph shall be repaid by the revenues of the fiscal year concerned.
When government is unable to redeem the temporary loan by reason of unexpected shortage of revenue in that fiscal year Government may borrow money from Deposit Bureau of Finance Ministry or from Bank of Japan on account of this account to the extent of that shortage.
The loan provided for in the preceding paragraph shall be redeemed within a year.
Art.8. Any surplus in the settlement of this account shall be transferred to the revenue of the following year.
The transfer in the above paragraph hall only be utilized for the purchase of the agricultural land etc., and the redemption of the principal of the Bond and loan.
The total of the following two items shall be transferred to this account from General Account as provided for in the budget. a) Amount received from the sale of agricultural land etc. and transfer under the provisions of Paragraph 1 of the present Article which is short for the disbursements of the purchase of agricultural land etc., redemption of agriculture bond and borrowing and the transfer under Art.3 or Art.4, paragraph 1. b) Amount received from sources other than the sale of agricultural land etc. and transfer under the provisions of Paragraph 1 of the present Article which is short for the disbursements of costs other than the purchase of agricultural land, etc., redemption of agricultural bonds and borrowing and the transfer under Art.3 or Art.4, Paragraph 1.
Art.9. The Government shall prepare the budget of revenues and expenditures of this account each fiscal year and submit it to the Diet together with the General Budget.
The budget of revenues and expenditures referred to in the foregoing paragraph shall be accompanied by the detailed statement concerning the project for the sale and purchase of the agricultural land in the fiscal year concerned and in the previous fiscal year, and the amounts of the floatation and redemption of the Bonds up to the end of the year before the provious year.
Art.10. The regulations concerning the income and expenditure of this Special Account shall be decided by Imperial Ordinance.
Supplementary Provision:
The date of the enforcement of this Law shall be decided by an Imperial Ordinance.