I hereby give My Sanction to the Law for the Abrogation of the Law concerning the Measures for Enterprise Reorganization Funds, etc., 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 twenty-ninth day of the tenth month of the twenty-first year of Showa (October 29, 1946)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister of Justice KIMURA Tokutaro
Minister for Home Affairs OMURA Seiichi
Minister of Commerce and Industry HOSHIJIMA Niro
Minister of Finance ISHIBASHI Tanzan
Article 1. The Law concerning the Measures for Enterprise Reorganization Funds shall be abrogated.
Article 2. The following partial amendment shall be made to the Temporary Fund Adjustment Law:
Article 10 (2) shall be deleted.
The following Paragraph shall be added next to Paragraph 1 of Article 10 (12):
Tokyo Metropolis and prefectures, when founds necessary in order to raise funds for warcalamity rehabilitation and other public enterprises, may with the approval of the Government as prescribed by order, cause a juridical person as prescribed by order, to put on sale coupons as under the preceding Paragraph.
In Paragraph 2 of the same Article, "prescribed in the preceding Paragraph" shall read "prescribed in the same Paragraph in accordance with the provisions of Paragraph 1" and "of the preceding Paragraph" shall be deleted added next to the same Paragraph;shall be the following Paragraph.
A juridical person who put on sale coupons as under Paragraph 1 in accordance with the provisions of Paragraph 2 shall, in accordance with the provisions of order, pay in to the Metropolis or the prefecture in question an amount corresponding to the balance after deducting from the proceeds winning prizes and expenses prescribed by order as well as an amount corresponding to the proceeds multiplied by the rate as prescribed by order, and to the Government, an amount corresponding to the proceeds multiplied by the rate as prescribed by order.
In Paragraph 3 of the same Article, "prescribed in Paragraph 1" shall read "prescribed in Paragraph 1 in accordance with the provisions of Paragraph 1 or Paragraph 2" , "the Business Tax Law and the Extraordinary Profit Tax Law" shall read "and the Business Tax Law" , "the Business Tax and the Extraordinary Profit Tax Law" shall read "and the Business Law" , "net profits as under the Business Tax Law and profits as under the Extraordinary Profit Tax Law" shall read "and net profits as under the Business Tax Law," of Paragraph 1 "shall read" of Paragraph 3 or the preceding Paragraph "," Winning prizes and of the preceding Paragraph "shall read" winning prizes, "in Paragraph 4 of the same Article," Paragraph 1 "shall read Paragraph 3 or Paragraph 4." In paragraph 5 of the same Article, "or Tokyo Metropolis and prefectures" shall be added after "the Government."
Article 18 (2) shall read as follows:
In item 5 of the same Article, "Paragraph 5" shall read "Paragraph 7."
In Article 18 (2), "Paragraph 5" shall read "Paragraph 7."
Article 3. The following partial amendment shall be made to the Hypothec Bank of Japan Law:
In Paragraph 1 of Article 34, "15 times" shall read "20 times."
Article 4. The following partial amendment shall be made to the Central Board of Life Insurance Law:
In Paragraph 1 of Article 24, "may have" shall read "may have insurance contracts transferred from life insurance companies and vice vorss."
Supplementary Provisions:
Article 5. This Law shall be come into force as from the date of its promulgation.
Article 6. The Industrial Reorganization Fund Measures Law (hereinafter called old Law) shall continue its validity after the enforcement of this Law, so far as the special deposit, special trust of money, special loan and government special debt certificates established by the order issued in accordance with the provisions of Article 3 or Article 4 of the old law and the fund accommodated by the order issued in accordance with the provision of Paragraph 3 of Article 6 of the old law (including the cases which are referred to as being applied in Paragraph 2 of Article 7 and Paragraph 2 of Article 9 of the old Law are concerned.
Article 7. The old Law shall continue its validity after the enforcement of this Law by the order prescribed, so far as the contracts for indemnity for loss, giving subsidity or guarantee for obligation, made in accordance with the provision of Paragraph 1 of Article 2, Paragraph 1 or Paragraph 4 or Article 13, Paragraph 2 of Article 24 of the old Law, are concerned.
Article 8. The old Law shall continue its validity so far as the trust of property and custody of property belonging to the corporation stipulated in Paragraph 1 of Article 19 of the old Law, made by the order issued in accordance with the provision of the same Paragraph, reduction of the number of officers made by the order issued according to the provision of Paragraph 4 of the same Article and the stipulation prescribed in the Imperial Ordinance concerning the call of general meetings of shareholders or employees issued in accordance with the provision of Paragraph 5 of the same Article, are concerned, until the contract covering the said trust of property or the trust of the custody of property expires.
Article 9. The old Law shall prevail so far as the necessary measures are concerned which are to be taken only in connection with the accounting of the fiscal period during which this Law is put in effect, by the company stipulated in Article 20 and in accordance with the provision of the same Article.
Article 10. As regards the conversion into money and other dispositions of properties belonging to juridical persons authorised by Law Court in accordance with Par.2 of Art.23 of the old Law, the old Law shall be effective even after this Law is put into effect.
Article 11. The Temporary Fund Adjustment Law shall prevail after the enforcement of this law, so far as the special deposit, special money trust, government special loan established by the order issued according to the provisions of Paragraph 1 and Paragraph 2 of Article 10-2 of the said law and the provision of this Article (including the regulations of Articles 6 to 16 and Article 28 which are referred to as being applied in Paragraph 3 of the same Article) are concerned.
Article 12. The corporation issuing the coupons in accordance with the provisions of Paragraph 1 of Article 10-12 of the former Temporary Fund Adjustment Law which is subject to Special Profit Tax shall be governed by the precedents as to the calculation of the amount of sales, amount of prizes and amount of expenses as specified in Paragraph 2 of the same Article and the amount of money to be paid to the Government and profit subject to the old Special Profit Tax Law.
Article 13. As to the application of penalty against the act committed before the enforcement of this Law (even after the enforcement of this Law, so long as the old law and Article 10-2 of the old Temporary Fund Adjustment Law continue to prevail), the old Law and old Emergency Fund Adjustment Law shall prevail after the enforcement of this Law (in case where the old Law and Art.10-2 of the old Emergency Fund Adjustment Law are still prevailing, after losing their validity).