I hereby give My Sanction to the Law of Special Account for the Capital Levy Revenues, 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 twelfth day of the eleventh month of the twenty-first year of Showa (November 12, 1946)
Contersigned:Prime Minister YOSHIDA Shigeru
Minister of Finance ISHIBASHI Tanzan
Law of Special Account for the Capital Levy Revenues, etc.
Article 1. A special account shall be established concerning the receipts resulting from the Capital Levy Law and the Wartime Indemnity Special Measures Law and shall be dealt with as distinguished from the general revenues and expenditures.
The property paid in kind (hereinafter called property in kind) other than national bonds paid according to the Capital Levy Law and the Wartime Indemnity Special Measures Law, the property transferred according to the Capital Levy Law (hereinafter called transferred property), and the deposits and other claims belonging to the old account indebtedness of financial institutions according to the Law regarding Emergency Measures for Account of Financial Institutions Which will be taken over in accordance with the Capital Levy Law (hereinafter called deposits and others of the old accounts) shall be handled by this account.
Article 2. In this account, the revenues shall include the receipts resulting from the Capital Levy Law and the Wartime Indemnity Special Measures Law, from the property in kind and the transferred property, from disposal of such property, and the refunds of the deposits, etc. of the old accounts, the national bonds, the Treasury loan, and miscellaneous pursuant receipts;the expenditures shall include the transfers to the General Account and the National Debt Consolidation Fund Special Account, the grants to local public bodies or special agencies, and the refunds and interests of the national bonds and the Treasury loan, the repayments of the capital levy and the wartime indemnity special tax, and other miscellaneous expenses.
The amount of the receipts resulting from the national bonds paid as the capital levy and the wartime indemnity special tax shall be handled as the revenues of this account, and the amount of the national bonds transferred according to the provisions of Article 3, paragraph 1 shall be handled as the expenditures of this account and the revenues of the National Debt Consolidation Fund Special Account;the amount of the national bonds concerned, repaid under the provisions of the same Article, paragraph 3 shall be dealt with as the expenditures of the National Debt Consolidation Fund Special Account.
Article 3. The national bonds received as the capital levy and the wartime indemnity special tax shall be transferred, in the value as received, to the National Debt Consolidation Fund Special Account.
The amount of the national bonds transferred to the National Debt Consolidation Fund Special Account according co the regulation of the preceding paragraph shall be regarded as the transfer of the national consolidation fund of the same amount from the General Account in accordance with the provisions of Article 2, paragraph 1 of the Law of the National Debt Consolidation Fund Special Account.
The Special Account of National Debt Consolidation Fund, upon receipt of the national bonds referred to in the preceding paragraph, shall redeem the national bonds concerned.
Article 4. The government, in order to pay the expenses of this account when deemed necessary, may issue bonds or make borrowings on account of this account, provided that the amount shall not exceed 75% of the current total amount of the assets in this account (excluding cash and tranferred property, including the permitted amount of deferred payment of the capital levy and the wartime indemnity special tax).
The government, in order to deliver bonds in payment of the transferred property when deemed necessary, may issued bonds, in spite of the provisions of the preceding paragraph, on account of this account.
The receipts from disposal of the property in kind and the refunds of the deposits, etc. of the old accounts shall be first allotted for the redemption of the bonds or borrowings under paragraph 1 outstanding on their receipt, and the receipts from disposal of the transferred property shall be first allotted for the redemption of the bonds under the preceding paragraph.
Article 5. Any surplus of cash made out of the payment in this account may be deposited with the Doposit Bureau of the Ministry of Finance.
Article 6. Any surplus made out of the settlement in this account may be carried forward to the revenues of the following fiscal year of this account.
Article 7. The government shall prepare the budget of revenues and expenditures of this account each fiscal year and submit it to the Imperial Diet, together with the General Budget.
The budget of revenues and expenditures referred to in the preceding paragraph shall be accompanied by detailed statement of accounts showing estimated incomes of the capital levy and the wartime indemnity special tax and status of dispotion of the property in kind, the transferred property and the deposits, etc. of the old accounts, of both the fiscal year concerned and of the year previous.
Article 8. The regulation concerning the incomes and expenditures of this account shall be decided by an Imperial Ordinance.
Supplementary Provisions:
The date of the enforcement of this Law shall be prescribed by an Imperial Ordinance.
This Law shall be abolished at the end of 1951.
The National Property Law shall be partly amended as follows:
Article 28 (2) The property taken over according to the Capital Levy Law and the Wartime Indemnity Special Measures Law shall not be transferred in spite of the provisions of Article 5 or 16, or shall not be leased without consideration except cases specifically provided by an Imperial Ordinance.