Article 1.　The object of the Holding Company Liquidation Commission (thereinafter called the Commission) is to promote the prompt liquidation of such companies as may be designated in accordance with this Ordinance (hereinafter referred to as Holding Companies) by receiving transfer of securities (including all evidences of ownership) and other properties owned by them, and by administering and disposing of such securities and other properties with a view to democratizing the ownership and management of enterprises.

Article 2.　The Commission shall have its principal office in the city of Tokyo.

Article 3.　The Comission shall specify in its Articles of Incorporation the following particulars.

Article 4.　The Commission shall effect registration in accordance with the provisions of Ordinance.

Article 5.　The Commission shall consist of a number of Commissioners.

Article 6.　The Commission shall have a Chairman. Executive Commissioners and Auditing Commissioners.

Article 7.　The Chairman may, subject to the provisions of the Articles of Incorporation, appoint his proxies who shall be authorized to do on his behalf all acts in or out of Court relating to the business of the subordinate offices.

Article 8.　Personnel of the Commission shall be considered to form part of the official service, as defined by appropriate laws and ordinances.

Article 9.　The Commission shall conduct the following business :

Article 10.　In case the Commission deems it necessary to the effective liquidation of the Holding Companies, the Commission may order them to transfer their securities and such other properties owned by them as the Commission may elect to receive.

Article 11　The Commission shall, when receiving transfer of securities and other properties from the Holding Companies, issue receipts to the Holding Companies in exchange for the transferred properties.

Article 12.　The receipts shall not be transferred or used as collateral for loan unless permissfon of the Commission is obtained.

Article 13.　The Commission shall determine, with the approval of the Prime Minister the amounts to be paid in redemption of the receipts that have been issued for the transferred properties. Such amounts shall be based upon but shall hot exceed the net proceeds of such securities or other properties derived upon their final disposition.

Article 14.　The income accruing to the Commission from the transferred properties subject to the deductions to be stipulated in Ordinance, shall be paid to the Holding Companies from time to time.

Article 15.　The Commission shall pay for the transferred properties, upon their final liquidation, by delivering to the holders of the receipts registered bonds of the Imperial Japanese Government except as otherwise provided by Ordinance.

Article 16.　The following owners of registered bonds shall not transfer such registered bonds or use them as collateral unless approved by the Commission in writing: (a) Persons who received registered bonds in accordance with the provisions of Art.14. (b) Shareholders or partners of the Holding Companies who received registered bonds from the persons specied in the subsection (a). (c) Persons who received registered bonds by inheritance or succession from the persons specified in sub-section (a) and (b). (d) Any other persons who may be designated by the Commission.

Article 17.　The voting rights incident to the transferred securities shall be exercised to insure proper methods of accounting and reporting and to accomplish changes in management, corporate practices and other changes designed to accomplish the objective stated in the first paragraph of Art.1.

Article 18.　The Commission may give the Holding Companies such instructions as are deemed necessary for their liquidation, and pending such liquidation, for the operation of any remaining business of such Holding Companies.

Article 19.　The Commission may cause the Holding Companies to make reports of the status of their business and property and may from time to time inspect their records and properties.

Article 20.　The fiscal year of the Commission shall be from April to March of the next following year.

Article 21.　The Commission shall make public reports at the end of each fiscal year including statements of the Commission's own income and expenses, inventories and profit and loss statements relating to the transferred properties. Such reports shall be submitted to the Prime Minister and the Supervising Committee not later than two (2) months after the end of each fiscal year.

Article 22.　The Prime Minister may at any time cause the Liquidation Commission Examiner (hereinafter called the Examiner) to make an inspection of the status of the Commission's business and properties. The Examiner shall be appointed by the Prime Minister from among people of superior knowledge and experience.

The Examiner, after inspection of the status of the Commission's business and properties, shall submit his reports to the Prime Minister and the Chairman of the Commission.　The Examiner may at any time cause the Commission to make reports to him pertaining to the status of its business and properties.

The Chairman of the Commission shall keep in the principal office of the Commission such reports as are specified in the preceding Article for inspection by any interested persons.　Article 25.

In case a Commissioner, the Chairman, an Executive Commissioner or an Auditing Commissioner has acted contrary to the law or ordinances, the Articles of Incorporation or against the public interest, or in case his performance of duties is deemed inadequate in the execution of the　business of the Commission, the Prime Minister may discharge, subject to the approval of the Supervising Committee, such Commissioner, Chairman, Executive Comissioner or Auditing Commissioner.

Article 26.　The Commission shall be dissolved upon completion of its work

Article 27.　The provisions stipulated in Art. 44, 50 and 57 of the Civil Code and the first paragraph of Art. 35. of the Judicial Procedure Law shall apply to the Commission.

Article 28.　The Commission shall not be subject to the levy of Income Tax, Corporation Tax, Business Tax or Securities Transaction Tax.

Article 29.　With regard to the income derived from the transferred properties, the Income Tax and Special Tax on Dividends and Interest shall be levied as if such properties were owned by the respective Holding Companies.

Article 30.　Except in so far as provided in this Imperial Ordinance, necessary matters to accomplish the objective stated in the first paragraph of Art.1 in connection with liquidation of Holding Companies shall be prescribed by Ordinance.

Article 31.In case a Holding Company has contravened the instructions provided for in -Art 18, or has failed to make reports or made untrue reports, or has refused, obstructed or evaded the inspection made by Commissioners as provided in Art.19, the Commission may replace the directors, liquidators or other similar persons responsible for such action. Article 32. In case a Holding Company has　contravened the order provided for in Art. 10, the directors or other similar officers of such Company shall be subject to penal servitude for not more than three (3) years or a fine for not more than fifty thousand yen (¥50,000). '

Article 33.　In case a Holding Company has failed to make reports or made untrue reports as provided for in Article 19, the directors, liquidators or other similar persons shall be subject to penal servitude for not more than three (3) years or a fine for not more than fifty thousand yen (¥50,000). The same penalties shall apply in cases where a Holding Company has refused, destructed or evaded the inspection as provided for in the same Article.

Article 34.　In case a Holding Company has contravened the instructions provided for in Art.18, the directions, liquidators or other similar persons of such Holding Company shall be subject to penal servitude for not more than one (1)year or a fine for not more than thirty thousand yen (¥30,000).

Article 35.　In case the Commission has failed to submit reports or submitted untrue reports in contravention of the provisions of Art. 21,or in case the Commission has failed to make reports or made untrue reports as provided for in the second paragraph of Art. 23, the chairman and or Executive Commissioners shall be subject to penal servitude for not more than one (1)year or a fine for not more than ten thousand yen (¥10,000).

In case an Examiner failed to submit reports or submitted untrue reports in contravention of the provisions of the first paragraph of Art. 23, he shall be subject to the same penalty as provided in the preceding paragraph of this Article.　Any person who has refused, obstructed or evaded the inspection made by the Examiner in contravention of the provisions of the first paragraph of Art. 22, he shall be subject to the same penalty as provided

Article 36.　Penalties imposed under from Art. 32 to Art. 35 may be both imprisonment and fine according to the circumstances.

Article 37.　In case the Commission failed to effect the registration or effected untrue registration in contravention of this Ordinance or other Ordinances which may be promulgated in accordance with this Ordinance, or in case the Commission failed to keep reports as provided for in Art. 24, the Chairman and or Executive Commissioners shall be subject to a fine for not more than one thousand yen (¥1,000).

Article 38.　The matters which come under the jurisdiction of the Prime Minister under the terms of this Ordinance shall be handled in the Secretariate of the Cabinet.