Article 1. "Audition Committee", "executive organ", "new financial institution", "old financial institution" and "definite standard of appraisal" in this Imperial Ordinance refer to "audition committee", "executive organ", "new financial institution", "old financial institution" and "definite standard of appraisal" referred to in the Financial Institutions Reconstruction and Reorganization Law (hereinafter called the Law).
"Financial institution", "designated hour", "deposits" or "financial debentures" in this Imperial Ordinance refer to the "financial institution", "designated hour", "deposits" or "financial debentures" referred to in the Law regarding the Emergency Measures for the Accounts of Financial Institutions.
"New account" or "Old account" in this Imperial Ordinance refers to the "new account" or "Old account" established pursuant to Article 1, Paragraph 1, of the Law regarding the Emergency Measures for the Accounts of Financial Institutions.
"Liabilities without preference" in this Imperial Ordinance refers to the liabilities without preference stipulated in Article 12, Paragraph 2, of the Law.
Article 2. The creditor (hereinafter including his successors) of the liabilities of the Old account of the financial institutions at the designated hour shall file his claim with the said financial institution according to the provisions of Article 4, Paragraph 1 of the Law, unless he comes under any of the following items:
1. A creditor of deposits.
2. A person who has an insurance contract or a creditor on a claim in connection with a insurance contract.
3. A person possessing a financial debentures.
4. A financial institution.
5. Any other creditors designated by the Competent Minister.
A creditor of the liabilities of the Old Account of the financial institutions at the designated hour who falls under Items 1, 2, 4 and 5 of the preceding paragraph and whose claims are connected with an office designated by the Competent Minister shall file their claims with the said financial institutions notwithstanding the provisions of the said paragraph.
Article 3. The inventory of assets, balance sheet and profit and loss statement of the financial institutions which are necessary in connection with the application of Corporation Tax Law, Special Corporation Tax Law and Business Tax Law shall be combined with the inventory of assets, balance sheet and profit and loss statement prepared in connection with the New Account and Old Account according to the provision of the first paragraph of Article 44 of the Law respectively.
Article 4. The executive organ of the financial institution of which Auditing Committee is set up shall get the approval of the Auditing Committee in the following cases:
1. In case of paying off the liabilities belonging to the Old Account or disposing of the assets belonging to the Old Account. Provided that cases designated by the competent Minister are excepted.
2. In case of applying to the Competent Minister for the approval of transferring liabilities without preference to the New Account from the Old Account in accordance with the provisions of Article 13, Paragraph 1 or Article 14, Paragraph 1 of the Law or transferring liabilities without preference from the old financial institution to the new financial institution in accordance with the provision of Article 15, paragraph 1 of the Law.
3. In case of transferring the assets belonging to the Old Account to the New Account of which designation is being made by the Competent Minister in accordance with the provisions of Article 16 of the Law.
4. In case of making valuation of the assets or liabilities as designated by the Competent Minister by the definite Standard of Appraisal.
5. In case of applying for the approval of the Competent Minister on the Reorganization Plan according to the provision of the Article 39, Paragraph 1 of the Law.
6. Any other cases which may be designated by the Competent Minister.
Article 5. In case there are several members in the Auditing Committee, execution of their powers shall be decided by a majority of the Auditing Committee.
A committee member who has a special personal interest in the case shall have no voting right.
Article 6. The Auditing Committee shall receive no remuneration from the said financial institution, unless otherwise designated by the Competent Minister.
Article 7. The Auditing Committee shall submit a report on the liquidation of the old account of the financial institution whenever requested by the Competent Minister or the Economic Reconstruction and Reorganization Committee.
Article 8. Acceptance of documents in accordance with the provisions of Article 6, Article 8, Paragraph 2, Article 21 of the Law: the approval in accordance with the provision of Article 13, Paragraph 1, Article 14, Paragraph 1, Article 15, Paragraph 1, Article 19, Article 20, Paragraph 3, Article 23, Paragraph 1, Article 27, Paragraph 1, Article 39, Paragraph 1, Article 40, Paragraph 1, Article 47, Paragraph 1, Article 49, Paragraph 1; the approval in accordance with the provision of Article 16, Paragraph 2 and Article 22 of the Law; the order in accordance with the provisions of Article 41, Paragraph 1 and 2, Article 43, Article 47, Paragraph 2, Article 49, Paragraph 2, Article 50 and Article 51, Paragraph 1; the acceptance of report in accordance with the provision of Article 39, Paragraph 2 and Article 41, Paragraph 3 of the Law; and the report and inspection in accordance with the provision of Article 51, Paragraph 2 of the Law and the report in accordance with the provision of preceding Article, shall be administered by the Minister of Finance and the Minister who is in charge of the administrative affairs of the said financial institution.
The designation referred to in the provision of Article 2, paragraph 2 shall be administered by the Competent Minister who is in charge of the administrative affairs of the said financial institution.
The authority of the Competent Minister referred to in the Law and this Imperial Ordinance, besides the cases stipulated in the preceding two paragraphs, shall be executed by the Minister of Finance upon conference with the Competent Minister who is in charge of the administrative affairs of the said financial institution.
Article 9. The authority of the Competent Minister referred to in the paragraphs 1 and 2 of the preceding Article shall be transferred to the prefectural Governors so far as Agricultural Associations, Fishing Associations and cooperative Associations of Cities, Towns and Villages are concerned. Provided that the authority relative to the report and inspection in accordance with the provision of Article 51, paragraph 2 of the Law and the report in accordance with the provision of Article 7 shall be executed also by the Competent Minister.