I hereby give My Sanction to the Ordinance for the Dissolution of the Central Foodstuffs Corporation and cause the same to be promulgated.
Signed: HIROHITO, Seal of the Emperor
This sixth day of the eleventh month of the twenty-first year of Showa (November 6, 1946)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister of Justice KIMURA Tokutaro
Minister of Agriculture and Forestry WADA Hirowo
Imperial Ordinance No. 525
The Ordinance for the Dissolution of the Central Foodstuffs Corporation.
Article 1 The Central Foodstuffs Corporation shall be dissolved.
Article 2 The Ministry of Agriculture and Forestry is required to entrust the registry offices at the seats of the principal and branch offices of the Central Foodstuffs Corporation with the registration of its dissolution.
The registry offices must effect the registration without delay when they are entrusted with the registration as stated in the preceding paragraph.
Article 3 The President of the Central Foodstuffs Corporation must without delay give public notice of its dissolution.
Article 4 The Minister of Agriculture and Forestry must appoint liquidators from among the President, Vice-president, and Directors of the Central Foodstuffs Corporation.
The Minister of Agriculture and Forestry may, if he deems it necessary to do so for public interests, remove any of the liquidators.
In cases where a vacancy occurs among the liquidators or it is needed to increase their membership, the Ministry of Agriculture and Forestry shall appoint a liquidator or liquidators. In such cases, the appointment may also be made from other persons than those mentioned in par. 1.
Article 5 The liquidators must not engage in other occupations, except in case where the approval of the Minister of Agriculture and Forestry has been obtained.
Article 6 The liquidators must not effect a transaction with the Central Foodstuffs Corporation for themselves or a third person. However, this shall not apply in case the approval of the Minister of Agriculture and Forestry has been obtained. In this case, the provisions of Article 108 of the Civil Cole shall not apply.
Article 7 The liquidators must, without delay after assumption of office, inquire into the actual state of the property of the Central Foodstuffs Corporation, prepare an inventory and a balance sheet, and submit them to the Ministry of Agriculture and Forestry for acknowledgement.
The liquidators must effect the liquidation in accordance with the plan for liquidation as determined by the Minister of Agriculture and Forestry.
The Minister of Agriculture and Forestry may, if he deems it necessary issue to the liquidators orders as may be necessary with respect to the liquidation.
Article 8 The liquidators must obtain the approval of the Minister of Agriculture and Foretry for doing any of the acts mentioned below:
1. To dispose of the property of the Central Foodstuffs Corporation;
2. To undertake acts of procedure;
3. To make compromises or agreements for arbitration;
4. To waive their rights.
If the liquidators have contravened the provisions of the preceding paragraph, the Central Foodstuffs Corporation shall also be responsible for a third person acting in good faith.
Article 9 The surplus assets must be distributed among the investors in proportion to the amounts of their contributions.
However, the amount so distributed to each investor must not exceed the amount calculated by adding to the amount paid up by him the amount equivalent to its five percent per annum for the period from April 1, 1946 to the time when said distribution is made.
The surplus assets which may remain after the distribution as mentioned in the preceding paragraph was made shall devolve on the National Treasury.
Article 10 The liquidators must obtain the approval of the Minister of Agriculture and Forestry for the distribution of the surplus assets.
The distribution of the surplus assets may, with the approval of the Minister of Agriculture and Forestry, be effected with other things than money.
Article 11 When the work of liquidation has been completed, the liquidators shall without delay prepare a report of the final accounts and submit it to the Minister of Agricuture and Forestry for approval.
Article 12 When the liquidation has been completed, the liquidators must effect the registration of the completion of the liquidation at the seat of principal office within two weeks and at the seats of branch offices within three weeks after the approval mentioned in the preceding Article has been obtained.
Article 13 The liquidators must submit the books of the Central Foodstuffs Corporation and important papers relating to its business and the liquidation to the Minister of Agriculture and Forestry without delay after the completion of the liquidation has been registered.
Article 14 Any registration of the Central Foodstuffs Corporation shall be made by the application of the liquidators, except in case the registration of its dissolution is made.
Article 15 The provisions of Art, 73, 78, and 81 of the Civil Code, Art. 123 pars. 2 and 3, 125, 128, 131, 254 par. 2, 266, and 421-424 of the Commercial Code, and Art. 176 and 177 par. 2 of the Law of Procedure in Non-contentions Matters shall apply with the necessary modifications to the liquidation of the Central Foodstuffs Corporation; provided, that in Art. 125 par. 3 and 423 par. 2 of the Commercial Cole for the reference to "the Court" there shall be substituted a reference to "the Minister of Agriculture and Forestry".
Article 16 The Minister of Agriculture and Forestry may, if he deems it necessary for the supervision of the liquidation, order the liquidators to make a report on the state of the work of liquidation and property, or cause the officials concerned visit the business offices, working places, and other places, and examine the state of the work of liquidation and property.
Article 17 The Superintendent Committee for the Liquidation of the Central Foodstuffs Corporation shall established in the Ministry of Agriculture and Forestry, whose object is in compliance with the inquiry of the Minister to inquire into and deliberate on the appraisal of the property of the Central Foodstuffs Corporation and other important matters relating to the liquidation.
Article 18 The Superintendent Committee for the Liquidation of the Central Foodstuffs Corporation shall be under the supervision of the Minister of Agriculture and Foresty.
The committee shall consist of a chairman and members not exceeding 30.
The chairman and members shall, through the recommendation of the Minister of the Agriculture and Forestry, be appointed by the Cabinet from among officials of First or Second class in the Government Offices concerned, the investors of the Central Foodstuffs Corporation, and men of knowledge and experience.
The Committee shall have some secretaries.
They shall, through the recommendation of the Minister of Agriculture and Forestry be appointed by the Cabinet from among officials of Second class in the Government Offices concerned and men of knowledge and experience.
Other necessary matters concerning the Committee than those provided in this Imperial Ordinance shall be determined by the Minister of Agriculture and Forestry.
Article 19 If any of the liquidators has neglected to make a report in accordance with the provisions of Art. 16, made a false report, or refused, obstructed, or evaded an examination conducted by the officials concerned, he shall be liable to imprisonment with hard labour for a term not exceeding six months or a fine not exceeding two hundred yen.
Supplementary Provision:
This Imperial Ordinance shall come into force as from the day of its promulgation.