I hereby give My Sanction to the Imperial Ordinance concerning the dissolution of the East Asia Shipping Company, under the Imperial Ordinance No. 542 of the twentieth year of Showa (1945) relating to the orders to be issued in consequence of the acceptance of the Potsdam Declaration and cause the same to be promulgated.
Signed: HIROHITO, Seal of the Emperor
This twenty-first day of the eleventh month of the twenty-first year of Showa (November 21, 1946)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister of Justice KIMURA Tokutaro
Minister of Transportation HIRATSUKA Tsunejiro
Minister of Finance ISHIBASHI Tanzan
Imperial Ordinance No. 563
Article 1. The East Asia Shipping Company is hereby dissolved.
Article 2. In regard to the liquidation of the East Asia Shipping Company, the president, the vice-president and the directors thereof shall become liquidators, provided, however, that this shall not apply where others are appointed liquidators at a general meeting of shareholders.
The number of the liquidators mentioned in the proviso of the preceding paragraph shall not exceed seven.
Either in the absence of liquidators as provided in paragraph 1, or in case a vacancy has occurred in the office of the liquidators, the Minister of Transportation may appoint liquidators.
Article 3. The Minister of Transportation may choose a representative of the East Asia Shipping Company from among the liquidators.
Article 4. Any liquidators other than those who are appointed by the Minister of Transportation, at any time, may be discharged with the resolution of a general meeting of shareholders. In this case, however, such resolution shall not take effect without being approved by the Minister of Transportation.
The Minister of Transportation may, if circumstances render it necessary, discharge any of the liquidators.
Article 5. The East Asia Shipping Company shall, when disposing of any of its own immovables and ships or other important movables (except bearer bonds) by sale or such other means as to cause transference of its right therefore, have such disposal permitted by the Minister of Transportation in accordance with the procedure he provides.
Article 6. The Minister of Transportation may issue necessary orders concerning the liquidation and the method of property disposal to the liquidators and the special custodians as provided in Art. 6 of Law regarding the Emergency Measures for the Account of Companies.
Article 7. The Minister of Transportation may, whenever he deems necessary, order the East Asia Shipping Company to produce the books and the documents concerning its business status and liquidation, or to make necessary reports or may cause competent officials to inspect such books, documents or other necessary objects.
Where the Minister of Transportation causes competent officials to make an inspection in accordance with the provision of the preceding paragraph, he shall make such officials carry with them identification cards testifying their official position.
Article 8. The Minister of Transportation may at any time within the period provided in Art. 429 of the Commercial Code order the custodians of such books and documents for the East Asia Shipping Company as are mentioned in the same Article to submit the books and documents under their custody.
Article 9. In connection with the liquidation of the East Asia Shipping Company, "The Court" in Art. 418, Art. 419, par. 2, Art. 423, par. 2, Art. 429, and Art. 125 par. 4, Art. 237 par. 2 and Art. 258 par. 2 which shall be applied under Art. 430 of the Commercial Code shall read "The Minister of Transportation."
Article 10. In respect to the liquidation of the East Asia Shipping Company, the provisions of Art. 426 of the Commercial Code and of Art. 136-2 of the Non-Law Suit Procedure Law shall not apply.
Article 11. The East Asia Shipping Company shall compete the liquidation before the day as shall be appointed by the Minister of Transportation.
Article 12. Besides those provided in this Imperial Ordinance, matters necessary for the liquidation of the East Asia Shipping Company shall be otherwise provided.
Article 13. In the following cases, any liquidator, agent, employee, other worker or the special custodian of the East Asia Shipping Company shall be subject to penal servitude or imprisonment for not more than three years or to a fine not exceeding five thousand yen (¥5,000):
1. If any of them contravence the provision of Art. 5 par. 1;
2. If any of them contravenes the orders issued under the provision of Art. 6.
Article 14. In the following cases, any liquidator, agent, employee, other worker of the East Asia Shipping Company or the custodian as provided in Art. 8 shall be subject to penal servitude for not more than one year or to a fine not exceeding one thousand yen (¥1,000);
1. If any of them fails to produce the books and documents as provided in Art. 7 or 8;
2. If any of them fails to make a report as provided in Art. 7 or makes a false report;
3. If any of them refuses, prevents or evades the inspection of the competent official as provided in Art. 7.
Article 15. If the representative of a juridical person, the agent, employee or other worker of a juridical or natural person contravenes the provisions of Art. 13 or item numbered 1 or 2 of the preceding Article in connection with the business of such juridical or natural person, the said person as well as the offender shall be subject to a fine as provided in each corresponding Article.
Supplementary Provisions:
This Imperial Ordinance shall come into force as from the day of its promulgation.
The East Asia Shipping Company Law and the Ordinance for the Enforcement thereof are hereby repealed.
In respect to the prior right of a holder of bonds of the East Asia Shipping Company to obtain compensation therefore and to the application of the penal provisions to the acts done prior to the enforcement of this Imperial Ordinance, the old Law shall still be effective even after the enforcement thereof.