Article 1. The Securities Appraisal Committee is composed of the Central Securities Appraisal Committee and the Local Securities Appraisal Committee. The Central Securities Appraisal Committee is under the jurisdiction of the Minister of Finance, and when referred to by the Minister of Finance, investigates and deliberates upon the matters coming within its jurisdiction in accordance with the provisions of Article 24, paragraph 4 of the Capital Levy Law Enforcement Regulations. The Local Securities Appraisal Committee is under the jurisdiction of the Director of the Local Financial Bureau, and when referred to by the Director of the Local Financial Bureau, investigates and deliberates upon the matters within its jurisdiction in accordance with the provisions of Article 24, paragraph 4 of the Capital Levy Law Enforcement Regulations.

Article 2. The Central Securities Appraisal Committee is established in the Ministry of Finance. The Local Securities Appraisal Committee is established in each Local Financial Bureau.

Article 3. The Central Securities Appraisal Committee is composed of the Chairman and members of the Committee, not exceeding twenty in number. The Local Securities Appraisal Committee is composed of the Chairman and members of the Committee, not exceeding thirty in number. A specialists' committee may be appointed in the Central Securities Appraisal Committee to investigate special matters.

Article 4. The Minister of Finance is appointed Chairman of the Central Securities Appraisal Committee and the Director of the Local Financial Bureau to be Chairman of the Local Securities Appraisal Committee.

Article 5. The members of the Central Securities Appraisal Committee are appointed by the Cabinet from among the first class secretarial officials of each Ministry concerned, members of the House of Peers, members of the House of Representatives and men of scholarship or experience, through the recommendation of the Minister of Finance. The members of the Local Securities Appraisal Committee are appointed by the Cabinet from among the first or second class secretarial officials of each office concerned, members of the House of Representatives and men of scholarship or experience through the recommendation of the Minister of Finance. A specialists' committee is appointed from among the first class secretarial officials of each Ministry concerned and men of scholarship or experience, through the recommendation of the Minister of Finance.

Article 6. The Chairman presides over the business of the Committee. When the Chairman is absent from his post for some reason in the case of the Central Securities Appraisal Committee, a member nominated by the Minister of Finance and in the case of the Local Securities Appraisal Committee a member nominated by the Director of the Local Financial Bureau, shall act on behalf of the Chairman with regard to this business.

Article 7. Secretaries are appointed in the Committee. The secretaries of the Central Securities Appraisal Committee are appointed by the Cabinet from among the first or second class secretarial officials of each Ministry concerned, through the recommendation of the Minister of Finance and the secretaries of the Local Securities Appraisal Committee are appointed by the Minister of Finance from among the second or third class secretarial officials of the Ministry of Finance. The secretaries dispose of general affairs under the direction of the Chairman.

Article 8. Clerks are appointed in the Committee. The clerks of the Central Securities Appraisal Committee are appointed by the Minister of Finance from among the second or third class secretarial officials of the Ministry of Finance and the secretaries of the Local Securities Appraisal Committee are appointed by the Director of the Local Financial Bureau from among the second or third class secretarial officials of the Ministry of Finance. The clerks attend to general affairs under the direction of their superiors.