I hereby give My sanction to the Settlers'Fund Financing Law for which the concurrence of the Imperial Diet has been obtained and cause the same to be promulgated.
Signed:HIROHITO, Seal of the Emperor
This seventeenth day of the first month of the twenty-second year of Showa (January 17, 1947)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister for Home Affairs OMURA Seiichi
Minister of Agriculture and Forestry WADA Hiroo
Minister of Finance ISHIBASHI Tanzan
Settlers'Fund Financing Law
Article 1. The Government may loan the following funds, within the scope of each annual budget, for the persons who engage themselves in cultivation upon the land under reclamation or such persons engaging in cultivation as prescribed by an Ordinance (abbreviated as settlers hereinafter), or for the the juridical persons organized by the foregoing persons.
(1) The fund necessary to obtain or furnish farming implements, fertilizers, live-stock and such other materials or equipments which are needed in the work of cultivation managed by settlers.
(2) The fund necessary for settlers to obtain or build their houses.
Article 2. The financed fund in compliance with the provision of the preceding Article (abbreviated as the financed fund hereinafter) shall be redeemed within the redemption-term of twenty years (including the deferment-term) and by means of the equal annual instalment with interest of 3.65 percent per annum. In the following cases, however, the Government may require the immediate redemption of the total or partial sum of the financed fund at any time.
(1) When the person who shall redeem the financed fund proposes to such an effect.
(2) When the person who shall redeem the financed fund has neglected the payment of annual instalment.
(3) When the person who has been financed with the fund in pursuance of the preceding Article, (in case when such person is a juridical person, the persons composing the juridical person) has appropriated the financed fund to any purpose other than that for which the loan was made.
(4) When the person who has been financed with the fund in pursuance of the preceding Article, (in case when such person is a juridical person, the persons composing the juridical person) has neglected or ceased the work of cultivation managed by him.
Article 3. In a year when the price of rice at the time of payment of the annual instalment as prescribed in the preceding Article is lower or higher than that of the year when the loan was made in compliance with the provision of Article 1, the Government shall, in compliance with the provision of an Ordinance, decrease or increase the part of the annual instalment of that particular year equivalent to the annual portion of the principal in accordance with the rate of the fluctuation in the price of rise.
The decrease or increase of an annual instalment as prescribed in the preceding paragraph shall not affect the sum of annual instalment of any subsequent year up to the time when redemption of the financed fund is completed;provided, however, that is may be admitted that the sum of annual instalment may submit to an alteration in the year when the financed fund can be completely redeemed by the partial payment of the annual instalment of that particular year.
In case when, as the result of the decrease or both of decrease and increase of annual instalments in compliance with the provision of par.1, the total sum of those parts equivalent to annual portions of the principal out of the total sum of each annual instalment during the redemption-term comes to be deficient to the sum of the financed fund, the payment of the deficient sum shall be exempted.
When an annual instalment is increased in compliance with the provision of par.1, the Government shall, in compliance with what an Ordinance will prescribe, subtract the sum equivalent to the interest for the increased sum from the annual instalment.
The price of rice mentioned in par.1 shall be the purchasing price of rice as prescribed in Article 3 of the Staple Food Administration Law.
Article 4. In ease when an immediate redemption was made for a part of the financed fund in pursuance of the provision of Article 2, the provisions pars.2 and 4 of the preceding Article shall apply with necessary modifications.
Article 5. When the profit of a settler from the cultivating work is extremely decreased on account of natural disaster or similar reasons, the Government may defer the payment of annual instalment.
Article 6. In case when the Government wants to require the immediate redemption in compliance with the provisions of items 1 to 4, par.1 Art.2 or to decrease or increase of annual instalment in compliance with the provision of par.1, of Art.3 or to defer the payment in compliance with the preceding Article, the opinion of the Land Reclamation Committee shall be requested.
The regulations concerning the Land Reclamation Committee shall be enacted by an Imperial Ordinance.
Supplementary provision:
The present Law shall come into force from the date designated by an Imperial Ordinance.