I hereby give My sanction to the Law concerning the Finance for the Farm Settlers Special Account, 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 of Agriculture and Forestry WADA Hiroo
Minister of Finance ISHIBASHI Tanzan
The Law concerning the Finance for the Farm Settlers Special Account
Article 1. A special account is created, distinctly apart from the general account, for the annual revenue and expenditure relating to the Government's loans by the Law concerning the finance for the farm settlers.
Article 2. In this account, the annual revenue comprises redeeming of principal and the interest of the loans made to the farmer, the money transferred from the general account, receipts from the public loans floated and the borrowings, as well as the accessory miscellaneous revenues;while the annual expenditure consists of the loans, the money for the redemption of the public loans and payment of its interest, the interest on the temporary borrowings, various items of expenses connected with the issuance of public loans as well as the redemption thereof, and miscellaneous accessory expenses.
Article 3. The Government is authorized to issue public loans or make borrowings, on the responsibility of the same account, to the extent of the necessary amount, in order to raise the fund for the advances to be made in this account.
Article 4. The receipts from redemption of the loan to the farmer is to be solely applied to the purpose of the redeeming the public loans and the borrowings in the preceding Article.
Article 5. The money for the redemption of the borrowings and the public loans belonging to this account, and the interest thereof, as well as the interest of the temporary borrowings and the miscellaneous items of expenses concerning the issuance and redemption of the public loans, is to be transferred every year to special account for the redemption of National Loan.
Article 6. In case there exists any surplus cash in this account, the same may be deposited in the Deposit Bureau of the Ministry of Finance.
Article 7. In case a shortage in cash arises in this account for making payments borrowings may be made temporarily from the Deposit Bureau of the Ministry of Finance, from Bank of Japan or surplus funds in the Treasury may be utilized to meet the shortage on account of this account.
The money borrowed or utilized pursuant to the provisions of the preceding paragraph shall have to be redeemed with the Revenue of the current fiscal year.
In case of the preceding paragraph, if the money borrowed or utilized may not be redeemed due to a decrease in the Revenue of the current fiscal year, the Government may make borrowings from the Deposit Bureau of the Ministry of Finance or from the Bank of Japan only to the extent of the unredeemed amount on account of this account.
The borrowings made pursuant to the provisions of the preceding paragraph shall have to be redeemed within twelve months.
Article 8. In case a surplus arises in the settlement of this account, such a surplus shall be carried forward to the Revenue of the ensuing fiscal year.
The amount carried forward pursuant to the provisions of the preceding paragraph shall be appropriated only to the source for the redemption of public loans and borrowings.
In this account, the amount equivalent to a) a shortage in financing the redemption of public loans and borrowings by the receipt from the redemption of loans to the farmer and the money carried forward pursuant provisions of paragraph 1;plus b) shortage in the amount of interest on advances and accessory miscellaneous receipts, with which to pay interest on public loans and borrowings, interest on temporary borrowings and various items of expenses connected with the issue and redemption of public loans as well as accessory expenses thereof, put together shall be transferred from the General Account to this Account according to what is provided for in the Budget.
Article 9. The Government shall compile a budget for the revenue and expenditure of this Account every year and present the same to the Diet together with the Budget Estimates of the annual revenue and expenditure.
The budget for the revenue and expenditure as under the preceding paragraph shall be accompanied by a statement of projected loans for the current fiscal year and the preceding fiscal year and a statement showing the amount of public loans and borrowings as under Article 3 as outstanding at the end of the year before the preceding fiscal year as well as the redeemed amount thereof.
Article 10. Regulations concerning receipts and disbursements in this Account shall be determined by an Imperial Ordinance.
Supplementary Provision:
The enforcement date of this Law shall be prescribed by an Imperial Ordinance.