I hereby give My sanction to the Law for Special Approval for the Issue of Debentures by the Financial Institutions, 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 first day of the fourth month of the twenty-second year of Showa (April 1, 1947)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister of Finance ISHIBASHI Tanzan
The Law for Special Approval for the Issue of Debentures by the Financial Institutions.
Article 1. The new financial institutions as provided for by Paragraph 1 of Article 15 of the Law Regarding the Rehabilitation and Adjustment of the Financial Institutions (to be called hereinafter as the new financial institution), in the case where the old financial institutions as provided for in the same paragraph (to be referred to hereinafter as the old financial institutions) are allowed to issue debentures, in accordance with the stipulations of the Imperial Ordinance.
Article 2. When the new financial institutions wish to issue debentures in accordance with the provisions of the preceding Article, they have to obtain the permission of the competent Minister.
Article 3. The provisions of Articles 296 to 298 inclusive of the Commercial Code shall not be applicable to the debentures issued by the new financial institutions in accordance with the stipulations of Article 1.
Article 4. Extinctive prescription with regard to the debentures issued by the new financial institutions in accordance with the previsions of Article 1, shall be completed in fifteen years with respect to the principal, and in five years as regards the interest.
Article 5. With the exception of the matters as provided for by the present Law, the necessary matters concerning the debentures issued by the new financial institutions in accordance with Article. I shall be provided for by Imperial Ordinances.
Supplementary Provisions:
The present Law shall come into force as from the day of its promulgation.
The debentures as were issued by the old financial institutions in pursuance of special laws or regulations, and were transferred to the new financial institutions in accordance with Article 1.