The Currency Issue Investigation Council Law

Article 1. The Currency Issue Investigation Council shall be under the jurisdiction of the Prime Minister and shall administer the affairs assigned in accordance with the Bank of Japan Law. Besides the administration of the affairs mentioned above, the Council may make, to the Prime Minister, recommendations concerning basic matters relative to the policy of currency and finance.

Article 2. The Council shall be composed of one president and thirteen members.

Article 3. The Prime Minister shall be the President of the Council. The members shall be composed of persons mentioned below: 1. Minister of Finance 2. Minister of State who is concurrently the Director-General of Economic Stabilization Board 3. President of the Bank of Japan 4. Four persons from financial circle;two of them shall be representatives of banks licenced for business under the Bank Law, and the remaining one shall be the representative of special banks established under special laws;three persons from industrial commercial and agricultural circles, and three persons of learning and experience. The members mentioned in Item 4 of the preceding paragraph shall be appointed by the Prime Minister, with due consideration given to geographical representation. The term of office of the members mentioned in Item 4, Paragraph 2 shall be two years. However, in case any member is sentenced to a penal servitude or is incapacitated owing to mental or physical trouble, he may be released from office by the Prime Minister though his term of office is not yet expired. Any member who is filling the vacancy shall be in office during the remaining tenure of his predecessor.

Article 4. The President shall preside over and administer the affairs of the Council. When anything hinders the President from fully discharging his duties, Minister of Finance shall act on behalf of the President, and when anything hinders both of the President and Minister of Finance from fully discharging the duties of the President, a member of the Council specially named by the President shall perform his duties for him.

Article 5. There shall be appointed in the Council a certain number of secretaries and clerks. The secretaries shall be appointed by the Prime Minister, in accordance with the nomination of the President. The clerks shall be appointed by the Prime Minister.

Supplementary Provisions: The date of enforcement of this Law shall be determined by a Cabinet Order within the term not exceeding 30 days from the date of establishment of this Law. The tenure of office of five of the members of the Council as mentioned in Item 4, Paragraph 2, Article 3, who have been first appointed after the enforcement of this Law shall be fixed at one_year, notwithstanding the provisions of Paragraph 4 of the same Article. Part of the Bank of Japan Law shall be amended as follows:

Article 36-(2). The regulations concerning the Currency Issue Investigation Council shall be separately provided for.