I hereby give My Sanction to the Imperial Ordinance concerning the partial amendments to the Imperial Ordinance No. 567 of 1946 (re Restrictions of Securities Holdings, etc. by Companies), in accordance with the Imperial Ordinance No. 542 of 1945 concerning the Orders to be issued in consequence of the acceptance of the Potsdam Declaration, and cause the same to be promulgated.
Signed: HIROHITO, Seal of the Emperor
This twenty-fourth day of the first month of the twenty-second year of Showa (January 24, 1947)
Countersigned: Prime Minister YOSHIDA Shigeru
Minister of Justice KIMURA Tokutaro
Minister of Commerce and Industry HOSHIJIMA Niro
Minister of Finance ISHIBASHI Tanzan
Imperial Ordinance No. 21
A part of the Imperial Ordinance No. 567 of 1946 shall be amended as follows:
In Article 11, item 3, "a designated company, subsidiary company, and an affiliated company" shall read "a company"; next to "officers" shall be added "or employees"; and next to the same item the following item shall be added:
4. In case of an officer or an employee of an old financial institution as provided for by paragraph 1 of Article 15 of the Financial Institutions Reconstruction and Reorganization Act becoming concurrently an officer or an employee of a new financial institution as provided for by the said paragraph of the said Article of the said Act.
Next to the same Article the following new paragraph shall be added:
The provisions of paragraph 1 shall not apply, with respect to the relation between the position of an officer or an employee of a subsidiary company or an affiliated company and that of an officer or an employee of another non-designated company, to the case where the stocks issued by the said subsidiary company or affiliated company came under the provisions of paragraph 5 of Article 4 (including the case in which they apply mutatis mutandis to Article 17) and have received instructions provided for by the provisions of paragraph 1 or 3 of Article 10 of the Holding Company Liquidation Commission Ordinance, after the day when the delegation by proxy of voting rights of the stocks or the transfer of the stocks has been entirely made, under the said provisions.
In Article 17, "items 1 to 3 inclusive of the preceding Article" shall read "items 1 to 4 inclusive of the preceding Article."
Supplementary Provisions:
The present Ordinance shall come into force as from the day of its promulgation.
A part of the Holding Company Liquidation Commission Ordinance shall be revised as follows:
In Article 9, paragraph 1, item 1, "to receive," shall read "to receive, or receive delegation by proxy of voting rights for stocks and other investments held by it and to deal with the same."
In Article 10, paragraph 3, "preceding two paragraphs" shall read "preceding three paragraphs"; next to "transfer of property" "or delegation by proxy of voting rights" shall be added; and next to paragraph 2 of the Article the following new paragraph shall be added:
"The Commission may direct holding companies and designated persons, during the time until disposal as provided for by the preceding two paragraphs has been made, the delegation by proxy of voting rights of stocks and other investments held by the said companies and persons to the Commission."
In Article 32, "or paragraph 2" shall read "to paragraph 3 inclusive."