Article 1. "The Closed Institution" referred to in this Imperial Ordinance shall mean a juridical person or other institution designated by the Minister of Finance and the competent Minister to fully suspend the business in this country and to have its assets and liabilities liquidated in accordance with the direction of the Supreme Commander for the Allied Powers. The designation of the preceding paragraph shall be effected by the Notification of the Ministries concerned.

Article 2. The Minister of Finance shall direct government officials concerned to close and seal the head offices, branches and other offices in this country of the Closed Institutions in case designation is made by the provision of the preceding Article, and make it clearly known to the public by notification or other means on the spot that these are Closed Institutions. The Minister of Finance may take the procedures prescribed in the preceding paragraph as to the offices of institutions to be designated even before the designation prescribed by the provisions of the preceding Article is made, in case he deems it necessary to do so by the request of the Supreme Commander for the Allied Powers. The government officials concerned may call the police for aid in case they deem it necessary in order to take the procedures prescribed by the preceding two paragraphs. The Minister of Finance may direct the government officials concerned to remove the seals prescribed by the provision of the first paragraph, when he deems it necessary for the Special Liquidator prescribed by the provision of Article 9 to perform his duty.

Article 3. The Closed Institutions shall not execute their business excluding those designated specifically by the Minister of Finance and the competent Minister (hereinafter referred to as "designated business") after the day designated by the provision of Article 1 (hereinafter referred to as "designated day"). The designation and the release of designated business shall be effected by notification.

Article 4. On and after the designated day no one can do such an act as will bring about changes with respect to the claim and obligation of the assets of Closed Institutions. This shall not apply to the act prescribed by the provision of Article 10, paragraph 1 with respect to the execution of the duty of the Special Liquidator. Any action in violation of the provision of the preceding paragraph is null and void.

Article 5. The directors, auditors, other officers and the operating managers of the Closed Institutions which are juridical persons of this country are deemed to be discharged and removed from office on the designated day, notwithstanding the provisions of other laws, ordinances, articles of incorporation or any other contracts. No directors, auditors, other officers or operating managers of the Closed Institutions which are juridical persons of this country will be newly appointed, after the designated day, notwithstanding the provisions of other laws, ordinances or articles of incorporation. All persons in this country holding the above-mentioned posts in the Closed Institutions which are not juridical persons of this country are prohibited from exercising their functions after the designated day. All persons holding the right of representation with respect to the business of the Closed Institutions have lost their right in this country after the designated day unless otherwise stipulated by the Minister of Finance and the competent Ministers. All agencies of Closed Institutions are forbidden to mediate the transaction for the Closed Institutions after the designated day. Persons discharged and removed from office in accordance with the provision of the paragraph 1 of this Article and persons prohibited from exercising their functions in accordance with the paragraph 3 of this Article are forbidden to enter into the offices and agencies of the Closed Institutions concerned with which they had been associated, without the permission of the competent Minister. "The juridical persons of this country" referred to in the provisions of paragraphs 1, 2 and 3 shall mean the juridical persons established by laws and ordinances of Japan.

Article 6. All officers and employees of the juridical persons which have become Closed Institutions, who held posts in them on or after August 15, 1945, are required to report their names, addresses and other necessary matters to the Special Liquidator prescribed by the provisions of Article 9, by the direction of the competent Minister. The government officials concerned may direct to secure the reports from or ask the questions with the persons prescribed by the provisions of the preceding paragraph regarding the Closed Institutions concerned, in case the competent Minister deems it necessary.

Article 7. Persons who possess the assets (including books and documents relating to their business) belonging to or under the custody of the Closed Institutions on the designated day, which are not located on the premises of the offices in this country of the Closed Institutions, are required to surrender them to the Special Liquidator prescribed by the provisions of Article 9 by the direction of the competent Minister, notwithstanding the provisions of laws, ordinances or other contracts. Those prescribed by the preceding paragraph are required to safeguard and preserve them until surrender to the Special Liquidator in accordance with the provisions of the preceding Article with the attention of a good custodian. The necessary matters with respect to the expenses of custody prescribed by the preceding paragraph shall be directed by the competent Minister.

Article 8. With the Closed Institutions, Special Liquidation shall be executed. (By Special Liquidation is meant the liquidation of the assets and liabilities in accordance with the provisions prescribed by the Articles 11 to 19; the same shall apply to the rest of this Ordinance). The Special Liquidation shall be under the supervision of the competent Minister.

Article 9. The Special Liquidator shall execute the Special Liquidation. The Closed Institutions Liquidating Commission shall be appointed as the Special Liquidator; the competent Minister, however, may appoint other persons as the Special Liquidator in case he deems it necessary. The competent Minister may dismiss the Special Liquidator in case he deems it necessary under special circumstances. In such a case, the Closed Institution Liquidating Commission shall be the Special Liquidator when the competent Minister does not specifically appoint a new Special Liquidator. When the competent Minister has made the appointment of the Special Liquidator in accordance with the provisions of paragraph 1, proviso, or the dismissal of the Special Liquidator in accordance with the provisions of the preceding paragraph, he shall make notification to that fact.

Article 10. The functions of the Special Liquidator shall be as follows: 1. The conclusion of the present business; 2. The collection of claims and the satisfaction of obligations; 3. The execution of the designated business. The Special Liquidator shall have the power to act on behalf of the Closed Institutions in all judicial and non-judicial procedures with respect to executing the functions prescribed by the preceding paragraph.

Article 11. The satisfaction of obligations of the Closed Institutions shall be subject to the direction of the competent Minister with respect to the procedure the amount of money and the period of time. With respect to the direction of the preceding paragraph, the competent Minister shall consider particularly the interests of small creditors such as depositors and not prejudice the equity among creditors, with a view to maintaining the good economic order of the public.

Article 12. When the execution of a bilateral contract (excluding any pertaining to the business which has become designated business) between the Closed Institutions and another party has not been completed by both parties before the designated day, the Special Liquidator may at his option, either cancel the contract or demand the satisfaction of obligations on the other party. In case of the preceding paragraph, another party may demand a definite reply whether the Special Liquidator will cancel the contract or demand the satisfaction of the obligations within an appropriate period of time to be decided by them. In case the Special Liquidator does not reply within the stipulated period of time, the contract shall be deemed as cancelled. In case the Special Liquidator requests the settlement of claim in accordance with the provision of paragraph 1, the provision of Article 533 of Civil Code will not be applicable and the other party may not refuse performance of his obligation. In case there has been conflict over the claims of compensation for damages resulting from the cancellation of a contract in accordance with the provisions of paragraph 1 or 2, the competent Ministry, under the stipulation of the competent Minister, shall offer intermediation for the settlement of such dispute, if the Special Liquidator or the other party requested for the same.

Article 13. The Special Liquidator may demand at any time the cancellation of a lease (excluding any pertaining to the business which has become designated business) which existed on the designated day, to which a Closed Institution was a party, even if there is the contract of period of time with respect to the lease, in accordance with the provisions of Article 617 of the Civil Code (Article 3, paragraph 1 of the said Law with respect to the buildings located within the scope of the enforcement of the Rented House Law).

Article 14. The Special Liquidator may cancel the contract for undertaking of works (excluding any pertaining to the business which has become designated business) with respect to the order made by a Closed Institution which existed on the designated day. In this case, the contractor may claim the remuneration of works which has already been done and other expenses which are exclusive of that remuneration.

Article 15. The provisions of Article 12, paragraph 2 shall apply mutatis mutandis in exercising the right or cancellation prescribed by the provisions of the preceding two Articles.

Article 16. In case there has been the cancellation of contract prescribed by the provisions of Articles 13 and 14, the persons concerned may not claim to another party the compensation for damages incurred by cancellation.

Article 17. The Special Liquidator may demand the satisfaction of claims even before the date of maturity with respect to the claims of loan (excluding any arising from the business which has become designated business) involving a Closed Institution, with the approval of the competent Minister. In this case the due date of the claims concerned shall be deemed to have arrived when the Special Liquidator or the creditor demanded the satisfaction of claims.

Article 18. The claims against the Closed Institution shall not bear interst after the designated day, notwithstanding the provisions of other laws, ordinances or the articles of incorporation, unless otherwise prescribed by the competent Minister.

Article 19. The Closed Institutions may with the permission of the competent Minister receive in full amount the repayment of monetary claims due to Closed institutions (excluding those concerning the business which has become the designated business) which arose prior to the designated day in spite of other laws or ordinances.

Article 20. The Minister of Finance and the competent Minister may release the designation prescribed by the provisions of Article 1, in case the Special Liquidation has been completed or it has become unnecessary to continue the Special Liquidation. The release of the designation of the preceding paragraph shall be effected by notification. The provisions of Article 2, paragraph 4 shall be applied mutatis mutandis in case the release of the designation prescribed by the preceding two paragraphs is made.

Article 21. In respect to a juridical person under liquidation, if designation was made in accordance with the provision of Article 1, the liquidation procedures shall be suspended while such juridical person remains a Closed Institution. In the case of the foregoing, the liquidators shall be deemed as dismissed.

Article 22. A declaration of bankruptcy cannot be made against a Closed Institution by petition of the creditors. The Closed Institution, while it remains as such, shall not dissolve even by reason of the dissolution grounds such as expiration of the term of existence and others stipulated in the Articles of Incorporation.

Article 23. When designation was made in accordance with paragraph 1 of Article 1, the competent Minister must commission, with respect to such Closed Institution, the registration of the fact at the location of its head office or the principal office, or of the branch office or the subordinate office, without delay, and if designation of designated business was made in accordance with the provisions of Article 3, this must also be likewise commissioned for registration. In the case of the foregoing, the competent Minister, simultaneously with the foregoing registration, must commission the registration of the office and the name of the Special Liquidator. In case the commission of the foregoing two paragraphs was made, the registration officials must effect such registrations accordingly. The registration of paragraph 2 shall be effected by being jointly mentioned on the registry for the juridical person of paragraph 1. The competent Minister must commission the registration of the fact if release of designation in accordance with the provisions of paragraph 1 of Article 20 was effected. Excepting the case of the preceding paragraph, the competent Minister must commission the registration of alterations, if any alteration was made in respect to the matters registered in accordance with paragraphs 1 and 2. The provision of paragraph 3 will apply mutatis mutandis to the preceding two paragraphs. The registration pertaining to the dismissal in accordance with the provision of paragraph 1 of Article 3 shall be effected by the registration officials ex officio. The registration of dismissal in accordance with paragraph 3 of Article 20 shall be effected by the registration officials ex officio.

Article 24. The Minister of Finance shall cause the government officials concerned to possess the identifications to prove their status when they take necessary measures prescribed by the provisions of Article 2 (including the cases to be applied mutatis mutandis in the preceding Article, paragraph 3).

Article 25. The Minister of Finance may cause the Local Financial Bureaus or Taxes Bureaus to take necessary measures with respect to the enforcement of this Ordinance by the direction of the Minister of Finance.

Article 26. The competent Minister referred to in this Ordinance shall mean the Minister taking charge of business of the Closed Institution.

Article 27. "In this country" referred to in this Ordinance shall mean "within the scope of Honshu, Hokkaido, Shikoku, Kyushu and the adjacent islands."

Article 28. Excepting as provided for by this Imperial Ordinance, necessary matters pertaining to the designation or the release of Closed Institution or Special Liquidation will be decided by the competent Minister.

Article 29. In case anybody became guilty of one of the following items, he shall be imprisoned with labour not more than three years or fined not more than 30,000 yen: 1) Those who infringed upon the provisions of Article 4; 2) Those who infringed upon paragraph 1 of Article 11.

Article 30. In case anybody became guilty of one of the following items, he shall be imprisoned with labour not more than one year or fined not more than 10,000 yen: 1) Those who infringed upon the provision of paragraph 5 of Article 5; 2) Those who infringed upon the provision of paragraph 6 of Article 5; 3) Those who infringed upon the provision of paragraph 1 of Article 7.

Article 31. In case anybody became guilty of one of the following items, he shall be imprisoned with labour not more than six months or fined not more than 5,000 yen: 1) Those who infringed upon the provision of paragraph 1 of Article 6; 2) Those who failed to submit reports or submitted false reports under the provision of paragraph 2 of Article 6.

Article 32. In case any representative of juridical person or any agent, employee, etc. of a juridical person or a person was guilty of infringement upon Article 29 or item 1 or 3 of Article 31 in respect to the business or the assets of the juridical person or the person, not only he shall be subjected to penalty, but such juridical person or person will also be subjected to the fine as provided for in the foregoing Articles 29, 30 and 31.