I hereby promulgate the Law concerning the Dissolution of the Wooden Vessels Insurance Association.
Signed:HIROHITO, Seal of the Emperor
This sixth day of the seventh month of the twenty-third year of Showa (July 6, 1948)
Prime Minister ASHIDA Hitoshi
Law concerning the Dissolution of the Wooden Vessels Insurance Association
Article 1. The Wooden Vessels Insuranse Association (hereinafter called as the Association) shall be dissolved.
Article 2. The liquidation of the Association shall be subject to the supervision of the Minister of Transportation, except in the case of bankruptcy.
Article 3. With regard to the liquidation of the Association, the chairman of the board of directors and the directors shall become the liquidators.
If there exist no persons to become liquidators in accordance with the provisions of the preceding paragraph, or if there arises a vacancy among the liquidators, the Minister of Transportation shall appoint liquidators.
The Minister of Transporttaion may, if deemed necessary, remove a liquidator.
Article 4. The liquidators shall obtain the approval of the Minister of Transportation in respect of the methods of liquidation and disposal of the property.
The Minister of Transportation may, if deemed necessary, issue to the liquidators orders necessary for the purposes of the supervision with respect to the methods of liquidation and disposal of the property.
Article 5. With regard to an insurance relation between a member of the Association and the Association the term of which has not expired by the day of the enforcement of this Law, the term of insurance shall be deemed to have expired on the said day.
In the case contemplated in the preceding paragraph, the Association shall give back the insurance premium to the member of the Association in accordance with the provisions of the Cabinet Order.
Article 6. The liquidators shall, immediately after their assumption of office, investigate the present state of the property of the Association and draw up an inventory, a balance sheet, and a profit and loss account, which they shall submit to the Minister of Transportation for his approval.
Article 7. The liquidators shall not perform obligations to creditors within the period for presentation of claims provided for in Par.1, Article 79 of the Civil Code (Law No.89 of 1896) which shall be applied with the necessary modifications by virtue of the provisions of Article 13.
The Minister of Transportation may, if deemed necessary, prolong the period mentioned in the preceding paragraph within which obligations shall not be performed to a certain fixed date.
Article 8. If the Association has suffered a loss, it may curtail amounts of insurance and be freed from its obligations to the extent of the amount of the loss, in accordance with the provisions of the Cabinet Order.
Article 9. The Minister of Transportation may, if deemed necessary, for the purposes of supervision over the liquidation of the Association, cause the liquidators to make report on the business of liquidation or the state of the property, or cause the competent official to visit offices, working places and other places of the Association and inspect the business of liquidation or the state of the property.
In the case where the competent official makes inspection in accordance with the provisions of the preceding paragraph, he shall carry with him an identification card testifying to his official statue and show it to the persons concerned upon their request.
Article 10. When the business of liquidation has been completed, the liquidators shall without delay draw up a statement of accounts and submit it to the Minister of Transportation for his approval.
Article 11. The liquidators shall effect the registration of the necessary matters connected with its dissolution and liquidation in accordance with the provisions of the Cabinet Order.
The matters which shall be registered in accordance with the provisions of the preceding paragraph shall not be set up against a third person prior to their registration.
Article 12. The registration effected by the Association in accordance with the provisions of the preceding Article shall be exempt from the registration tax.
Article 13. The provisions of Article 73 and Articles 78 to 81 inclusive of the Civil Code shall be applied to the liquidation of the Association with the necessary modifications.
Article 14. A person who falls under any of the following items shall be liable to penal servitude for not more than six months or a fine not exceeding five thousand yen:
1. A person who has contravened orders issued under the provisions of Par.2, Article 4;
2. A person who has contravened the provisions of Par.1, Article 7;
3. A person who made no report, or has made a false report, provided for in Par.1, Article 9, or has refused, obstructed or evaded an inspection.
Article 15. If the liquidators have neglected to effect the registration provided for in Par.1, Art.11, or have effected a false registration, they shall be liable to an administrative penalty not exceeding one thousand yen.
Supplementary Provision:
The enforcement date of this Law shall be fixed by the Cabinet Order within thirty days of its promulgation.
Minister of Finance KITAMURA Tokutaro
Attorney-General SUZUKI Yoshio
Minister of Transportation OKADA Seiichi
Prime Minister ASHIDA Hitoshi