The following partial amendments shall be made to the Fishing-boat Insurance Law (Law No.23 of 1937):

Article 2-(2). The income tax and corporation tax shall not be imposed upon the association.

Article 4-(2) With respect to the registration effected by the association in pursuance of the provisions of this Law, registration tax shall not be imposed upon.

The following two paragraphs shall be added next to Art.5: The association shall be formed at the time when the approval stated in the preceding paragraph is obtained. The provisions of Art.19-(3) shall apply with necessary modifications to the resolution of the general meeting for formation.

Article 7-(2). The association may not refuse the demand of any member for underwriting, unless ano justifiable reason is found.

In Article 13, the term "the next day" shall read "the time."

Article 19-(2). Any of the directors or auditors may be dismissed at any time in accordance with the resolution of the general meeting.

Article 19-(3). The appointment and dismissal of directors and auditors may not be resolved at a general meeting of members, unless more than one-half of the total members are present and unless the consent of two-thirds or more of the members present is secured, except as otherwise provided for by the articles of association.

Article 19-(4). The directors shall keep a copy of the articles of association and a minute-book of general meetings at the respective offices of the association and shall keep a list of members at the head office pursuant to the provisions of an Ordinance.

Article 19-(5). The inventories, balance sheet, business report, loss and profit accounts, and proposals relating to the disposal of surplus money or proposals relating to the supplement of deficit shall be presented by the directors to the auditors at latest one week prior to the day of a general meeting and the same shall be kept at the head office.

Article 19-(6). Any member or creditor of the association may demand for inspecting and of the documents specified in the preceding two Articles.

Article 19-(7). The directos shall submit to a general meeting of members the documents specified id Art.19-(5) along with the written opinions of the auditors to obtain their approval for the same.

Article 19-(8). Any auditor may not be a director or a clerk concurrently.

Article 19-(9). As to the matters in which the interests of the association clash with those of directors, auditors shall represent the association. In case the directors can not conduct their duties, auditors shall act in the place of the former;the terms of office, however, may not be more than three months. In case there is no directors who conduct their duties, the prefectural governor may appoint temporary directors to cause the same to act in the place of the directors.

Article 22-(2). If the procedure for the convention of a general meeting of members or the steps for a resolution do not comply with those specified in the provisions of the Law, Ordinance, or the articles of association, any of the members may demand the Court for making a judical declaration of invalidity of the resolution adopted at a general meeting of members, within one month from the day of its resolution. The lawsuit stated in the preceding paragraph, however, may not be brought, unless the member raised an objection to the resolution at a general meeting of members, or unless the member was rejected to attend a general meeting of members without any justifiable reason, or unless the member does not attend a general meeting of members due to the contravention of the provisions of the Law, Ordinance, or articles of association for giving the same a notice of convening a general meeting of members. The provisions of Art.88, Art.105, Par.3, Art.109, and Art.250 of the Commercial Code shall apply with necessary modifications to the preceding two paragraphs.

Article 22-(3). In accordance with the provisions of an Ordinance, the association may provide for in the articles of association to set up a meeting of the representatives of memcers which substitutes for a general meeting of members. The provisions concerning a general meeting of members shall apply with necessary modifications to the meeting of representatives stated in the preceding paragraph, however, the decision on dissolution and amalgamation of the association may not be made through a meeting of representatives.

Artiele 22-(4). The alteration in the provisions of thh articles of association shall be made in accordance with the resolution of a general meeting of members. The provisions of Art.19-(3) shall apply to the resolution stated in the preceding paragraph. The alteration in the articles of association shall not be valid unless the approval of the Minister concerned is obtained.

Article 22-(5). The business year of the association shall be one year.

Article 22-(6). The association shall reserve a legal reserve fund pursusnt to the provisions of an Ordinance, with respect to the fishing-boat insurance which exists at the end of each business year.

Article 22-(7). In accordance with the provisions of an Ordinance the association shall reserve a fund out of the surplus money for each business year to supplement the deficit thereof.

Article 22-(8). In case the association intends to distribute the surplus money, the distribution thereof shall be made in proportion to the amount of premium paid in accordance with the provisions of an Ordinance.

Article 22-(9). The association may not reject any person eligible for membership, unless a justifiable reason can be found.

Article 24-(2). The reasons for dismissal of any person from membership shall be provided for by the articles of association. The dismissal shall be made in accordance with the resolution of a general meeting of members, but the dismissal may not be set up against the member concerned, unless a notice of dismissal to that effct is given to the same. The provisions of Art.19-(3) shall apply with necessary modifications to the resolution stated in the preceding paragraph.

Article 25-(2). The association shall be dissolved for any of the following causes: 1. Happening of any cause of dissolution specified in the articles of association; 2. Resolution of a general meeting of members; 3. Amalgamation of the association; 4. Bankruptcy of the association; 5. Order of dissolution issued by the Minister concernced in accordance with the provisions of Article 27. The provisions of Art.19-(3) shall apply with necessary modifications to the resolution stated in Item 2 of the preceding paragraph.

Article 25-(3). The amalgamation of association shall be decided through the resolution of the general meeting. The provisions of Art.19-(3) shall apply with necessary modifications to the resolution stated in the preceding paragraph. In addition to the provisons stated in the preceding two paragraphs, the matters needed for a resolution of amalgamation shall be provided for by an Ordinance.

Article 25-(4). In case the association made the resolution of amalgamation the inventories and balance sheet shall be prepared within two weeks from the day of its resolution. The association shall, within the period specified in the preceding paragraph, give a public notice to creditors calling upon them to present their objections, if any, within a prescribed period and the association shall give separate peremptory notices to each creditor known to it to present his claim;however, the prescribed period shall not be less than two months.

Article 25-(5). If creditors did not present their objections to the amalgamation, within the period specified in Par.2 of the preceding paragraph, they shell be deemed to have consented thereto. If creditors presented their objections, the associstion shall perform the obligations to the creditors prior to the amalgamation or shall furnish its own property as security for the obligations to the creditors.

Article 25-(6). No amalgamation of the association made in contravention of the provisions of Art.25-(4), Par.2 or Par.2 of the preceding Article shall be valid.

Article 25-(7). No dissolution or amalgamation due to the resolution of the general meeting of members shall be valid unless it obtains the approval of the Minister concerned.

Article 25-(8). The association which continues to exist after the amalgamation or the association which comes into existence in consequence of the amalgamation shall succeed to the rights and obligations of the association which ceased to exist in censequence of the amalgamation.

Article 25-(9). In case the association dissolves, insurance contracts shall cease to exist, the case of the amalgamation. In the case of the preceding paragraph, the association shall pay back the unearned premium.

Article 25-(10). When the association dissolved, except the case of dissolution due to amalgamation and bankruptcy, it shall effect the registration of the full names and permanent addresses of the liquidators as well as of the cause and date of dissolution. In the case of the dissolution due to the order issued by the Minister concerned, it is needless to effect the registration of the cause and date of dissolution. If any alteration took place in the items registered pursuant to the provisions of the preceding paragraph, the association shall effect the registration thereof.

Article 25-(11). When the Minister concerned issued an order of dissolution of the association, he shall entrust the registry office to effect the registration of the cause and date of dissolution. The registry office shall effect the registration thereof in pursuance of the entrust prescribed in the preceding paragraph.

Article 25-(12). In ceses where the associations have been amalgamated, with respect to any association which continues to exist after the amalgamation, registration of the alteration, with respect to any association which ceased to exist in consequence of the amalgamation, the registration of the dissolution, and with respect to any association which comes into existence in consequence of the amalgamation, the registration of the formation shall be effected respectively.

Article 25-(13). The liquidators shall have the same rights and duties with the directors within the limits of their duties.

Article 25-(14). On assuming the office, liquidators shall investigate the existing state of property of the association and prepare the inventories and balance sheet and present the same to the general meeting of members to obtain the consent thereof.

Article 25-(15). The liquidators shall dispose of the property of the association according to the following orders: 1. Performance of the general obligations; 2. Payment of insurance money to be paid due to the happening of cause for payment in the business year to which the date of dissolution belongs and payment of money to be paid back pursuant to the provisions of Art.25-(9), Par.2; 3. Disposal of the surplus assets. With respect to the disposal of the surplus assets specified in Item 3 of the preceding paragraph, the approval of the prefectural governor shall be obtained.

Article 25-(16). When the liquidation business has been completed, the liquidators shall forthwith make a report on the closing accounts and present the same to the general meetins of members to obtain the approval therefor.

Article 25-(17). When the liquidation has been completed, the registration thereof shall be effected.

Article 25-(18). The registration pertaining to the association shall be subject to the supervision of the Judicial Bureau or its branch court of the locality in which the association is situated.

Article 25-(19). The registration book for fishing-boat insurance association shall be kept at each registry office.

Article 25-(20). The registration of formation shall be effected in accordance with the application made by all the directors and auditors. The application for registration shall be accompanied by the articles of association and the certificates for qualifications of directors and auditors. In case of the registration of the formation of any association which comes into existence in consequence of the amalgamation, the record of resolutions at the general meeting of members concerning the amalgamation shall be attached to the documents specified in the preceding paragraph.

Article 25-(21). The registration of setting-up of new office, new addrss of office or of any alteration in the registered items shall be effected in accordance with the application mabe by the directors or auditors who act in the place of directors, or temporary directors or liquidators. However, the registration of the alteration due to the amalgamation of associations shall be effected by the application made by all the directors and auditors. The application for the registration shall be accompanied by with the certificates for qualifications of applicants as well as by the certificates for any alteration in the items registered, but, in case any applicant who has registered before intends to submit an application for the registration specified in the preceding paragraph to the same registry office as before, the certificate for qualification shall be needless to be attached thereto.

Article 25-(22). The registration of the dissolution due to the amalgamation shall be effected through application made jointly by all the directors and auditors at the time of dissolution of any association. The application shall be accompanied by the record of resolutions adopted at a general meeting of members as well as the certificate judicating that the necessary steps specified in the eprovisions of Art.25-(4), Pra.2, and Art.25-(5), Par.2 have been taken.

Article 25-(23). With respect to the items registered pursuant to the provisions of this Law, the Judicial Buresu shall forthwith give a public notice thereof.

In Art 27, the term "In violation of Orders from the administrative authorities or when there is any fear that pudlic benefits shall be injured" shall read "when it has been in violation of Orders issued by the administrative authorities in accordance with this Law." In Art.28, the term "Arts.73 to 83 inclusivle" shall read "Arts.73 to 83 inclusive and," the term "and Arts.8 to 10 inclusive, Art.12, Par.2, Art.14, Art.18 Par.2, Arts.35 to 40 inclusive, Art.42, Art.44, Artf 47, Arts.51 to 57 inclusive, Art.60, Arts.62 to 72 inclusive, Art.74, Art.79, and Arts.81 to 86 inclusive of the Livestock Insurance Law" shall be rescinded, the term "two weeks, and" shall read "two weeks" , and the term "the provisions related to the partition of an association shall be excluded from the provisions of Arts.62 to 70 inclusive, Art.72 and Arts.83 to 85 inclusive of the Livestock Insurance Law" shall be rescinded.

Article 28-(2). No stamp duty shall be imposed upon any documents drawn out in connection with the fishing-boat insurance under this Law.

In Art.35, the term "Agricultural and Forest Insurance Investigation Commission" shall read "Fishing-boat Reinsurance Investigation Commission." In Art.36, the term "and Art.99 of the Livestock Insurance Law" shall be rescinded.

Article 36-(2). No stamp duty shall be imposed upon the documents drawn out in connection with the fishing-boat reinsurance under this Law.

Art.37, Item 9 shall read as follows: 9. If any association contravenes any of the provisions of Art.22-(6), Art.25-(4) or Art.25-(5), Par.2.