Law amending a Part of the Financial Institutions Reconstruction and Reorganization Law
法令番号: 法律第184号
公布年月日: 昭和23年7月21日
法令の形式: 法律

審議経過

I hereby promulgate the Law amending a Part of the Financial Institutions Reconstruction and Reorganization Law.
Signed:HIROHITO, Seal of the Emperor
This twenty-first day of the seventh month of the twenty-third year of Showa (July 21, 1948)
Prime Minister　ASHIDA Hitoshi
Law No.184
Law amending a Part of the Financial Institutions Reconstruction and Reorganization Law
Part of the Financial Institutions Reconstruction and Reorganization Law (Law No.39, 1946) shall be amended as follows:
The following one paragraph shall be added to Article 25-(3).
The financial institutions which have to reduce their capital according to the provisions of Article 25, Paragraph 1, Item 3 shall effect registration of reduction of capital at the seat of their head office and at the seats of their branch offices within 120 days from the date on which reduction of capital takes effect.
Article 33.　The balance of the final loss remaining after computation of amount to be liquidated and absorbed pursuant to the provisions of Article 24 Paragraph 1, shall be indemnified by the Government.
The Government may settle the obligation for indemnification mentioned in the preceding paragraph by the delivery of Government Bonds.
The delivery price, period of redemption and interest rate of the Government bonds to be delivered for settlement under the provisions of the preceding paragraph shall be as follows:
1.　Delivery price:　100 yen per 100 yen face value
2.　Term of redemption:　5 years
3.　Interest　rate:　4.5 per cent per annum
The Government may issue bonds within the limits of the amount necessary for delivery in order to pay the indemnity prescribed by Paragraph 1.
The settlement of obligation for indemnification mentioned in the provisions of Paragraph 2 shall be made on the day following the date of merger of new and old accounts of financial institutions.
The sum total of amount to be paid by the Government as indemnification pursuant to the provisions of Paragraph 1 and the amount to be transferred from the General Account pursuant to the provisions of the Law regarding the Special Disposition of Loss of the Deposit Bureau of Ministry of Finance and others (Law No.56, 1946) and the amount to be paid by the Government as indemnification pursuant to the provisions of Article 7 of Supplementary Provisions of the Cabinet Order concerning the Partial Amendment of the Emergency Measures for Accounts of Financial Institution Law, pursuant to the Orders to be issued in consequence of the Acceptance of the Potsdam Declaration of 1945 (Cabinet Order No.64, 1948) shall be not more than sixteen billion three hundred million yen (16,300,000,000).
In case where any financial institution which has received an indemnification from the Government by payment in Government bonds according to the provisions of Paragraph 2, has to return a portion of or the entire amount of the indemnity according to the provisions of Article 26, Paragraph 3 or Article 37-(2), Paragraph 1, Item 1, it may return the amount by the delivery of the said national Government bonds.
In Article 34, Paragraph 3, "within two weeks at the place where its main office or principal office of business is located and within three weeks at the places where its branch or corresponding offices are located" shall read "within 120 days at the seats of head-office and at the seats of branch offices."
Article 37.　The financial institution in which whole or part of claims of liabilities without preference or designated liabilities have been voided pursuant to the provisions of Article 25, Paragraphs 3 and 4 or Article 36, Paragraph 2 or 3 shall establish an adjustment account and shall adjust, in this account, the amounts enumerated in the followina items:
1.　The amounts corresponding to the profits as accrued from the assets and liabilities formerly held in the old account (Such profits to include increases in value and profits arising from the disposal of or employment of the assets);
2.　The remainder of the sum of expense for final disposition at the time of merger of new and old accounts;
3.　The difference between the total amount Of liabilities and that of assets which belonged to the old account, and the amount of those reserve established upon the approval of the competent Minister at the time of merger of new and old accounts;
4.　The amounts corresponding to the Losses as accrued from the assets and liabilifies formerly held in the old account (Such losses to include decreases in value and losses arising from the disposal of or employment of the assets),
The adjustment account to be established in accordance with the provisions of the preceding paragraph shall be managed separately from other accounts.
The competent Minister is authorized to prescribe such rules and regulations as deemed necessary to carry out the intent and purpose of the preceding two paragraphs.
Article 37-(2).　The Financial Institution, in case the adjustment account has yielded a profit, shall dispose of it from time to time with the agreement of Creditors'Committee as provided for in Article 37-(6) and the approval of the competent Minister according to the following order:
1.　In case there is any indemnification by the Government pursuant to the provisions of Article 33, Paragraph 1, payment shall be made up to that amount (including the interest at the rate of 4.5 per cent per annum for the period from the day following the date of merger of new and old accounts to the day of such payment) to the Government out of the profit;
2.　In case there still remains a balance of the profit after the payment according to the provisions of the preceding item, it shall be destributed to the creditors of the designated liabilities who have borne the final loss (including heirs or other successors by virtue of Law) within the limits of the amount of liabilities of which have borne final loss (no interest shall be paid) according to the following order;
A,　Liabilities related to the deposits obtained for the National Government or Local Governments by means of the collection of taxes other than capital levy (property tax), special war indemnity tax and non-war-sufferers'house tax;
B.　Liabilities arising from the special war indemnity tax, payable to other financial institutions.
C.　Liabilities for retirement and similar allowances not exceeding 15,000 yen.
3.　In case there still remains a balance of the profit after distribution according to the preceding item, it shall be distributed to the creditors of the liabilities without preference who have borne the final loss (including heirs or other successors by virtue of Law) in order of Article 24, Paragraph 1, Items 9, 7, 6, 5 and 4 within the limits of the amount of liabilities which have borne the final loss (no interest shall be paid).
4.　In case there still remains a balance of profits after distribution according to the preceding item, it shall be distributed as interest for the period from the day following the date of merger of new and old accounts to the day of such distribution as provided in this item first to the creditors of liabilities without preference, according to the order of Item 3, on the basis of the highest possible rate, but not to exceed the contracted amount of interest at the time of the designated hour, and second, to those creditors of liabilities without preference in which no contract for interest payment existed, according to the order of item 3, at a rate not to exceed the lowest rate paid on interest bearing obligation at the time of the designated hour. The interest to be paid by life insurance companies to policyholders shall be at the highest possible rate but shall not exceed 3.5%.
5.　In case there still remains a balance of profits after distribution according to the preceding item, it shall be distributed as interest for the period from the day following the date of merger of new and old accounts to the day of such distribution as provided in this item first to the creditors of the designated liabilities, according to the order of Item 2 on the basis of the highest possible rate, but not to exceed the contracted amount of interest at the time of the designated hour, and second, to those creditors of disignated liabilities in which no contract for interest payment existed, according to the order of Item 2 at a rate not to exceed the lowest rate paid on interest bearing obligations at the time of the designated hour.
In case of the preceding paragraph. and in case there are creditors in the same priority, it shall be distributed on a prorata basis according to the amount of the liabilities which have borne the final loss.
Persons who have presented bearer securities to the financial institution according to the provisions of Article 64, Paragraph 2 of Enforcement Regulations of the Financial Institutions Reconstruction and Reorganization Law (Ministries of Finance, Agriculture&Forestry, Commerce&Industry Ordinance No.1, 1946), shall be deemed to be the creditors who have borne the final loss as regards that securities so far as the application of the provisions of Paragraph 1, Item 3 is concerned.
In case the person has presented the bearer securities to the financial institution, after the period of presentation of securities as prescribed by the provisions of Article 64, Paragraph 2 of Enforcement Regulations of the Financial Institutions Reconstruction and Reorganization Law (Ministries of Finance, Agriculture&Forestry, Commerce&Industry Ordinance No.1, 1946), but prior to the day of closure of adjustment account pursuant to the provisions of Article 37-(3), the said person, only in case there is a remaining balance of the profits, may receive distribution from the remaining balance of profits within limits of the balance, on a prorata basis according to the amount of liabilities which have borne the final loss and to the extent of the amount of liabilities which have borne the final loss.
The provisions of Paragraph 3 shall apply mutatis mutandis to the case of the preceding paragraph.
Article 37-(3).　When the financial institution have liquidated the assets and liabilities formerly held in old account or distributed, in accordance with the provisions of the preceding Article, the profits of the adjustment account up to its full amount to the creditors of liabilities without preference who bore the final loss, the said financial institution shall close the adjustment account upon a day approved and designated by the competent Minister.
In case there is a balance of profit remaining in the adjustment account at the time of approval given by the competent Minister to close the adjustment account, the said balance of profits shall be added to the legal reserve as prescribed by the provisions of Article 28, Paragraph 1 of the Commercial Code (hereinafter including similar reserve funds provided for by other Laws or Ordinances and referred to all "legal reserve" ), when the financial institution has the legal reserve and when it has not such legal reserve the balance shall become the legal reserve.
Article 37-(4).　During the period up to the closure of the adjustment account by virtue of the provisions of the preceding Article, in case the financial institution wishes to dispose of any of assets which were formerly held in the old account of the financial institution (including those which were delivered for repayment of claims formerly belonged to the old account, the same shall be applied to Article 37-(5), the financial institution shall before hand, obtain the consent of the Creditors'Committee mentioned in the provisions of Article 37-(6) and the approval of the competent Minister;provided that disposal shall not be interpreted as applying to the case of collection of the loans or other claims (excluding the case whose it is injurious to the interest of creditors provided for in Article 37, Paragraph 1, Items 2 to 5 inclusive, by virtue of the collection followed by release of collateral or compromise.)
Article 37-(5).　During the period up to the closure of the adjustment account by virtue of the provisions of Article 37-(3), the financial institution shall manage the assets formerly held in the old account as separately from other assets and shall dispose of the assets formerly held in the old account in good faith for the interest of the creditors who bore the final loss of the financial institution. The profit as accrued on the adjustment account shall also similarly be treated as mentioned above.
Article 27-(6).　The financial institution which shall establish ihe adjustment account pursuant to the provisions of Article 37 shall establish the Creditors'Committee.
The Creditors'Committee shall be composed of seven members.
The Committees as provided for in the preceding paragraph shall be appointed for one year period by the board of directors of the financial institution from among the creditors of the liabilities without preference who bore the final loss of the financial institution and who are not liable to the financial institution concerned.(excluding the directors officers, or employers of the financial institution concerned, or representatives of the national and local governments, H. C. L. C., and purgees provided for in Article 3, Paragraph 2 of the Imperial Ordinance of 1945, relating to the Exclution, Retirement, etc. in respect to Public Offices under the Orders to be issued in consequence of the Acceptance of the Potsdam Declasation (Imperial Ordinance No.1, 1945)
The board of directors of finaucial institution shall remove any member of the committee who has become a director, officer or employe of the financial institution or who has become liable to the financial institution.
Any member of the committee who becomes physically or mentally incapacitated or otherwise disqualified to perform the duties and responsibilities of his office shall be removed by the board of directors of the financial institution.
In case the board of directors of the financial institution appointed or removed any member of the committee pursuant to the provisions of the preceding three paragraphs, the board of directors of financial institution shall immediately report the competent Minister, the names and residence of the said member of the committee, as well as the kind and amount of their liabilities without preference.
The members of the committee shall receive no remuneration excepting actual expenses necessary for having performed their duties.
The decision of the Creditors'Committee shall be made by a majority vote.
Article 37-(7).　The amount transferred to the adjustment account or the amount disbursed from the adjustment account shall not be computed as profit or loss on the computation of the income of such business year as provided for in the Corporation Tax Law (Law No.28, 1947), and of the income in case the business tax is to be imposed according to the Local Taxation Law (Law No.110, 1948).
Article 37-(8).　The provisions of the preceding seven Articles shall apply mutatis mutandis, to any financial institution which succeeded to the whole of the assets and liabilities including the adjustment account of the assignor financial institutions in which whole or part of liabilities without preference or designated liabilities have been voided pursuant to the provisions of Article 25, Paragraph 3 or 4, or Article 36, Paragraph 2 or 3.
"The assignor financial institution" referred in the preceding paragraph shall mean the financial institution which transferred its business or insurance contracts in accordance with the provisions of Article 26, Paragraph 2, Article 40, Paragraph 1 or Article 41, Paragraph 1 or 2, or, according to those as provided for in the reorganization program under the provisions of Article 39, Paragraph 1.
Article 37-(9).　The right to receive the distribution of profits as accrued in the adjustment account as provided for by the provisions of Article 37-(2)(including the case where it applies mutatis mutandis in accordance with provisions of the preceding Article;hereinafter the same shall apply in Article 37-(10) and Article 63, Item 9) shall not be transferred or placed for security.
Article 37-(10).　The financial institution, or its officers, employees or other workers shall not obtain by transfer, request to obtain by transfer or promise to obtain by transfer the title of the person who bore the final loss for receiving the profits in the adjustment account of their own or other financial institutions in accordance with the provisions of Article 37-(2).
The financial institution or its officers, employees or other workers shall not receive, request to receive or promise to receive the fees or other renumerations from the persons who bore the final loss for the reason of realizing the profits in the adjustment account in accordance with the provisions of Article 37-(2).
The financial institution, or its officers, employees or other workers shall not evade by any means the prohibition as provided for in the preceding two paragraphs.
In Article 39, Paragraph 1, "The executive organ of the financial institution which has the amount of final loss to be liquidated and absorbed by stockholders according to the provisions of Article 24, Paragraph 1, Item 3 or 8" shall read "The executive organ of the financial institutions."
In Article 46, Paragraph 2, "any reserve set aside according to the provisions of Article 288, Paragraph 1 of the Commercial Code (hereinafter including similar reserve funds provided for by other Laws and Ordinances, and referred to as" legal reserve ") shall read" legal reserve,"and next to the said paragraph shall be added the following paragraph.
In spite of the preceding paragraph, in case the mutual company has any special reserve fund at the time of merger of the new and old account, the mutual company shall dispose the special reserve in the following order:
1.　Reservation up to the whole amount as prescribed by the provisions of Article 63 of the Insurance Business Law;
2.　Redemption of foundation fund up to its whole amount.
In case there still remains the balance of special reserve fund after disposed special reserve fund in accordance with the provisions of the preceding paragraph, it shall be subject to as provided for by Article 66 of the Insurance Business Law.
In Article 63, Items 8 and 9 shall be amended as follows:
8.　In case the management of the adjustment account was neglected or action was taken in violation of the provisions of Article 37, (including the case it applies mutatis mutandis in accordance with the provisions of 37-(8).
9.　In case the disposition of profits in the adjustment account was neglected or made in violation of the provision of Article 37-(2).
10.　In case the financial institution disposed the assets in violation of the provisions of Article 37-(4)(including the case where it applies mutatis mutandis in accordance with the provisions of 37-(8).
Article 63-(2).　A person who violated the provisions of Article 37-(10) shall be subjected to a penal servitude for not more than three (3) years or to a fine of not more than 30,000 yen.
In Article 64, next to "an auditing committee member," shall be added, "and a creditors'committee member."
In Article 69, next to "Article 63," shall be added "Article 63-(2)."
Supplementary Provisions:
Article 1.　The present Law shall come into force as from the day of its promulgation;provided that the amended provisions of Articles 25-(3), 33, 34, 37 and Articles 37-(7) to 37-(9) inclusive and Article 46 of the Financial Institutions Reconstruction and Reorganization Law shall be applicable as from April 1, 1948.
Article 2.　As regards the application of penal clauses to acts committed prior to the coming into force of the present Law, they shall remain effective as before.
Article 3.　A part of the Cabinet Order concerning partial amendments to the Law regarding the Emergency Measures for the Account of Financial Institutions, under the Imperial Ordinance No.542 of 1945, relating to the orders to be issued in consequence of the Acceptance of the Potsdam Declaration (Cabinet Order No.64, 1948) shall be amended as follows:
The following one paragraph shall be added to Article 7 of the Supplementary Provisions.
The provisions of Article 33, Paragraphs 2 to 4 inclusive, of the Financial Institutions Reconstruction and Reorganization Law shall be applicable mutatis mutandis to the cases of indemnification as provided for in the preceding paragraph.
Article 4.　A part of the Law concerning the Special Disposition of Loss on the Deposit Bureau of the Ministry of Finance, and others (Law No.56, 1946) shall be amended as follows:
The following four paragraphs shall be added to Article 4.
In case, as to the operation assets belonging to the fund of the Deposit Bureau at the designated time, after the indemnity fund was transferred, under the provisions of the preceding paragraph, from the general account to the Deposit Bureau of the Ministry of Finance, there has been an increase or decrease accrued in the value as compared with the value appraised under the provisions of Article 1 and the increase in value exceded the decrease in value the government shall transfer the sum corresponding to the difference thus accrued from the Deposit Bureau of the Ministry of Finance to the general account within the limit of the indemnity fund.
The provisions of Article 33, Paragraphs 2 to 4 inclusive of the Financial Institutions Reconstruction and Reorganization Law shall apply mutatis mutandis to the case of the indemnity fund to be transferred from the general account to the Deposit Bureau of the Ministry of Finance in accordance with the provisions of Paragraph 1.
The provision of Article 33, Paragraph 7 of the Financial Institutions Reconstruction and Reorganization Law shall apply mutatis mutandis to the case of the sum corresponding to the difference as provided by Paragraph 3 to be transferred from the Deposit Bureau of the Ministry of Finance to the general account in accordance with the provisions of the said paragraph.
In case there is a balance after the amount corresponding to the difference as provided for in Paragraph 3 has been transferred from the Deposit Bureau of the Ministry of Finance to the general account in accordance with the provisions of the said paragraph, the Government shall dispose the balance as provided for by order.
Article 5.　Part of the Financial Emergency Measures Ordinance (Imperial Ordinance No.83, 1946) shall be amended as follows:
Article 4.　Deleted.
Article 7, Paragraph 1 shall be deleted.
In Article 11, "or Article 4" shall be deleted.
With regard to the application of the penal clause against the action committed prior to the enforcement of the present Law, the old provisions of Article 4 and Article 11 shall continue in force even after the enforcement of the present Law.
The first restricted deposits, etc. as prescribed by Enforcement Regulations of the Financial Emergency Measures Ordinance (Ministry of Finance Ordinance No.12, 1946) and as existing at the date of the coming into force of this present Law shall be converted to the free deposits, etc. The same shall apply to those, which have been transferred to the first deposits, after the coming into force of this present Law, in accordance with the provisions of Article 1-(10) of the said Regulation.
Minister of Finance　KITAMURA Tokutaro
Prime Minister　ASHIDA Hitoshi