I hereby promulgate the Law amending a part of the Law concerning Adjustment and Coordination, etc. of Disposal of Securities Law.
Signed:HIROHITO, Seal of the Emperor
This twenty-ninth day of the seventh month of the twenty-third year of Showa (July 29, 1948)
Prime Minister ASHIDA Hitoshi
The Law Amending a Part of the Law concerning Adjustment and Coordination etc. of Disposal of Securities
The Law concerning Adjustment and Coordination of Disposal of Securities (Law No.8, 1947) shall partially be amended as follows:
Article 2.Paragraph 1, item 6 shall be amended as follows:
In Paragraph 1 of Article 10, "such cases whereby Special According Joint-stock Companies or those provided for by Article 52 of the Enterprise Recostruction and Reorganization Law (hereinafter referred to as Special Accounting Companies, etc.) contemplate transfer of designated securities provided for in Article 2, Paragraph 1, item 6, or" shall be deleted.
Article 11. As regards those securities which are to be transferred in compliance with the provisions of an order provided for in Article 107 of the Law relating to Prohibition of Private Monopoly and Method of Preserving Fair Trade (Law No.54, 1947), special accounting companies as provided for in the Enterprise Reconstruction and Reorganization Law (Law No.40, 1946) and those persons stipulated in Article 52 of the same Law (hereinafter referred to as Special Accounting Companies, etc.) may entrust the transfer of such securities to the Committee.
In Article 11-2, "Special Accounting Joint-stock Companies" shall read "Special Accounting Joint-stock Companies as provided for in the Enterprise Reconstruction and Reorganization Law (hereinafter referred to as Special Accounting Joint-stock Companies," and "Article 29-4 of the Enterprise Reconstruction and-Reorganization Law" shall read "Article 29-4 of the same Law."
In Article 12, "Paragraph 4 of Article 11" shall read "Article 11" and "of disignated securities" shall be deleted.
In Article 20, item 2 shall be amended as follows:
Supplementary Provisions:
The present Law shall come into force as from the day of its promulgation.
The particulars concerning the disposition of stocks provided for in reroganization plans of Special Accounting Companies, etc., for which approval has been obtained pursuant to the provisions of Paragraphs 1 to 3 inclusive of Article 15 of the Enterprise Reconstruction and Reorganization Law (including cases wherein said provisions are applied mutatis mufandis in the provisions of the order provided for Paragraph 2 of Article 20 and Paragraph 2 of Article 21 and by Article 52 of the same Law), shall be deemed not to have been stated in such approved reorganization plan, provided that this shall not apply to those approved reorganization plans of special accounting companies, etc., for which approval has been given by the Securities Coordinating Liquidation Committee (Hereinafter referred to as the Committee) to the plan concerning transfer of securities.
As regards transfer of Securities of Special Accounting Companies, etc. or entrustment of transfer of such securities to the Committee in case of the provisory clause of the foregoing paragraph, the example of heretofore shall be followed.
As for application of penal provisions to any act which has been made prior to the enforcement of this Law (including such period of time which shall follow the examples of heretofore in accordance with the provisions of the foregoing paragraph), the examples of heretofore shall be followed even after the enforcement of this Law (including the time which expired such period of time which shall follow the examples theretofore).