I hereby promulgate the Law for amending Part of the Gold Fund Special Account Law.
Signed:HIROHITO, Seal of the Emperor
This second day of the twelfth month of the twenty-third year of Showa (December 2, 1948)
Prime Minister YOSHIDA Shigeru
Law for amending Part of the Gold Fund Special Account Law
Part of the Gold Fund Special Account Law (Law No.61 of 1937) shall be amended as follows:
The following four paragraphs shall be added to the Supplementary Provisions:
The Government may be authorized, for the time being, to make borrowings on the burden of this Account from the Deposits Bureau, Ministry of Finance or the Bank of Japan in order to cover temporarily any deficit in the Gold Fund if it arises;provided that the amount shall not exceed \500,000,000.
The borrowings under the preceding paragraph shall be redeemed within a year;provided that they may be converted, in case of necessity, with the term within a year.
Interests on the borrowings under the provisions of two preceding paragraphs shall be expenditures of this Account.
Sums necessary to disburse the interests on the borrowings referred to in the preceding paragraph shall be transferred to the Debt Consolidation Fund Special Account every fiscal year.
Supplementary Provision:
The present Law shall come into force as from the day of its promulgation.