I hereby promulgate the Law for Partial Amendments to the Agricultural Co-operative Association Law.
Signed:HIROHITO, Seal of the Emperor
This sixteenth day of the fifth month of the twenty-fourth year of Showa (May 16, 1949)
Prime Minister YOSHIDA Shigeru
Law for Partial Amendments to the Agricultural Co-operative Association
The Agricultural Co-operative Association Law (Law No.132 of 1947) shall be partially amended as follows:
The following Article shall be added next to Article 42:
Article 42-(2). No person shall be a director, auditor, secretary or accountant of a co-operative association who personally carries on or engages in any activity which is in substantial competition with a similar activity carried on by the association.
In Article 64, Paragraph 1, Item 5, "Article 95, Paragraph 2" shall read "Article 95-(2)."
Article 86, Paragraph 3 shall be amended as follows:
In case the court has dissolved the association, the registration of dissolution shall be effected on commission of the court.
Article 95, Paragraph 2 shall be deleted, and the following one Article shall be added next to the said Article:
Article 95-(2). In case any association has conducted the business other than those specified in Article 10, the court may, upon the application from the administrative authorities, order the dissolution of the association.
The action mentioned in the preceding paragraph shall be taken by the local court which has jurisdiction over the area in which the main office of the association is located.
The procedure for he action mentioned in paragraph 1 shall be provided for by the Supreme Court.
The following one Article shall be added next to Article 101:
Article 101-(2). Any person who violates the provision of Article 42-(2) shall be liable to an administrative fine not exceeding ten thousand (10,000) yen.
Supplementary Provisions:
1. This Law shall come into force as from the day of its promulgation.
2. With respect to one who is actually a director, auditor, secretary or accountant of a co-operative association at the time of the enforcement of this Law, the provision of Article 42-(2) shall not apply to him during one month counting from the day of its promulgation.