Article 1.　The objective of this Law is, in respect to the disposal of the properties of any fisheries organization (which means fishermen's association, manufacturers'assciation and prefectural fisheries association hereinafter the same;) under the Law concerning Consolidation of Fisheries Organizations and Others in Conformity to the Enactment of the Fisheries Co-operative Association Law (Law No.243 of 1948;hereinafter referred to as "Consolidation Law" ), to determine the measures for protection of the creditors and the appraisement standards of the properties and others and thereby to effect a fair disposal of the properties and a smooth transfer thereof to a fisheries co-operative association.

Article 2.　Any fisheries organization shall give public notice to the effect that those creditors who have any objection to the transfer of their financial claims against such fisheries organization to any fisheries co-operative association in accordance with the provisions of Art.5, Art.7 and Arts.9 to 11 inclusive of the Consolidation Law shall raise such an objection within a specified period, and at the same time it shall notify thereof individually to each of the known creditors.

2　The specified period as mentioned in the preceding paragraph shall not less than one month.

3　In case any creditor has failed to raise an objection within the specified period as mentioned in par.1, he shall be deemed to have agreed to the succession of the liabilities as prescribed in the same paragraph.

4　In case any creditor has raised an objection within the specified period as mentioned in par.1, the fisheries organization shall without delay effect the performance or offer adequate security, or effect trust of adequate property with any bank carrying on trust business or any trust company in order that such creditor may receive performance.

Article 3.　With regard to the disposal of properties necessary for the purpose of performance or trust as prescribed in par.4 of the preceding Article, it shall be effected through free contract except for those properties which must be disposed of in accordance with laws or ordinances or measures of the administrative authorities taken thereunder.

2　With regard to the disposal of properties for which any free contract as mentioned in the preceding paragraph is not available or has failed to be concluded, it shall be effected through sealed bid or auction which shall be determined by the Property Disposal Board as mentioned in Article 13, par.3 of the Consolidation Law (hereinafter referred to as "the Property Disposal Board" ).

3　In case any property is disposed of through free contract, it shall be contracted, if any, on the basis of the official price thereof price legally established by law or ordinances;hereinafter the same or in case no such official price is available, it shall be contracted on the basis of the current price thereof which shall be determined by the Property Disposal Board.

Article 4.　In case any fisheries organization intends to sell its properties through free contract to any person other than a fisheries co-operative association, it shall give public notice of the kinds of the properties, the full name or title and address of the person to whom the properties shall be sold and the selling price thereof.

2　In the case as mentioned in the preceding paragraph, a fisheries co-operative association may request the fisheries organization to transfer the properties for the same selling price. However, this shall not apply in the case when two weeks have elapsed after the day on which the public notice as mentioned in the preceding paragraph was given.

3　The fisheries organization shall transfer the properties for the selling price as mentioned in Par.1 to the fisheries co-operative association which has requested such transfer within the period of time as mentioned in the proviso to the preceding paragraph in accordance with the provisions of the principal clause of the same paragraph.

4　In case there are two or more fisheries co-operative associations which wish to obtain the properties by transfer in accordance with the provisions of the preceding paragraph, the fisheries organization shall conduct sealed bid or auction among them, and transfer the properties to the successful bidder or auctionee at the highest price of such bid or auction.

5　The highest price of bid or auction as mentioned in the preceding paragraph shall not be less than the selling price as mentioned in Par.1.

Article 5.　When any property of a fisheries organization is sold through a sealed bid, if, in case there are two or more bidders at the highest price, there is any fisheries co-operative association among them, such fisheries co-operative association shall be the successful bidder.

2　If, in case any property of a fisheries organization is sold through a sealed bid, a third party other than a fisheries co-operative association is the highest bidder, the fisheries co-operative association which has joined the bid may request the fisheries organization to transfer the property in question for the same value as bid by the third party. However, this shall not apply in the case when ten days have elapsed after the opening of such bids.

3　In the case of the preceding paragraph, the provisions of pars.3 to 5 inclusive of the preceding Article shall apply with necessary modifications thereto.

Article 6.　"Fisheries co-operative association" referred to in the preceding two Articles shall, in case the properties to be sold belong to any fishermen's association, be a fishermen's co-operative association or fishermen's production association whose membership consists of more than ten per cent of the members of the fishermen's association;in case such properties belong to any prefectural fisheries association, it shall be a fishermen's co-operative association or federation of fishermen's co-operative associations which has the area of the whole or part of the jurisdictional area of the prefectural fisheries association, or, in case such properties belong to any manufacturers'association, it shall be a marine products processing co-operative association of federation of marine products processing co-operative associations which has the area of the whole or part of the jurisdictional area of the manufacturers'association.

Article 7.　Necessary matters relative to the disposal of properties in accordance with the provisions of Article 3 other than those stipulated in the preceding three Articles shall be determined by the Property Disposal Board.

Article 8.　Any fisheries organization may file no application for the approval of the property removal as prescribed in Art.5, par.1, Art.7, par.1, Art.9, par.1, Art.10, par.1 or Art.11, par.1 of the Consolidation Law unless it has completed the procedures as prescribed in the preceding six Articles.

Article 9.　With regard to the prices of the properties to be transferred in accordance with the provisions of Art.5, 7, 9, 10 or 11 of the Consolidation Law, it shall be determined on the basis of the official prices, if any, or, if no such official prices are available, on the basis of the specified prices which shall be determined by the Property Disposal Board within the limit of their book prices and current prices.