(Disposal, etc. of Joint Ownership Shares)
Article 1. The Minister of Finance may, if necessary for expediting the completion of the liquidation of the Sempaku Kodan, transfer to the State its shares based on the contract of joint ownership of vessels between it and other shipowners (hereinafter referred to as "joint ownership shares" ) and other rights and obligations.
2 The States shall, when it has received in accordance with the provision of the preceding paragraph the transfer of the rights and obligations of the Sempaku Kodan based on the contract of joint ownership, take over on the day of the transfer the liabilities of the Sempaku Kodan to the Reconversion Finance Bank.
3 When the State has taken over in accordance with the provision of the preceding paragraph the liabilities of the Sempaku Kodan to the Reconversion Finance Bank, the Reconversion Finance Bank shall decrease its capital by the amount equivalent to the amount of such liabilities, and the State shall thereby consider as having repaid such liabilities to the Reconversion Finance Bank.
4 If, in those cases where the State has taken over in accordance with the provision of paragraph 1, the rights and obligations of the Sempaku Kodan based on the contract of joint ownership, the value of the joint ownership shares so taken over exceeds the amount of such liabilities of the Sempaku Kodan to the Reconversion Finance Bank as have been taken over in accordance with the provision of paragraph 2, the Sempaku Kodan shall decrease its capital by the amount equivalent to the amount in excess.
5 The amendment to the Articles of Incorporation of the Sempaku Kodan for the decrease of its capital mentioned in the preceding paragraph shall be made with the approval of the Minister of Finance, and if such amendment has been made to the Articles of Incorporation, it shall be registered as provided for by Cabinet Order.
(Abolition of the Sempaku Kodan Law)
Article 2. The Sempaku Kodan Law (Law No.52 of 1947) shall be abolished. However, the same Law shall remain in force even after the enforcement of this Law so far as the application of penal provisions to the acts done before the enforcement of this Law and the Liquidation of the Sempaku Kodan are concerned.