1.　This Law shall come into force as from the day of its promulgation.

2.　The Government shall compensate within one year from the enforcement of this Law (in case the liquidation of the Japan Iron and Steel Manufacturing Company completes within one year from the enforcement of this Law, by the time of the completion of liquidation;and hereinafter the same) the loss suffered by the Japan Iron and Steel Manufacturing Company as the result of payment of the amount provided for in Article 2 paragraph 1 item (3) of the Japan Iron and Steel Manufacturing Company Law Enforcement Ordinance (Imperial Ordinance No.244 of 1933) to persons who retired on or after April 1, 1944, following the order issued by the competent Minister concerning the retirement allowances of employees as provided for in Article 16 of the Japan Iron and Steel Manufacturing Company Law.

3.　The Japan Iron and Steel Manufacturing Company shall, notwithstanding the provision of Article 34-(2) paragraph 1 of the Enterprise Reconstruction and Reorganization Law (Law No.40 of 1946), within six months from the enforcement of this Law, pay the amount equivalent to the amount provided for in Article 2 paragraph 1 item 3 of the Japan Iron and Steel Manufacturing Company Law Enforcement Ordinance to persons who had been transferred to the Japan Iron and Steel Manufacturing Company from the Iron Works (Seitetsusho) among those who retired from the same company when it was dissolved in accordance with the approved reorganization plan as provided for by the Enterprise Reconstruction and Reorganization Law and became consecutively the employees of the second companies of the same company.

4.　The Government shall compensate within one year from the enforcement of this Law the loss suffered by the Japan Iron and Steel Manufacturing Company from the payment of the amount mentioned in the preceding paragraph made in accordance with the provision of the same paragraph.

5.　The holder of bonds to be issued within two years from the enforcement of this Law by the Yawata Iron and Steel Manufacturing Company and the Fuji Iron and Steel Manufacturing Company, which are the second companies of the Japan Iron and Steel Manufacturing Company established under the provisions of the Enterprise Reconstruction and Reorganization Law (hereinafter referred to as the "second companies" ) shall have the right for three years from the enforcement of this Law to receive payment of his own credit in preference to the other creditors from the properties of the respective second companies concerned.

6.　The State shall have the right concerning the loans given to the second companies out of the Counterpart Fund of U. S. Aid to Japan, for three years from the enforcement of this Law, to receive payment of its own credits in preference to the other creditors from the properties of the second companies concerned.

7.　The Reconversion Finance Bank shall have the right concerning the loans given to the second companies, for three years from the enforcement of this Law, to receive payment of its own credits in preference to the other creditors from the properties of the second companies concerned.

8.　The precedence of the preferential right mentioned in the preceding three paragraphs shall be next to the general preferential right provided in the Civil Code (Law No.89 of 1896).

9.　The Law for the Improvements of Penal Regulations of Economic Relations (Law No.4 of 1944) shall be partially amended as follows:

10.　As for the application of penal provisions on acts committed before the enforcement of this Law, the precedents under the former provisions shall still hold good.