I hereby promulgate the Law for Partial Amendments to the Fisheries Cooperative Association Law.
Signed:HIROHITO, Seal of the Emperor
This seventh day of the third month of the twenty-sixth year of Showa (March 7, 1951)
Prime Minister YOSHIDA Shigeru
Law for Partial Amendments to the Fisheries Cooperative Association
The Fisheries Cooperative Association Law (Law No.242 of 1948) shall be partially amended as follows:
In Article 7 paragraph 2, "the Associations as prescribed in items 1, 3 and 4 of the preceding paragraph" shall be amended as "the Associations as prescribed in the items of the preceding paragraph" .
Next to Article 57, the following one Article shall be added:
(Standards for Financial Matters)
Article 57-(2). Besides the provisions of the preceding three Articles, such standards for the amount of own funds, employment of idle money and operation of credit accommodation business as shall be followed by the capitalized association properly to administer its financial matters so that it may be able to clarify its financial relations with its members and ensure their interests shall be determined by Cabinet Order.
In Article 82 paragraph 3, "those who engage in the business" shall be amended as "those who permanently engage in the business" .
In Article 123, the following one paragraph shall be added:
3 The administrative authorities must, once a year as a rule, carry out inspection of books and other inspections with respect to the business or state of accounting of the capitalized associations (excluding the Fishermen's Production Associations).
In Article 124 paragraph 1, next to "If" , "the report furnished in accordance with the provision of Article 122 or" shall be added.
In Article 129 paragraph 1, "one thousand yen" shall be amended as "ten thousand yen" .
Supplementary Provision:
This Law shall come into force as from the day of its promulgation.
Minister of Finance IKEDA Hayato
Minister of Agriculture and Forestry HIROKAWA Kozen
Prime Minister YOSHIDA Shigeru