I hereby promulgate the Law concerning Preparation for Repayment of the Debts Incurred by Japanese Consulates and Japanese Residents Associations.
Signed:HIROHITO, Seal of the Emperor
This thirtieth day of the third month of the twenty-sixth year of Showa (March 30, 1951)
Prime Minister YOSHIDA Shigeru
Law concerning Preparation for Repayment of the Debts Incurred by Japanese Consulates and Japanese Residents Associations
(Introduction to the Diet of the Bill concerning Repayment of the Debts Incurred by Japanese Diplomatic and Consular Establishments, Etc. and Other Measures)
Article 1. In order to make repayment of the debts incurred by Japanese diplomatic and consular establishments, etc.(meaning the debts confirmed by the Minister for Foreign Affairs as the obligations of the State in accordance with the provisions of the Law concerning the Preparation Committee for Liquidation of Debts Incurred by Japanese Consulates and Japanese Residents Associations (Law No.173 of 1949);hereinafter referred to as "the debts" ), the Government shall introduce a Bill to the Diet prescribing standards for appraisal of local currencies in which the debts are expressed, method of repayment and other necessary matters in connection with repaying the debts at the first session of the Diet called after the enforcement of this Law and shall also take measures needed for commencement of repayment of the debts within the Fiscal Year 1951-52.
(Standards for Method of Repayment)
Article 2. Method of repaying the debts in the bill mentioned in the preceding Article shall be decided on the basis of standards to be recognized as just and reasonable from the standpoint of equity of burden on the people.
(The Council for Appraisal of the Debts Incurred by Japanese Consulates and Japanese Residents Associations)
Article 3. The Council for Appraisal of the Debts Incurred by Japanese Consulates and Japanese Residents Associations (hereinafter referred to as "the Council" ) shall be established in the Ministry of Finance.
2 The Council shall, in response to inquiries of the Minister of Finance, research and deliberate on matters regarding appraisal of local currencies in which the debts are expressed, necessary for preparing the Bill mentioned in Article 1.
Article 4. The Council shall consist of the Vice-Minister of Finance and members of not more than eight (8) in number.
2 The Vice-Minister shall preside over the affairs of the Council as the Chairman.
3 The members shall be appointed by the Minister of Finance from among personnel of the Ministry of Foreign Affairs and the Ministry of Finance and persons of learning and experience. In this case, number of the members appointed from among personnel of the Ministry of Foreign Affairs and the Ministry of Finance shall not be more than three (3).
4 The members of the Council shall serve parttime.
Article 5. Necessary matters regarding the Council, other that those provided for in the preceding two Articles, shall be prescribed by Cabinet Order.
Supplementary Provisions:
1 This Law shall come into force as from the day of its promulgation.
2 The Ministry of Finance Establishment Law (Law No.144 of 1949) shall be partially amended as follows:
The following one item shall be added to Article 10:
(24) Preparation for repaying the debts incurred by Japanese diplomatic and consular establishments, etc.
In the Table of Article 13 paragraph 1,
"Assets Revaluation Council |
To study and deliberate upon important matters concerning the assets revaluation, in response to inquiries of the Minister of Finance. |
"shall be amended as"
Assets Revaluation Council |
To study and deliberate, in response to inquiries of the Minister of Finance, upon important matters concerning the assets revaluation. |
Council for Appraisal of the Debts Incurred by Japanese Consulates and Japanese Residents Associations |
To study and deliberate, in response to inquiries of the Minister of Finance, on matters concerning appraisal of local currencies in which the debts are expressed, necessary for preparing a Bill concerning repayment of the debts incurred by Japanese consulates and Japanese residents'associations. |
Minister for Foreign Affairs YOSHIDA Shigeru
Minister of Finance IKEDA Hayato
Prime Minister YOSHIDA Shigeru