I hereby promulgate the Law for Sale of Vessels Purchased by the Government in accordance with the Provisions of the Government Purchase of Low-Efficiency Vessels Law for Adjustment of Demand and Supply of Ocean-Going Shipping Bottoms.
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 for Sale of Vessels Purchased by the Government in accordance with the Provisions of the Government Purchase of Low-Efficiency Vessels Law for Adjustment of Demand and Supply of Ocean-Going Shipping Bottoms
(Sale)
Article 1. As-to the skeleton vessels whose title the Government has acquired in accordance with the provisions of the Government Purchase of Low-Efficiency Vessels Law (Law No.242 of 1950)(hereinafter referred to as "Governmentpurchased skeleton vessel" ) and which the Minister of Transportation deems it necessary to refit for adjustment of demand and supply of the ocean-going shipping bottoms, the Minister of Finance may sell them in accordance with the provisions of the following items on the condition that, in accordance with the instructions of the Minister of Transportation, their necessary refitting is to be made for obtaining a class for ocean-going vessels acknowledged by the ship classification society:
(1) To sell to the person who sold that Government-purchased skeleton vessel to the Government, at a price equal to the purchased price of that vessel plus the interest on it calculated at the rate of 0.027% per day according to the number of days from the day on which the Minister of Transportation paid the purchased price of that vessel till the day on which the Minister of Finance receives the selling price;
(2) Where it is difficult to sell under the preceding item, to sell according to the general procedures.
(Delivery)
Article 2. In cases where the Minister of Finance has sold the Government-purchased skeleton vessel in accordance with the provision of the preceding Article, he shall not deliver the vessel to the person who has purchased it until the price thereof is received.
(Modified Application, etc.)
Article 3. The provisions of Article 14, Article 15, Article 16 paragraph 1 and paragraph 3 and Article 17-(2) paragraph 1 of the Government Purchase of Low-Efficiency Vessels Law shall apply mutatis mutandis to the case of sale in Article 1.
Article 4. With respect to the Government-purchased skeleton vessel under the provision of Article 1, the provisions of Article 17 and Article 18 of the Government Purchase of Low-Efficiency Vessels Law shall not be applicable.
Supplementary Provision:
This Law shall come into force as from the day of its promulgation.
Minister of Finance IKEDA Hayato
Minister of Transportation YAMAZAKI Takeshi
Prime Minister YOSHIDA Shigeru