Article 1.　The formulation and execution of budget, and the preparation of settlement of account in the People's Finance Public Corporation and the Housing Loan Public Corporation (hereinafter referred to as "the Koko" ) shall be made in accordance with the provisions of this Law.

Article 2.　The business year of the Koko shall begin on April 1 every year and end on March 31 in the following year.

Article 3.　The Koko shall formulate the estimate of budget for receipts and expenditures for each business year and submit it, through the competent Minister, to the Minister of Finance.

2　The receipts under the preceding paragraph shall consist of the interests on loans, other receipts from the operation of the asset and the incidental miscellaneous receipts.

3　The expenditures under paragraph 1 shall, in the case of People's Finance Public Corporation, consist of the interests on borrowings and pension debentures, business expenses, business-entrusting expenses, expenses necessary for the acquisition of the fixed assets and the incidental miscellaneous expenses and shall, in the case of the Housing Loan Public Corporation, consist of the interests on borrowings, business expenses, business-entrusting-expenses, expenses necessary for acquisition of the fixed assets and incidental miscellaneous expenses.

4　The estimate of budget under paragraph 1 shall be accompanied with the following documents:

5　The formulation and the procedure of submission of the budget under paragraph 1 shall be determined by the Minister of Finance.

Article 4.　In case the Minister of Finance has received the estimate of budget in accordance with the provision of paragraph 1 of the preceding Article, he shall examine and adjust properly the estimate, and shall ask the approval for Cabinet meeting.

2　In case the budget under paragraph 1 of the preceding Article has been approved by Cabinet meeting under the provision of the preceding paragraph, the Cabinet shall submit the budget to the Diet together with the national budget.

3　The budget to be submitted to the Diet in accordance with the provision of the preceding paragraph shall be accompanied with the documents prescribed in each item of paragraph 4 of the preceding Article.

Article 5.　The budget of the Koko shall consist of the general provisions of budget and the budget for receipts and expenditures.

2　The budget for receipts and expenditures for the Koko shall be classified into titles and items by the nature of receipt and the purpose of expenditure.

3　The form and content of the budget for the Koko, other than the matters prescribed in the preceding two paragraphs, shall be decided by the Minister of Finance after consultation with the competent Minister.

Article 6.　In order to cover the unforeseen shortage of the budget, the Koko may include a proper amount as the reserve fund in the estimates of budget.

Article 7.　As for the approval on the budget for the Koko by the Diet, it shall be made in accordance with the procedure and practice of the approval on the national budget.

Article 8.　The Cabinet, upon the approval of the budget for the Koko by the Diet, shall immediately notify the Koko to that effect, through the competent Minister, in accordance with the approval by the Diet.

2　The Koko shall not be authorized to execute the budget before he has received the notification under the provision of the preceding paragraph.

3　The Minister of Finance shall, when the notification has been made in accordance with the provision of paragraph 1, notify the Board of Audit to that effect.

Article 9.　The Koko shall, when it has received the notification under the provision of paragraph 1 of the preceding Article, divide the item into objects in receipts and into objects and details in expenditures (excluding the item "Reserve Fund" ) in accordance with the said notification, and shall submit the budget classified, to the Minister of Finance, through the competent Minister, for the approval on its classification.

2　The Minister of Finance shall, in case he has made approval under the provision of the preceding paragraph, notify the Board of Audit to that effect.

Article 10.　The Koko shall be authorized to formulate the supplementary budget and submit it to the Minister of Finance, through the competent Minister together with the documents prescribed in Article 3 paragraph 4 items (1), (3) and (4) which have been changed due to the formulation of the supplementary budget (excluding the estimated profit and loss statement and the estimated balance sheet for the previous year) only in case there comes the necessity on account of the unavoidable cause arisen after the formulation of the budget.

2　The provisions of Article 3 paragraphs 2, 3 and 5 and of Article 4 shall apply mutatis mutandis to the case of the supplementary budget under the preceding paragraph. In this case, the words "under the preceding paragraph" or "under paragraph 1" as used in Article 3 paragraph 2 or 3 shall read "to be specified to the supplementary budget under Article 10 paragraph 1" and the words "in each item of paragraph 4 of the preceding Article" , as used in Article 4 paragraph 3 shall read "in Article 10 paragraph 1" .

Article 11.　The Koko shall be authorized to formulate the revised budget and submit it, through the competent Minister, to the Minister of Finance together with the documents prescribed in Article 3 paragraph 4 items (1), (3) and (4), which have been changed due to the revision of budget (excluding the estimated profit and loss statement and the estimated balance sheet for the previous year), in case it becomes necessary to revise the budget already approved by the Diet on Account of the cause arisen after the approval of the budget, except the case under the preceding paragraph.

2　The provisions of Article 3 paragraph 5 and of Article 4 shall apply mutatis mutandis to the case of the revision of the budget under the provision of the preceding paragraph. In this case, the words "in each item of paragraph 4 of the preceding Article" as used in Article 4 paragraph 3 shall read "in Article 11 paragraph 1" .

Article 12.　The Koko shall be authorized, if necessary, to formulate the provisional budget for a certain period of the business year and submit it, through the competent Minister, to the Minister of Finance together with the documents concerning the business program, the fund accommodation program for the period concerned and other matters which will furnish the useful informations for the budget concerned.

2　The provisions of Article 3 paragraphs 2, 3 and 5 and of Article 4 shall apply mutatis mutandis to the case of the provisional budget under the provision of the preceding paragraph. In this case, the words "prescribed in the preceding paragraph" or "prescribed in paragraph 1" as used in Article 3 paragraph 2 or paragraph 3 shall read "to be specified to the provisional budget under Article 12 paragraph 1" and the words "in each item of paragraph 4 of the preceding Article" as used in Article 4 paragraph 3 shall read "in Article 12 paragraph 1" .

3　The provisional budget shall lapse upon the approval of the annual budget for the business year concerned, and any disbursement incurred in accordance with the provisional budget shall be regarded as having been made in accordance with the annual budget for the business year concerned.

Article 13.　The Koko shall not use the expenditure budget for the object other than those provided for in each item.

Article 14.　As for the amounts of expenses in each item provided for in the budget, the Koko shall not transfer them among items; provided that, it shall be authorized to make transfer, with the approval of the Minister of Finance, only in the case where it has beforehand been approved by the Diet in the budget, if necessary for executing the budget.

2　As for the amounts of each object or each detail designated by the Minister of Finance, the Koko shall not transfer them between objects or details each other without the approval of the Minister of Finance.

3　As for the amount of objects or details other than those designated by the Minister of Finance in accordance with the provision of paragraph 2, the Koko shall be authorized to transfer them between objects or details concerned within the same item.

4　In case the Koko intends to ask for the approval on diversion or transfer in accordance with the provision of the proviso to paragraph 1 or of paragraph 2, it shall be made through the competent Minister.

5　The Minister of Finance, in case he has approved on the transfer or the diversion under the provision of the proviso to paragraph 1 or of paragraph 2, shall notify the Koko and the Board of Audit to that effect.

6　The amount of money of the transfer or the diversion under the provision of the proviso to paragraph 1, or of paragraph 2 or 3, shall be shown clearly together with the statements on reasons in the Report on the Settlement of Account for the amount of the transfer or the diversion made in accordance with the provision of the proviso to paragraph 1 or of paragraph 2.

Article 15.　The Koko shall, on the basis of the budget notified in accordance with the provision of Article 8 paragraph 1, prepare the documents on the plan of obligations and payments, as provided for by the Minister of Finance, concerning the necessary amount of money due to the contracts and other acts which cause the Koko to disburse (hereinafter referred to as "obligations" ) and the necessary amount of money for disbursement, and shall forward such documents to the Minister of Finance for obtaining his approval.

2　The Minister of Finance shall, in case he has approved the plans of obligations and payments under the preceding paragraph, notify the Koko and the Board of Audit to that effect.

3　The Koko shall not be authorized, in case of making obligations and payments on the basis of the budget notified in accordance with the provision of Article 8 paragraph 1, to make obligation and payments of more amount of money than those specified in the plan of obligations and payments approved in accordance with the provision of paragraph 1.

Article 16.　In case the Koko intends to use the Reserve Fund, the Koko shall prepare the statement of disbursement from Reserve Fund showing the reason therefor, amount and basis of the computation and forward them to the Minister of Finance through the competent Minister for obtaining his approval.

2　In case the approval under the preceding paragraph has been made, the expenses stated in the approved Statement of Disbursement from the Reserve Fund shall be regarded as having been notified as the budget in accordance with the provision of Article 8 paragraph 1.

Article 17.　The Koko shall finish the settlement of accounts for each business year by July 31 of the next following business year.

Article 18.　The Koko shall prepare profit and loss statement, balance sheet and the inventory (hereinafter referred to as "Financial Statements" ) in each business year and submit them to the Minister of Finance through the competent Minister within one month after completion of the settlement of accounts for obtaining his approval.

2　The Koko shall make public notice of its Financial Statements without delay in case the approval under the provision of the preceding paragraph has been given by the Minister of Finance.

Article 19.　In case the Koko has prepared the report on settlement of accounts based on the classification of the budget prescribed in the provisions of Article 5 paragraph 2 and Article 9 paragraph 1 after the completion of settlement and has obtained the approval of the Minister of Finance under the provision of paragraph 1 of the preceding Article, the Koko shall forward it to the Minister of Finance through the competent Minister without delay together with the Financial Statements of the business year concerned which have been approved.

2　The Minister of Finance, in case he has received the Report on settlement of accounts in accordance with the preceding paragraph, shall submit it to the Cabinet together with the Financial Statements under the preceding paragraph.

3　The form and content of the report on the settlement of account prescribed in the provision of paragraph 1 shall be determined by the Minister of Finance.

Article 20.　The Cabinet shall, in case it has received the report on the settlement of account of the Koko in accordance with the provision of paragraph 2 of the preceding Article, submit it to the Board of Audit by November 31 of the next following business year together with the Financial Statements under paragraph 1 of the preceding Article.

Article 21.　The Cabinet shall submit to the Diet the report on settlement of account of the Koko examined by the Board of Audit accompanied with the Financial Statements under Article 18 paragraph 1, together with the settlement of the accounts of revenues and expenditures for the national budget.

Article 22.　The Expenditure budget of the Koko for each business year may not be used in the next following business year; provided that, the amounts for expenditures which have, though obligations, been incurred within the business year concerned, and has not been disbursed up on account of the unavoidable circumstances shall be authorized to be carried forward to and used in the next following business year.

Article 23.　The Koko shall, in case it intends to carry forward in accordance with the provision of proviso to the preceding Article, prepare the statement of carrying forward showing the reason therefor and amount thereof for each item, and submit it to the Minister of Finance through the competent Minister for obtaining his approval.

2　In case the approval under the provision of the preceding paragraph has been made, the expenses prescribed in the statement of carrying-forward approved shall be regarded as having been notified as the budget prescribed in the provision of Article 8 paragraph 1.

Article 24.　The Minister of Finance, in case he deems it necessary for keeping the execution of the budget adequate, shall be authorized to request the report on the actual results or estimates of receipts and expenditures, or to make field inspection in connection with the condition of the execution of the budget.

Article 25.　The procedures for enforcement of this Law and other matters necessary for their execution shall be provided for by Cabinet Order.