The Teito Rapid Transit Railway Corporation Law (Law No.51 of 1941) shall be partially amended as follows:
In Article 1 paragraph 1,"the city of Tokyo"shall be amended as"the area of Tokyo-To where the wards exist", and"corporation"shall be amended as"the juridical person of public law".
Article 5 shall be amended as follows:
Article 5. The person authorized to invest in the Teito Rapid Transit Railway Corporation shall be the Japanese National Railways and the local public entities covering the area where the railway tracks of the Teito Rapid Transit Railway Corporation are laid.
The Japanese National Railways may invest in the Teito Rapid Transit Railway Corporation within the limit of amount established in its budget.
Article 6 shall be amended as follows:
Article 9 shall be amended as follows:
"CHAPTER II Officers"shall be amended as"CHAPTER III Officers and Employees"and the following one Chapter shall be added next to Chapter I:
CHAPTER II Board of Directors
Article 14-(2). There shall be established a Board of Directors in the Teito Rapid Transit Railway Corporation.
Article 14-(3). The revenue and expenditure budget, business plan and fund plan, and settlement of revenue and expenditure of the Teito Rapid Transit Railway Corporation shall be subject to the decision of the Board of Directors.
Article 14-(4). The Board of Directors shall be composed of five members and the President of the Teito Rapid Transit Railway Corporation.
The Board of Directors shall have a Chairman, who shall be appointed from among its members by mutual election.
The Chairman shall preside over the matters of the Board of Directors.
The Board of Directors shall appoint in advance a person from among the members to act for the Chairman.
Article 14-(5). The members of the Board of Directors shall be appointed by the competent Minister from among those who are capable of exercising adequate judgement on the business of the Teito Rapid Transit Railway Corporation.
One out of the members prescribed in the preceding paragraph shall be appointed from among three persons recommended by the President of the Japanese National Railways, and also another one shall be appointed from among three persons recommended by the head or heads of the local public entities investing in the Teito Rapid Transit Railway Corporation.
Article 14-(6). Any person falling under the following items is not eligible for the membership of the Board of Directors:
(1) Any incompetent or quasi-incompetent;
(2) Any person who has been sentenced to imprisonment or heavier penalty;
(3) Any employee of the Government or local public entities excluding those part-time employees who are members composing the councils or similar organization;
(4) Any member of the National Diet or the assemblies of the local public entities;
(5) Any officer of a political party (including those who have so served within one year before the date of appointment);
(6) Any person who is a dealer of commodities or contractor to the Teito Rapid Transit Railway Corporation, or, in case he is a juridical person, any officer or person, whatsoever his title may be exercising the same official or actual power or more in that organization (including those who have so served within one year before the date of appointment);
(7) Any officer of the association of the enterprises stipulated in the preceding paragraph or person, whatsoever his title may be, exercising the same official or actual or power or more in that association (including those who have so served within one year before the date of appointment).
Article 147-(7). The term of office of the members shall be five years. However, a member who fills the vacancy of another member shall remain in office during the remaining term of office of his predecessor.
The member shall be eligible for reappointment.
Even after the term of office of a member has expired, the same member shall remain in office until the new member taking his office is appointed, regardless of the provisions of paragraph 1.
Article 14-(8). The competent Minister may remove any of the members from his office when he considers that the said member has become incapable of performing his duties on account of mental or physical disabilities, or when he considers that the said member has done something in negligence of his duties or otherwise has committed a misconduct unfit for the member.
Article 14-(9). The member of the Board of Directors shall not receive the remuneration. However, the member, shall receive the travelling expenses and other expenses actually needed for the performance of his duties.
Article 14-(10). The Board of Directors shall not open proceedings and make decision unless the Chairman and two or more other members are present.
The proceedings of the Board of Directors shall be decided by a majority of the members present, and in case of a tie, the Chairman shall decide.
The following one Article shall be added next to Article 18:
Article 18-(2). In applying the Criminal Code and other penal provisions, officers and employees of the Teito Rapid Transit Railway Corporation shall be regarded as personnel engaging in the public service in accordance with laws and orders.
Article 19 shall be amended as follows:
"CHAPTER III Traffic Bonds"shall be amended as"CHAPTER IV Traffic Bonds, etc.", and the numbering of the succeeding Chapters shall be moved down by one respectively.
In Article 29 paragraph 2,"the preceding paragraph"shall be amended as"the preceding two paragraphs", and the following one paragraph shall be added next to paragraph 1 of the same Article:
The State shall, as regards the loan to the Teito Rapid Transit Railway Corporation supplied from the operation of the Counterpart Fund of U. S. Aid to Japan, retain the right to receive the repayment of its own claim in preference to other creditors with respect to the assets of the Teito Rapid Transit Railway Corporation.
The following one Article shall be added next to Article 32:
Article 32-(2). The Teito Rapid Transit Railway Corporation shall, when the decision of the Board of Directors was made on its revenue and expenditure budget, business plan and fund plan, and settlement of revenue and expenditure in accordance with the provisions of Article 14-(3), prepare reports on the budget and settlement of accounts and submit them to the competent Minister, the Japanese National Railways and the local public entities investing in the Teito Rapid Transit Railway Corporation within fifteen days after such decision is made.
The Teito Rapid Transit Railway Corporation shall place the documents on budget and settlement of accounts at its main office to offer them for public perusal.
Supplementary Provisions:
1 This Law shall come into force as from the day of its promulgation. However, the provisions of Article 14-(3), as amended, shall apply to the revenue and expenditure budget, business plan and fund plan, and settlement of revenue and expenditure for the business year beginning from April, 1951 and thereafter.
2 The revenue and expenditure budget, business plan and fund plan, and settlement of revenue and expenditure of the Teito Rapid Transit Railway Corporation for the business year beginning from April, 1951 shall be subject only to the approval of the Board of Directors after the first members of the Board of Directors of the Teito Rapid Transit Railway Corporation is appointed, regardless of the provisions of Article 14-(3), as amended.
3 The provisions of Article 29 paragraph 2, as amended, shall also apply to the loans extended by the State to the Teito Rapid Transit Railway Corporation from the operation of the Counterpart Fund of U. S. Aid to Japan prior to the enforcement of this Law.
4 The term of office of the members of the Board of Directors of the Teito Rapid Transit Railway Corporation to be appointed for the first time after the enforcement of this Law shall be, as designated by the competent Minister, one year, two years, three years, four years and five years respectively from the date of appointment.
5 Any person, other than the Japanese National Railways and the local public entities, making investment in the Teito Rapid Transit Railway Corporation at the time of enforcement of this Law, may continue to invest (within the limit) of the amount already paid in until its share of investment is redeemed in accordance with the provisions of the following paragraph, regardless of the provisions of Article 5, as amended.
6 The Teito Rapid Transit Railway Corporation shall, as soon as possible, redeem by purchasing the share of investment made by the person as stipulated in the preceding paragraph.
7 The Teito Rapid Transit Railway Corporation shall, when it redeems the investment by purchasing as stipulated in the preceding paragraph, do so after the decision of the Board of Directors was made for the amount and price thereof.
8 When the share of investment is redeemed in accordance with the provisions of paragraph 6 of the Supplementary Provisions, the amount of capital of the Teito Rapid Transit Railway Corporation shall be reduced by the amount corresponding to the said share of investment.
9 The Law for Improvement of Penal Regulations of Economic Relation (Law No.4 of 1944) shall be partially amended as follows:
Item (2) of Annexed Table"A"shall be amended as follows:
10 In applying Article 7 paragraph 1 of the Trust Fund Bureau Fund Law (Law No.100 of 1951), the Teito Rapid Transit Railway Corporation shall be regarded as the juridical person stipulated in items (7) and (8) of the same paragraph until all the shares of investment held by persons other than the Japanese National Railways and the local public entities are redeemed in accordance with the provisions of paragraph 6 of the Supplementary Provisions.