Article 1.　The Railway Mortgage Law (Law No.53 of 1905) shall be partially amended as follows:

Article 2.　The Factory Mortgage Law (Law No.54 of 1905) shall be partially amended as follows:

Article 3.　The Enforcement Ordinance of the Agricultural Movables Credit Law (Imperial Ordinance No.307 of 1933) shall be partially amended as follows:

Article 4.　The provisions of the Railway Mortgage Law before the amendment in accordance with the provisions of this Law shall apply as to the motor vehicles (referring to motor vehicles under the Vehicles for Road Transportation Law except light motor vehicles and two-wheel small-size motor vehicles;hereinafter the same actually belonging to the railway foundation in accordance with the Railway Mortgage Law at the time of the enforcement of this Law. However, this shall not apply after the alteration registration of the indication of the railway foundation inventory in accordance with the provisions of the next paragraph as to such motor vehicles has been made.

2　The owner of motor vehicles referred to in the main clause of the preceding paragraph shall, when the registration has been obtained as to such motor vehicles in accordance with the Vehicles for Road Transportation Law, apply for the alteration registration of the indication of motor vehicles entered in the railway foundation inventory.

3　The application for alteration registration referred to in the preceding paragraph shall be accompanied by a copy of the motor vehicle register book for the motor vehicle concerned.

4　When the alteration registration referred to in paragraph 2 is made, the Minister of Transportation shall notify the chief of Land Transportation Bureau to the effect that the motor vehicle concerned belongs to the railway foundation.

5　When the chief of Land Transportation Bureau has received the notification in accordance with the provisions of the preceding paragraph, he shall make registration in the motor vehicle register book to the effect that the motor vehicle belongs to the railway foundation.

Article 5.　The provisions of the preceding Article shall apply mutatis mutandis to the factory foundation under the Factory Mortgage Law, to the mining foundation under the Mining Mortgage Law (Law No.55 of 1905), to the track foundation under the Law concerning the Mortgage on Tracks (Law No.28 of 1909), to the canal foundation under the Canal Law (Law No.16 of 1913), to the fisheries foundation under the Fisheries Foundation Mortgage Law (Law No.9 of 1925), to the motor transportation business foundation under the Road Transportation Law Enforcement Law (Law No.184 of 1951), and to the harbor transportation business foundation under the Harbor Transportation Business Law (Law No.161 of 1951).

Article 6.　With any mortgage under the Agricultural Movables Credit Law (Law No.30 of 1933) actually registered at the time of the enforcement of this Law, of which object is a motor vehicle shall still remain valid for the period of two months after the enforcement of this Law. However, when the registration under the provisions of the next paragraph has been obtained, the validity shall be lost from the time thereof.

2　The mortgage may, within the period referred to in the preceding paragraph, apply for registration to the effect that the motor vehicle concerned is the object of mortgage under the Agricultural Movables Credit Law, to the chief of Land Transportation Bureau having jurisdiction, accompanied by a copy of the register.

3　The registration referred to in the preceding paragraph shall be effected by entering the matters of entries of a register in the motor vehicle register book in accordance with the provisions mutatis mutandis of Motor Vehicle Mortgage Law (Law No.187 of 1951;hereinafter referred to as "the Law" ).

4　When the registration referred to in paragraph 2 has been obtained, it shall be deemed to have obtained the registration in accordance with the provisions of the Law, and the mortgage thereof shall be regarded as the mortgage in accordance with the provisions of the Law.

5　When the mortgagor failed to obtain the registration under the Vehicles for Road Transportation Law as to the motor vehicles which are the object of mortgage within two months from the day of the enforcement of this Law, the mortgagee shall be entitled to exercise the right immediately.

6　When the mortgagee intends to exercise the mortgage in accordance with the provisions of the preceding paragraph, he shall, within four months from the day of the enforcement of this Law, follow the formalities therefor.

7　The mortgage shall still be regarded as valid during the period within which the formalities for the exercise of the mortgage could be follow in accordance with the provisions of the preceding paragraph and the period until the termination of the exercise of the mortgage.

8　In cases where a mortgage, which has been regarded as based upon the provisions of the Law in accordance with the provisions of paragraph 4 with regard to the same motor vehicle in order to secure several obligations, is created, the rank of these mortgages shall be fixed in accordance with the time of registration referred to in paragraph 1.

9　The mortgage which has been regarded as based upon the provisions of the Law in accordance with the provisions of paragraph 4 shall in rank precede the mortgage in accordance with the provisions of the Law.

Article 7.　The pledge, actually existing at the time of the enforcement of the Law and whose object is the motor vehicle referred to in Article 2 of the same Law shall remain valid irrespective of the provisions of Article 20 of the Law, when it is registered to that effect in the motor vehicle register book within two months after the enforcement of the Law.

2　The pledge still valid under the provisions of the preceding paragraph shall in rank precede the mortgage under the provisions of the Law.

Article 8.　The Registration Tax Law (Law No.27 of 1896) shall be partially amended as follows:

Article 9.　The Secured Debenture Trust Law (Law No.52 of 1905) shall be partially amended as follows: