I hereby promulgate the Law concerning Abolition of the Law concerning Adjustment and Coordination of Disposal of Securities.
Signed:HIROHITO, Seal of the Emperor
This second day of the sixth month of the twenty-sixth year of Showa (June 2, 1951)
Prime Minister YOSHIDA Shigeru
Law concerning Abolition of the Law concerning Adjustment and Coordination of Disposal of Securities
The Law concerning Adjustment and Coordination of Disposal of Securities (Law No.8 of 1947) shall be abolished.
Supplementary Provisions:
1 This Law shall come into force as from the day as may be provided for by Cabinet Order within the term not exceeding three months from the day of its promulgation.
2 The Securities Coordinating and Liquidation Committee shall be dissolved on the day of enforcement of this Law.
3 The matters necessary for the dissolution of the Securities Coordinating and Liquidation Committee shall be provided for by Cabinet Order separately.
4 The former Law concerning Adjustment and Coordination of Disposal of Securities shall still be effective even after the enforcement of this Law, as far as both the liquidation of the Securities Coordinating and Liquidation Committee and the application of penal provisions to acts done prior to the time of the enforcement of this Law are concerned.
5 The Government or the Closed Institution Liquidation Commission shall dispose of securities (meaning securities provided for in Article 2 paragraph 1 item 1 to item 8 inclusive of the Securities and Exchange Law (Law No.25 of 1948)) possessed by the Government or the Closed Institutions (meaning Closed Institutions provided for in Article 1 of the Closed Institutions Ordinance (Imperial Ordinance No.74 of 1947)) in the same way as before, even after the enforcement of this Law, in accordance with the spirits of the purpose mentioned in Article 1 of the Law concerning Adjustment and Coordination of Disposal of Securities.
6 The Law relating to the Prohibition of Private Monopoly and Methods of Preserving Fair Trade (Law No.54 of 1947) shall be partially amended as follows:
In Article 113, "Or Securities Coordinating and Liquidation Committee" shall be deleted.
7 The Law concerning Temporary Measures for the Budget and Settlement of Account of Public Corporations, etc.(Law No.27 of 1949) shall be partially amended as follows:
In Article 1 ", Closed Institution Liquidation Commission and Securities Coordinating and Liquidation Committee" , shall be amended as "and Closed Institution Liquidation Commission" .
8 The Law for Calculation of Fractions of Receipts and Disbursements, etc. of the Treasury (Law No.61 of 1950) shall be partially amended as follows:
In paragraph 1 of Article 1 ", Securities Coordinating and Liquidation Committee" shall be deleted.
9 The Law concerning Transfer and Payment from Special Accounts, etc. to the General Account for Appropriation for the Retirement Allowances to be paid to the Retired Officials (Law No.62 of 1950) shall partially be amended as follows:
In Article 2 ", Closed Institution Liquidation Commission and Securities Coordinating and Liquidation Committee" shall be amended as "and Closed Institution Liquidation Commission" .
10 The Law concerning Temporary Measures for Separation Allowances for National Public Service Personnel and Others (Law No.142 of 1950) shall partially be amended as follows:
In paragraph 5 item (2) of the Supplementary provisions, ", Closed Institution Liquidation Commission or Securities Coordinating and Liquidation committee" shall be amended as "or Closed Institution Liquidation Committee" .
11 The Law concerning the Responsibility of the Budget Executing Officer, etc.(Law No.172 of 1950) shall partially be amended as follows:
In Article 9 paragraph 1, ", Closed Institution Liquidation Commission and Securities Coordinating and Liquidation Committee" and "chairman or speaker" shall be amended as "and Closed Institution Liquidation Commission" and, or chairman"respectively.
12 The Local Tax Law (Law No.226 of 1950) shall be partially amended as follows:
In Article 24 item (3) and Article 743 item (3), "Securities Coordinating and Liquidation Committee," shall be deleted.
13 The provisions before the amendments of Article 113 of the Law concerning Prohibition of Private Monopoly and Methods of Preserving Fair Trade, Article 1 of the Law concerning the Temporary Measures for Budget and Settled Account of Kodan, etc., Article 1 paragraph 1 of the Law for Calculation of Fractions of Receipts and Disbursements, etc. of the Treasury, Article 2 of the Law concerning Transfer and Payment from Special Accounts, etc. to the General Account for Appropriation for the Retirement Allowances to be paid to the Retired Officials, paragraph 5 item (2) of the Supplementary Provisions of the Law concerning the Temporary Measures for Separation Allowances for National Public Service Personnel and Other, Article 9 paragraph 1 of the Law concerning the Responsibility of the Budget Executing Officer, etc., and Article 24 items (3) and Article 743 item (3) of the Local Tax Law shall be effective even after the enforcement of this Law in regard to the Securities Coordinating and Liquidation Committee in the course of liquidation.