(Amendments to the Smaller Enterprise, Etc. Cooperative Law)
Article 1. The Smaller Enterprise, Etc. Cooperative Law (Law No.181 of 1949) shall be partially amended as follows:
Article 76 paragraph 2 items (4) and (5) shall be amended as follows:
(4) Receipt of deposits of the State, local public entities, and other juridical persons not aiming at pecuniary profits;
(5) Receipt of deposits or fixed deposits of spouses and other relatives who live on common living expenses with members;
(6) Loaning of funds to the persons mentioned in the preceding item on the security of deposits or fixed deposits.
In Article 77 paragraph 5, "paragraph 2" shall be amended as "paragraph 2 items (1) to (4) inclusive" .
In Article 112 paragraph 1, "or made loan or discounted bills" shall be amended as "made loan, discounted bills or received deposits or fixed deposits," .
(Amendments to the Law concerning Financial Business by Cooperatives)
Article 2. The Law concerning Financial Business by Cooperatives (Law No.183 of 1949) shall partially be amended as follows:
The heading of Article 2 shall be amended as "Authorization" ;and in the same Article, "Minister of Finance" and "license" shall be amended as "administrative agency" and "authorization" respectively.
In Article 4 item (1), "credit association, federation of credit associations" shall be added next to "Central Bank for Commercial and Industrial Cooperatives," , and "or postal savings" shall be added next to "Credit Cooperatives" ;item (2) of the same Article shall be amended as follows;and item (3) shall be deleted:
(2) Acquisition of national bonds, prefectural government bonds or such securities as are determined by the Minister of Finance.
In Article 6, "Articles 12 to 14 inclusive (Statement of Audit, Restriction on Management of Another Company of Managing Officers and Permission of Amalgamation)" shall be amended as "Article 12 (Statement of Audit), Article 14 (Authorization of Amalgamation)" , and "Articles 19 to 31 inclusive" shall be amended as "Articles 19 to 29 inclusive" ;and the following one paragraph shall be added to the same Article:
2 In the case under the preceding paragraph, the "competent Minister" as stated in the provisions of Article 10, Article 14 and Articles 19 to 26 inclusive of the Banking Law and Article 16 of the Savings Bank Law shall read "administrative agency" , and "business license" as stated in Article 23, Article 24 and Article 27 of the, Banking Law read "authorization of business" .
The following one Article shall be added next to Article 6:
(Competent Administrative Agency)
Article 6-(2). The "administrative agency" as used in this Law shall mean the Minister of Finance in respect to such federation of credit associations as has a business area extending beyond the limits of a To, Do, Fu or Ken, and the Governor of To, Do, Fu or Ken in respect to any other federation of credit associations.
2 The Minister of Finance may, in accordance with the Cabinet Order, delegate part of his powers conferred by this Law to the chief of a local financial branch or the Governor of To, Do, Fu or Ken.
In Article 7, "any representative, agent, employee or other worker...... to a fine not exceeding 5,000 yen" shall be amended as "any representative or agent...... to penal servitude not exceeding one year or a fine not exceeding 100,000 yen" .
In Article 8, "1,000 yen" shall be amended as "100,000 yen" , and "a government office" as "a government or public office" .
In Article 9, "not less than 10 yen and not exceeding 1,000 yen" shall be amended as "of 10,000 yen" , and the "competent Minister" as "administrative agency" ;and in item (1) of the same Article, "or Article 13" shall be deleted.
Article 3. With respect to a credit cooperative existing at the time of enforcement of this Law and a federation of cooperatives conducting at that time the business under Article 77 paragraph 1 item (1) of the Smaller Enterprise, Etc. Cooperative Law (hereinafter referred to as "cooperatives" ), the provisions of the same Law before amendments and the Law concerning Financial Business by Cooperatives before amendments shall still be effective for one year counting from the day of enforcement of this Law.
(Organizational Change into an Association)
Article 4. Of the cooperatives under the preceding Article, a credit cooperative may become a credit association provided for by the Credit Association Law (Law No.238 of 1951) and a federation of cooperatives conducting the business under Article 77 paragraph 1 item (1) of the Smaller Enterprise, Etc. Cooperative Law become a federation of credit associations under the Credit Association Law, through a resolution at a general meeting (or the meeting of representative in the case of a cooperative which holds such meeting) within the period specified in the preceding Article.
2 In cases where a cooperative becomes a credit association or a federation of credit associations (hereinafter referred to as "association" ) in accordance with the provision of the preceding paragraph, if the articles of association, the organization or any other matter of such cooperative contravenes to the provisions of the Credit Association Law or any order issued thereunder, the change of the articles of association and other necessary matters shall be effected.
3 In case a cooperative becomes an association in accordance with the provision of paragraph 1, the officers or representatives of such cooperative shall continuously hold office in the association as officers or representatives, and their term of office shall be the remaining part of their term in the cooperative;provided, however, that such part exceeds the term for officers or representatives of the association, they shall be in office for that term only.
4 With respect to a cooperative which becomes a credit association in accordance with the provision of paragraph 1, the "10,000,000 yen" as stated in Article 5 paragraph 1 item (1) of the credit Association Law and the "5,000,000 yen" as stated in Article 5 paragraph 1 item (2) of the same Law shall read respectively "5,000,000 yen" and "2,000,000 yen" , till the day when two years have elapsed computing from the day of enforcement of this Law.
Article 5. The change of organization into an association under the provision of paragraph 1 of the preceding Article shall become effective through the registration, within the period under the same paragraph, of the matters under Article 65 paragraph 2 of the Credit Association Law at the seat of the principal office of the association.
2 The provisions of Article 65 paragraph 3, Article 74 paragraph 1, Article 75 paragraphs 1 and 2, and Article 76 of the Credit Association Law shall apply mutatis mutandis to the registration under the preceding paragraph.
3 The application for registration under paragraph 1 shall be accompanied with a copy of the register-book of the cooperative, excluding the case where such registration is made at the seat of the principal office of the cooperative.
4 In case the registration under the provision of paragraph 1 is made at the seat of the principal office of a cooperative, the official at the registry office shall close ex-officio the register papers of such cooperative after stating the reason therein.
5 In case the registration under the provision of paragraph 1 is made at any place other than the seat of the principal office of a cooperative, the official at the registry office shall notify to that effect to a registry office which has jurisdiction over the seat of the principal office of such cooperative.
6 The provision of paragraph 4 shall apply mutatis mutandis to the case where the notification under the preceding paragraph is made.
7 The official at the registry office shall, in case he follows the procedure under paragraph 4 (including the case where this provision applies mutatis mutandis in the preceding paragraph), notify to that effect to a registry office which has jurisdiction over the seat of any branch office of the cooperative.
8 The provision of paragraph 4 shall apply mutatis mutandis to the case where the notification under the preceding paragraph is made.
(Continuance of Loan)
Article 6. In case a cooperative becomes an association in accordance with the provision of Article 4 paragraph 1, such association may, notwithstanding the provisions of Articles 53 or 54 of the Credit Association Law, continue its loan existing at the time of the change of organization, to a person who has been a member of the cooperative and who has withdrawn therefrom.
(Application of the Financial Institutions Reconstruction and Reorganization Law to the Case of Succession of Property)
Article 7. In the application of the provisions of Article 37-(8) paragraph 1 (Adjustment account) and Articles 42-(2) to 42-(5) inclusive (Retirement allowance) of the Financial Institutions Reconstruction and Reorganization Law (Law No.39 of 1946), an association which has succeeded to the property of a cooperative shall be deemed to be a financial institution which has obtained by transfer the whole or part of the business of such transferor financial institution as is prescribed in those provisions.
(Transitional Measures for a Cooperative which does not Become an Association)
Article 8. With respect to a cooperative under Article 3 which does not become an association within the period under the same Article, the license, authorization, report, order, disposal or any other action given or done in accordance with the provisions of the Law concerning the Financial Business by Cooperatives before amendments (including those provisions of the Banking Law and the Savings Bank Law which apply mutatis mutandis in Article 6 of the Law concerning the Financial Business by Cooperatives) shall be regarded as having been given or done in accordance with the provisions of the same Law after amendments on the day of expiration of the period under Article 3, except those otherwise provided for by order.
Article 9. With respect to a contract concerning the business performed in accordance with the provisions of Article 76 paragraph 2 and Article 77 paragraph 5 of the Smaller Enterprise, Etc. Cooperative Law before amendments, which actually exists on the day of expiration of the period under Article 3, a cooperative under Article 3 which does not become an association within the period under the same Article may still perform its business only for six months computing from the day of expiration of the said period.
(Partial Amendment to the Corporation Tax Law)
Article 10. The Corporation Tax Law (Law No.28 of 1947) shall be partially amended as follows:
In Article 9, paragraph 6, "Urban District Credit Association" shall be amended as "Credit Association, Federation of Credit Associations" .
(Partial Amendment to the Registration Tax Law)
Article 11. The Registration Tax Law (Law No.27 of 1896) shall be partially amended as follows:
In Article 19 item 7, "Urban District Credit Association" shall be amended as "Credit Association, Federation of Credit Associations" , and "the Urban Credit Association Law" as "the Credit Association Law" .
(Partial Amendment to the Stamp Duty Law)
Article 12. The Stamp Duty Law (Law No.54 of 1899) shall be partially amended as follows:
The following one item shall be added next to Article 5 item 6-(6)-2):
6-(6)-3). An investment certificate, deposit book, instalment savings book or investments savings certificate issued from a credit association or a federation of credit associations.
The following one item shall be added next to item 9-(2) of the same Article;and item 9-(3) shall be made item 9-(4):
9-(3). A deposit certificate issued from a credit association or a federation of credit associations whose face value is less than one thousand yen (1,000 yen).
(Partial Amendment to the Local Tax Law)
Article 13. The Local Tax Law (Law No.226 of 1950) shall be partially amended as follows:
Article 746 paragraph 2 item (4) shall be amended as follows:
(4) Credit Association, Federation of Credit Associations, and Urban District Credit Association;
(Partial Amendment to the Business Organizations Law)
Article 14. The Trade Association Law (Law No.191 of 1948) shall be partially amended as follows:
In Article 6 paragraph 1 item 2, "m. Deleted" shall be amended as "m. Credit Association Law (SHIN-YO KINKO HO)(Law No.238 of 1951)" .
(Partial Amendment to the Law regarding the Emergency Measures for the Accounts of Financial Institutions)
Article 15. The Law regarding the Emergency Measures for the Accounts of Financial Institutions (Law No.6 of 1946) shall be partially amended as follows:
In Article 27 item 1, ", credit associations, federations of credit associations," shall be added next to "local agricultural associations" .
(Partial Amendment to the Temporary Interest Adjustment Law)
Article 16. The Temporary Interest Adjustment Law (Law No.181 of 1947) shall be partially amended as follows:
In Article 1 paragraph 1, ", credit association, federation of credit associations" shall be added next to "fishery association (Gyogyo-kai)" .
(Partial Amendment to the Law concerning Bank of Japan)
Article 17. The Law concerning Bank of Japan (Law No.67 of 1942) shall be partially amended as follows:
In Article 13-(3) item 7, "credit association, federation of credit associations," shall be added next to "Central Bank for Commercial and Industrial Associations," .
(Partial Amendments to the National Savings Association Law)
Article 18. The National Savings Association Law (Law No.64 of 1941) shall be partially amended as follows:
The following one item shall be added next to Article 2 paragraph 1 item 3:
3-(2). Deposit or instalment savings with a credit association
In Article 4 paragraph 1, "deposit with a credit association," shall be added next to "savings in an agricultural cooperative association," .
(Partial Amendments to the Law concerning the Central Bank for Commercial and Industrial Association)
Article 19. The Law concerning the Central Bank for Commercial and Industrial Associations (Law No.14 of 1936) shall be partially amended as follows:
In Article 3 paragraph 1, "or a Bank" shall be amended as "a credit association or a bank" .
In paragraph 2 of the same Article, "an urban district credit association" shall be amended as "a credit association" .
(Partial Amendment to the Law concerning Handling of Savings with Premiums)
Article 20. The Law for Establishment of Savings with Premiums (Law No.143 of 1948) shall be partially amended as follows:
In Article 2 paragraph 1, "urban area credit associations," shall be amended as "a credit associations," .
(Partial Amendment to the Law for Citizen's Voluntary Society for Tax Saving)
Article 21. The Law for Citizen's Voluntary Society for Tax Saving (Law No.145 of 1951) shall be partially amended as follows:
In Article 2 paragraph 2, "credit association," shall be added next to "mujin company," .
(Partial Amendment to the Smaller Enterprise Credit Insurance Law)
Article 22. The smaller Enterprise Credit Insurance Law (Law No.264 of 1950) shall be partially amended as follows:
In Article 2 paragraph 1, "credit associations" shall be added next to "the Central Bank for Commercial and Industrial Cooperatives," .
(Partial Amendment to the Law concerning the Control of Money-Lending Business, Etc.)
Article 23. The Law concerning the Control of Money-Lending Business, Etc.(Law No.170 of 1949) shall be partially amended as follows:
In Article 2 paragraph 1 item (2), "urban credit associations" shall be amended as "credit associations, federations of credit associations," .
(Partial Amendment to the Law for the Coordination of Penal Regulations in Economic Relations)
Article 24. The Law for the Coodination of Penal Regulations in Economic Relations (Law No.4 of 1944) shall be partially amended as follows:
In Annexed Table B, the following one item shall be added next to item 19:
19-(2). A credit association and a federation of credit associations under the Credit Association Law.
(Partial Amendment to the Ministry of Finance Establishment Law)
Article 25. The Ministry of Finance Establishment Law (Law No.144 of 1949) shall be partially amended as follows:
In Article 12 paragraph 1 item (10), "Granting licenses to the credit cooperative association (including the federations)" shall be amended as "Granting licences on the enterprises of the credit association and federation of credit associations" , and "supervision over the credit cooperative" shall be amended as, supervision over the credit associations, the credit cooperative associations".
(Transitional Provision for Penal Regulations)
Article 26. As to the Application of the penal provisions to acts committed before the enforcement of this Law (or before the expiration of the period as provided for in Article 3, in the case of such cooperatives existing at the time of the enforcement of this Law the old provisions shall still prevail even after the enforcement of this Law (or after the expiration of the period as provided for in the same Article, in the case of such cooperatives existing at the time of the enforcement of this Law).
(Delegation of Transitional Provisions)
Article 27. In case special transitional measures, other than those prescribed in Articles 3 to 8 inclusive, are required, such measures shall be provided for by Cabinet Order.