Article 1.　In order to restore the right of persons who are deemed to have been given unreasonable treatment at the time of the conversion of foreign currency bonds under the old Law relating to the Treatment of the Foreign Currency Bonds (Law No.60 of 1941;hereinafter referred to as "the old Law" ) and other persons, this Law aims at providing necessary measures for revalidating certain categories of certificates of foreign currency bonds which have been converted with such unreasonable treatment.

Article 2.　The term "foreign currency bonds" as used in this Law shall mean the foreign currency bonds as prescribed in Article 1 of the old Law and the City of Nagoya 5% Sterling Loan for 800,000.

2　The term "Japanese currency bonds" as used in this Law shall mean national bonds, municipal bonds and corporate bonds which were issued in exchange for the foreign currency bonds concerned in accordance with the provision of Article 2 paragraph 1 of the old Law for purposes of the conversion as prescribed in the same paragraph.

Article 3.　Out of foreign currency bonds which have been converted into the Japanese currency bonds in accordance with the provision of Article 2 paragraph 1 of the old Law, certificates of those coming under any of the following items, which were not perforated, cancelled, or otherwise nullified at the time of the conversion, and which may specifically be designated by the Minister of Finance shall be revalidated retroactively as from the date of such conversion:

2　The Minister of Finance shall, whenever he makes designation under the preceding paragraph, give a public notice on the description, face value, mark and numbering of the foreign currency bonds concerned.

Article 4.　Coupons attached to the certificates of the foreign currency bonds under paragraph 1 of the preceding Article, which have been nullified in accordance with the provision of Article 4 paragraph 2 of the old Law shall be revalidated retroactively as from the date of such conversion of the foreign currency bonds under the provision of Article 2 paragraph 1 of the old Law (hereinafter referred to as "the conversion" ) in respect to the obligation to pay interests embodied in the coupons concerned.

2　Coupons attached to the certificates of the foreign currency bonds under paragraph 1 of the preceding Article, of which payment (excluding payment effected in exchange for coupons) was made upon orders issued under the old Foreign Exchange Control Law (Law No.83 of 1941), and which have been nullified in accordance with the provision of Article 18 paragraph 1 of the old Law shall be revalidated retroactively as from the date of such payment with respect to the obligation to pay interests embodied in the coupons concerned.

3　Coupons of the foreign currency bonds, of which payment was made upon orders issued under the old Enemy Property Custody Law (Law No.99 of 1941), and which have been nullified in accordance with the provision of Article 18 paragraph 1 of the old Law shall be revalidated retroactively as from the date of such payment with respect to the obligation to pay interests embodied in the coupons concerned.

Article 5.　In cases where the foreign currency bonds, of which certificates are to be revalidated in accordance with the provision of Article 3 paragraph 1, are municipal bonds or corporate bonds, the obligation to pay principal and interests (with respect to the obligation to pay interests, it shall be limited to the obligation to pay interests embodied in coupons which are to be revalidated in accordance with the provision of paragraph 1 or 2 of the preceding Article) shall be assumed by the Government retoractively as from the date of the conversion of the foreign currency bonds concerned (in regard to the obligation to pay interests embodied in coupons which are to be revalidated in accordance with the provision of paragraph 2 of the preceding Article, the date of payment as prescribed in the same paragraph with respect to the coupons concerned).

2　In cases where the coupons which are to be revalidated in accordance with the provision of paragraph 3 of the preceding Article are the coupons attached to municipal bonds or corporate bonds, the obligation to pay interests embodied therein shall be assumed by the Government retroactively as from the date of payment as prescribed in the same paragraph in respect to the coupons concerned.

3　With respect to the Osaka City Harbor Construction Loan which won drawing for redemption of the principal, of which payment had not been made as of March 31, 1943, and of which amount of redemption or interests has been paid to the person designated by the Government upon orders issued under the old Enemy Property Custody Law, discharging the issuer from such obligation in accordance with the provision of Article 3 of the same Law, the issuer shall be regarded as having not been discharged from such obligation, and the obligation to pay principal of and interests on the public loan concerned shall be assumed by the Government retroactively as from the date of such payment.

Article 6.　Any person who acquired the Japanese currency bonds (including his successor) as a result of the conversion of the foreign currency bonds (excluding those converted in accordance with the provisions of Article 2 paragraph 1 of the old Law by the Yokohama Specie Bank Co., Ltd., a closed institution, or the Bank of Osaka Co., Ltd. in the name of an enemy property custodian appointed in accordance with the provision of Article 4 paragraph 1 of the old Enemy Property Custody Law Enforcement Ordinance (Imperial Ordinance No.1179 of 1941)) of which certificates are to be revalidated in accordance with the provision of Article 3 paragraph 1 shall pay to the Government not later than the date as may be designated by the Minister of Finance an amount corresponding to the aggregate of:

2　Any person who is to make payment in accordance with the provision of the preceding paragraph may surrender the whole or a part of the amount to be paid in accordance with the provision of the same paragraph, the Japanese currency bonds which he acquired in consequence of the conversion of the foreign currency bonds as prescribed in the same paragraph or the coupons attached thereto which have become due on and before the date that may be designated by the Minister of Finance as prescribed in the same paragraph (in cases where the coupons are those attached to the corporate bonds issued by the Taiwan Hydro-Electric Power Co., Ltd. or the Oriental Development Co., Ltd., coupons which had become due on and before April 15, 1945 or September 15 of the same year respectively).

3　The receiving value of the Japanese currency bonds which are to be appropriated for payment under the provision of the preceding paragraph, shall be determined at the issuing price thereof (in cases where coupons are attached to the Japanese currency bonds, if some coupons (excluding those which have become due on and before the date that may be designated by the Minister of Finance under paragraph 1 (in cases where the coupons are those attached to the corporate bonds issued by the Taiwan Hydro-Electric Power Co., Ltd., or the Oriental Development Co., Ltd., only those which have become due on and before April 15, 1945 or September 15 of the same year respectively)) are lacking, an amount obtained by deducting the amount corresponding to the amount of such coupons) and, the receiving value of coupons which are to be appropriated for payment under the provision of the same paragraph, shall be determined by the amount obtained by deducting, from the face value, an amount corresponding to 30% of such amount.

4　Matters necessary for procedures of receiving those appropriated for the payment under the provision of paragraph 2 shall be prescribed by Cabinet Order.

5　Any person (including his successor) who has received payment as prescribed in Article 4 paragraph 2 with respect to the coupons which are to be revalidated in accordance with the provision of the same paragraph (only the coupons attached to the foreign currency bonds as prescribed in paragraph 1) shall pay to the Government an amount corresponding to the amount obtained by deducting, from the amount received, an amount corresponding to 30% of such amount, not later than the date as may be designated by the Minister of Finance.

6　In cases where the person who in to make payment in accordance with the provision of paragraph 1 or the preceding paragraph is a closed institution as prescribed in Article 1 of the Closed Institutions Ordinance (Imperial Ordinance No.74 of 1947), if he is unable to pay a part of the amount of payment under the provisions of paragraph 1 or the preceding paragraph in accordance with the provisions of orders issued under Article 11 of the same Ordinance, the amount to be paid by him in accordance with the provisions of paragraph 1 or the preceding paragraph shall, notwithstanding the provisions of these paragraphs, be the amount obtained by deducting, from the amount of payment under these paragraphs such amount as cannot be paid;in this case, the amount to be paid may be paid on an installment basis.

7　The term "his successor" as used in paragrahs 1 and 5 shall mean heir, legatee in the case of death, or dissolution as a result of merger of the person concerned, a juridical person who has taken over other person or persons, or a juridical person newly incorporated through merger, and include any person coming under the category in the case where "the person concerned" as used in this paragraph reads "heir, legatee, a juridical person who has taken over other person or persons, or juridical person newly incorporated through merger, as prescribed in this paragraph" .

Article 7.　If the foreign currency bonds, of which certificates are to be revalidated in accordance with the provision of Article 3 paragraph 1, are those converted by the banks as prescribed in paragraph 1 of the preceding Article in the name of an enemy property custodian appointed in accordance with the provision of Article 4 paragraph 1 of the old Enemy Property Custody Law Enforcement Ordinance, the banks and the Bank of Tokyo Co., Ltd. shall transfer of the Government without compensation the Japanese currency bonds concerned and coupons attached thereto which are held thereby under custody (if coupons are not attached to the Japanese currency bonds concerned, claim of interest for the Japanese currency bonds concerned) on behalf of and in place of persons who acquired the Japanese currency bonds in consequence of the conversion (including their successors as prescribed in paragraph 7 of the preceding Article) and, shall pay to the Government an amount corresponding to those enumerated in the following items which are held thereby under custody on behalf of persons who acquired the Japanese currency bonds concerned, in accordance with such procedures as may be established by Cabinet Order, not later than the date as may be designated by the Minister of Finance, notwithstanding the provisions of the Cabinet Order concerning Restoration, Etc. of United Nations Property(Cabinet Order No.6 of 1951):

2　The provision of paragraph 6 of the preceding Article shall apply mutatis mutandis to the case under the preceding paragraph.

3　The provisions of paragraphs 1 to 4 inclusive of the preceding Article shall apply mutatis mutandis to the persons who acquired the Japanese currency bonds concerned under such circumstances as the banks as prescribed in paragraph 1 do not hold under custody, on behalf of the persons who acquired the Japanese currency bonds as prescribed in the same paragraph, the whole or a part of the Japanese currency bonds concerned and coupons attached thereto (if coupons are not attached to the Japanese currency bonds concerned, claim of interest for the Japanese currency bonds concerned), and of those enumerated in items (1), (2) and (4) of the same paragraph (with respect to those as enumerated in item (4) of the same paragraph, only those involved in those enumerated in items (1) and (2) of the same paragraph;hereinafter the same in this Article). In this case, "foreign currency bonds (excluding those converted in accordance with the provision of Article 2 paragraph 1 of the old Law by the Yokohama Specie Bank Co., Ltd., a closed institution, or the Bank of Osaka Co., Ltd. in the name of an enemy property custodian appointed in accordance with the provision of Article 4 paragraph 1 of the old Enemy Property Custody Law Enforcement Ordinance (Imperial Ordinance No.1079 of 1941)) of which certificates are to be revalidated in accordance with the provision of Article 4 paragraph 1" as used in paragraph 1 of the preceding Article shall read "foreign currency bonds as prescribed in Article 7 paragraph 1" .

4　In the case under the preceding paragraph, if the banks as prescribed in paragraph 1 made transfer under the provision of the same paragraph or payment of an amount corresponding to those enumerated in items (1), (2) and (4) of the same paragraph, on behalf of the persons who acquired the Japanese currency bonds as prescribed in the same paragraph, the receiving value as prescribed in Article 6 paragraph 3 of the Japanese currency bonds involved in the said transfer or coupons attached thereto (only those which have become due on or before the date that may be designated by the Minister of Finance under paragraph 1 of the preceding Article which applies mutatis mutandis in the preceding paragraph), the amount obtained by deducting from the amount of claim of interests involved in the said transfer an amount corresponding to 30% thereof, or the amount corresponding to the amount of payment concerned, shall be deemed to have been paid by the person who acquired the Japanese currency bonds concerned to the Government, as prescribed in paragraph 1 of the preceding Article which applies mutatis mutandis in the preceding paragraph.

5　The provision of paragraph 5 of the preceding Article shall apply mutatis mutandis to the persons who received payment of interests as prescribed in item (3) of paragraph 1 in the case where the banks as prescribed in the same paragraph do not hold under custody, on behalf of the person who acquired the Japanese currency bonds as prescribed in the same paragraph, the whole or a part of those enumerated in items (3) and (4) of the same paragraph (with respect to those enumerated in item (4) of the same paragraph, only those involved in those enumerated in item (3) of the same paragraph;hereinafter the same in this Article). In this case, "coupons (only the coupons attached to the foreign currency bonds as prescribed in paragraph 1)" as used in paragraph 5 of the preceding Article shall read "coupons attached to the foreign currency bonds as prescribed in Article 7 paragraph 1" .

6　In the case under the preceding paragraph, if the bank as prescribed in paragraph 1 made the payment, of the amount corresponding to those enumerated in items (3) and (4) of the same paragraph, under the provision of the same paragraph on behalf of the persons who acquired the Japanese currency bonds as prescribed in the same paragraph, the amount corresponding to the amount of payment concerned shall be deemed to have been paid to the Government by the person who acquired the Japanese currency bonds concerned in accordance with the provision of paragraph 5 of the preceding Article which applies mutatis mutandis in the preceding paragraph.

Article 8.　In cases where the payment under the provision of Article 6 paragraph 1 (including the case where the same provision applies mutatis mutandis in paragraph 3 of the preceding Article;hereinafter the same in this Article) has been made in national bonds in accordance with the provisions of paragraph 2 of the same Article (including the case where the same provision applies mutatis mutandis in paragraph 3 of the preceding Article;hereinafter the same in this Article), the Government shall transfer the national bonds concerned to the Special Account for the National Debts Consolidation Funds.

2　In cases where the payment under the provision of Article 6 paragraph 1 or paragraph 5 (including the case where the same provision applies mutatis mutandis in paragraph 5 of the preceding Article), or paragraph 1 of the preceding Article has been made in cash, or where the payment under the provision of Article 6 paragraph 1 has been made in coupons attached to the national bonds in accordance with the provision of paragraph 2 of the same Article, or where the coupons attached to the national bonds (if the coupons are not attached to the national bonds concerned, claim of interests for the national bonds concerned) has been transferred in accordance with the provision of paragraph 1 of the preceding Article, the Government shall transfer from the General Account to the Special Account for National Debts Consolidation Funds the amount of cash, the receiving value of payment of the coupons concerned as prescribed in Article 6 paragraph 3, and an amount corresponding to the amount obtained by deducting, from the amount of claim of interests, an amount corresponding to 30% of such amount.

3　In cases where the payment under the provision of Article 6 paragraph 1 has been made in municipal bonds, corporate bonds or coupons attached thereto in accordance with the provision of paragraph 2 of the same Article, or where municipal bonds, corporate bonds or coupons attached thereto (if the coupons are not attached to the municipal bonds or corporate bonds concerned, claim of interests therefor) have been transferred, if the Government has made disposal of the municipal bonds, corporate bonds, the coupons or the claim of interest concerned, it shall transfer from the General Account to the Special Account for National Debts Consolidation Funds an amount corresponding to the proceeds from such disposal.

4　In cases where the transfer under the provision of the preceding two paragraphs has been made, transfer from the General Account under the provision of Article 2 paragraph 1 of the National Debts Consolidation Funds Special Account Law (Law No.6 of 1906) shall be deemed to have been made with respect to the amount so transferred.

5　In cases where the Special Account for the National Debts Consolidation Funds has received the payment in national bonds in accordance with the provision of paragraph 1 or received the transfer under the provision of paragraph 2 or 3, the national bonds concerned, or the national bonds borne by the General Account corresponding to the amount so transferred shall be respectively redeemed without delay.

Article 9.　Rights of pledge which had existed upon the foreign currency bonds, of which certificates are to be revalidated in accordance with the provision of Article 3 paragraph 1, and which were made to exist upon the Japanese currency bonds issued in exchange for the foreign currency bonds concerned in accordance with the provision of Article 2 paragraph 4 of the old Law, or upon money to be paid in accordance with the provision of paragraph 3 of the same Article shall extinguish on the date on which public notice under Article 3 paragraph 2 is made with respect to the foreign currency bonds concerned, and if the pledgee holds in possession the certificates of the foreign currency bonds concerned, the right of pledge shall exist upon the foreign currency bonds concerned.

Article 10.　A special accounting joint stock company as prescribed in Article 24 of the Enterprise Reconstruction and Reorganization Law (Law No.40 of 1946) which has a temporary account as prescribed in the same Article or Article 25 of the same Law, shall, with respect to the amount to be paid by the company to the Government in accordance with the provision of Article 6 paragraph 1 or 5, make it entry as temporary account in the assets column of the balance sheet, and, shall, with respect to the foreign currency bonds of which certificates are to be revalidated in accordance with the provision of Article 3 paragraph 1 and which were held by the company, at the time of the conversion, appraise the value thereof as zero, and shall, when the amount of appraisal of the foreign currency bonds concerned is fixed (excluding the case where the amount of appraisal concerned is fixed as zero), make the amount of appraisal so fixed entry as temporary account in the liabilities column of the balance sheet, within the extent of the amount to be paid by the company to the Government in accordance with the provision of Article 6 paragraph 1 or 5.

2　With respect to the special accounting joint stock company to which the provision of the preceding paragraph applies, "the preceding two Articles" as used in the same paragraph shall read "the foregoing two Articles or Article 10 paragraph 1 of the Law concerning Revalidation of Certain Categories of Foreign Currency Bonds Converted under the Old Law relating to the Treatment of the Foreign Currency Bonds and Other Incidental Matters" , and the provision of Article 26 paragraph 1 of the Enterprise Reconstruction and Reorganization Law shall apply thereto.

3　A financial institution having an adjustment account as prescribed in Article 37 paragraph 1 of the Financial Institution Reconstruction and Reorganization Law (Law No.39 of 1946) shall, with respect to the amount to be paid by the financial institution to the Government in accordance with the provision of Article 6 paragraph 1 or 5, account it on the adjustment account concerned, and shall, with respect to the foreign currency bonds of which certificates are to be revalidated in accordance with the provision of Article 3 paragraph 1 and which were held by the financial institution at the time of the conversion, account them on the adjustment account concerned as assets belonging to the old account as of the designated hour as prescribed in Article 1 paragraph 1 of the Law concerning Special Measures for the Account of Financial Institution (Law No.6 of 1946).

Article 11.　The Japanese currency bonds transferred to the Government in accordance with the provision of Article 7 paragraph 1 and the coupons attached thereto (if the coupons are not attached to the Japanese currency bonds concerned, claim of interests) and those paid to the Government in accordance with the provision of the same paragraph, which are United Nations property as prescribed in Article 2 paragraph 3 of the Cabinet Order concerning Restoration, Etc. of United Nations Property, shall no longer be treated as United Nations property as from the date of such transfer or payment, notwithstanding the provisions of the said Cabinet Order.

2　With respect to transactions or acts to be made in accordance with the provisions of Article 6 or 7, the provisions of Article 27, Article 28, Articles 30 to 33 inclusive and Article 45 of the Foreign Exchange and Foreign Trade Control Law (Law No.228 of 1949) and of any order issued thereunder shall not apply thereto.

Article 12.　The Minister of Finance may, when he deems it necessary for enforcement of this Law, collect report or reports from the issuers of the foreign currency bonds as prescribed in Article 2 paragraph 1 of the old Law, the persons who are entrusted with the payment of principal of or interests on the Japanese currency bonds, and the banks as prescribed in Article 7 paragraph 1.