Article 1.　The Fishing Boat Insurance Law (Law No.23 of 1937) shall be abolished.

Article 2.　With respect to a fishing boat insurance association (hereinafter referred to as "former association" ) under the provisions of the Fishing Boat Insurance Law (hereinafter referred to as "the former law" ) which exists at the time of the enforcement of the Fishing Boat Damage Compensation Law (Law No.28 of 1952;hereinafter referred to as "the new law" ), the provisions of the former law shall continue to have its validity notwithstanding the provision of the preceding Article.

2　Any former association (except those under liquidation) which exists after the lapse of eight months from the day of the enforcement of the new law shall be dissolved at such time.

Article 3.　A former association may change its articles of association within such period as specified in paragraph 2 of the preceding Article and become a fishing boat, insurance association based on the provisions of the new law (hereinafter referred to as "new association" ).

2　The change in the articles of association of a former association as stated in the preceding paragraph shall require, notwithstanding the provisions of the former law, a decision by a majority of one half or more of members present and also of two-thirds or more of such members qualified for membership of the new association after reorganization as are present at a general meeting, which shall have an attendance of one half or more of total membership of the former association and also of one half or more of those qualified for membership of the new association after reorganization.

Article 4.　In cases where a former association becomes a new association through reorganization, no change shall be made in its area.

Article 5.　In cases where a former association has made a decision on a change in its articles of association in accordance with the provisions of Article 3, the new articles of association shall be submitted immediately to the Minister of Agriculture and Forestry for his approval for the change in the organization.

2　With respect to the approval for the application mentioned in the preceding paragraph, the provisions of Article 18 of the new law shall apply mutatis mutandis.

Article 6.　A former association, within two (2) weeks of the approval for reorganization, shall make the registration of such reorganization in the locality where its principal office is located.

2　In the registration mentioned in the preceding paragraph there shall be included such matters as are enumerated in Article 88 paragraph 2 of the new law.

3　A former association shall become a new association by making the registration mentioned in paragraph 1.

4　As regards the registration mentioned in paragraph 1, the provisions of Article 88 paragraph 3, Article 98 paragraph 1 and Article 99 of the new law shall apply mutatis mutandis.

5　To the application for registration mentioned in paragraph 1 shall be attached the articles of association and the minutes of general meeting concerning the reorganization.

6　To the application for registration mentioned in paragraph 1 shall be attached an attested copy of the register of the former association, except the case where the registration is made in the locality where its principal office is located.

7　In cases where the registration mentioned in paragraph 1 has been made in the locality where the principal office of the former association is located, the registration official concerned on his authority shall close the registration paper of such association by stating the reasons thereon.

8　In cases where the registration mentioned in paragraph 1 has been made in a place other than the locality where the principal office of the former association is located, the registration official concerned shall notify to that effect to the registration office of the locality where the principal office of such association is located.

9　In cases where the notification mentioned in the preceding paragraph has been made, the provision of paragraph 7 shall apply mutatis mutandis.

10　In cases where the procedure mentioned in paragraph 7 (including such cases as those where this applies mutatis mutandis in the preceding paragraph) has been followed, the registration official concerned shall notify to that effect to the registration office of the locality where a subordinate office of the former association is located.

11　In cases where the notification mentioned in the preceding paragraph has been made, the provision of paragraph 7 shall apply mutatis mutandis.

Article 7.　With respect to insurance and reinsurance contracted under the provisions of the former law which are taken over from a former association by such person as has become a new association in accordance with the provisions of Article 3, the provisions of the former law shall still be valid, notwithstanding the provision of Article 1.

Article 8.　The rate of premium and other necessary matters with respect to such insurance and reinsurance contracted before the enforcement of the new law as are still valid at the time of the enforcement of the same law, and such insurance and reinsurance as are contracted under the provisions of the former law after the enforcement of the new law (including those taken over by a new association from a former one) shall be subject to the provisions of Cabinet Order.

Article 9.　In cases where a fishing boat which shall be insured against ordinary risks under the provision of Article 32 paragraph 1 of the new law, or which is provided for by Cabinet Order and shall be insured against ordinary risks, is an object of insurance under the provisions of the former law, the insurance relations under the provisions of the former law (except the relations of the insurance under the special contract prescribed in Article 17-(2) paragraph 1 of the former law) shall cease to exist when an ordinary insurance is effected on the fishing boat in accordance with the provisions of the new law. In such case, the repayment of a premium and other necessary matters relative to the insurance under the provisions of the former law shall be prescribed by Cabinet Order.

Article 10.　With reference to the application of the provision of Article 142 of the new law to those former associations which have become new associations through reorganization, the former associations shall be regarded as having become new associations on the day of the enforcement of the new law.

Article 11.　Even if, in cases where a former association has become a new association through reorganization, a fishing boat which is an object of insurance of the former association ceases to be an object of insurance of the new association, the insurance relations concerning the fishing boat shall continue to exist, and the owner thereof shall be a member of the new association, until such time as the term of insurance for the fishing boat shall expire.

Article 12.　In cases where a former association has become a new association, the term of office for directors and auditors shall expire when the ordinary general meeting (if the new association has instituted the system of representatives meeting to be a substitute for the general meeting, the ordinary representatives meeting) in the next business year is closed;provided that this shall not apply to those who retire before such time on account of the expiration of their term of office or other causes.

2　The provision of the preceding paragraph shall apply mutatis mutandis to the term of office for representative in cases where a former association has become a new association.

Article 13.　With reference to the application of penal provisions to an act committed before the enforcement of this Law (or before the losing effect of the former law which shall be in force under the provisions of Article 2 paragraph 1 and Article 7), the former instance under the former law shall be followed, despite the provision of Article 1, even after the enforcement of this Law (with respect to a former association under Article 2 paragraph 1. and the in surance and reinsurance relations under the provisions of the same paragraph of the same Article and Article 7, after the losing effect of the former law which shall be in force under such provisions).

Article 14.　Necessary matters concerning the enforcement of the new law other than those provided for by this Law shall be prescribed by Cabinet Order.

Article 15.　The Trade Association Law (Law No.191 of 1948) shall partially be amended as follows:

Article 16.　The Law concerning Exceptions, etc. to the Law Relating to the Prohibition of Private Monopolization and the Preservation of Fair Trade, Law No.54 of 1947 (Law No.138 of 1947) shall partially be amended as follows:

Article 17.　The Income Tax Law (Law No.27 of 1947) shall partially be amended as follows:

Article 18.　The Corporation Tax Law (Law No.28 of 1947) shall partially be amended as follows:

Article 19.　The Fisheries Agency Establishment Law (Law No.78 of 1948) shall partially be amended as follows: