Document:

Filed by Bowne Pure Compliance

Exhibit 4(b)

(TRANSLATION)

CABINET ORDER FOR

JAPAN FINANCE CORPORATION FOR MUNICIPAL ENTERPRISES LAW

(Cabinet Order No. 79 of April 27, 1957)

AMENDMENTS

	 	 	 	 	 	 	 
	April 13, 1959

	 	Cabinet Order No. 121
	 	June 14, 1989
	 	Cabinet Order No. 171
	 
	July 19, 1960

	 	Cabinet Order No. 213
	 	April 1, 1993
	 	Cabinet Order No. 127
	 
	February 15, 1962

	 	Cabinet Order No. 23
	 	August 4, 1993
	 	Cabinet Order No. 273
	 
	November 29, 1963

	 	Cabinet Order No. 369
	 	July 1, 1994
	 	Cabinet Order No. 220
	 
	June 1, 1967

	 	Cabinet Order No. 126
	 	July 7, 1999
	 	Cabinet Order No. 222
	 
	April 30, 1970

	 	Cabinet Order No. 103
	 	June 7, 2000
	 	Cabinet Order No. 304
	 
	February 21, 1972

	 	Cabinet Order No. 18
	 	March 30, 2001
	 	Cabinet Order No. 145
	 
	July 17, 1972

	 	Cabinet Order No. 284
	 	December 6, 2002
	 	Cabinet Order No. 363
	 
	March 20, 1975

	 	Cabinet Order No. 41
	 	March 28, 2003
	 	Cabinet Order No. 122
	 
	April 18, 1977

	 	Cabinet Order No. 97
	 	March 17, 2004
	 	Cabinet Order No. 41
	 
	May 1, 1978

	 	Cabinet Order No. 154
	 	March 24, 2005
	 	Cabinet Order No. 63
	 
	July 8, 1983

	 	Cabinet Order No. 157
	 	August 3, 2007
	 	Cabinet Order No. 233
	 
	June 7, 1985

	 	Cabinet Order No. 168
	 	December 14, 2007
	 	Cabinet Order No. 369
	 
	August 9, 1988
	 	Cabinet Order No. 240
	 	July 16, 2008
	 	Cabinet Order No. 226

The Cabinet established this Cabinet Order in accordance with the provisions of Article 2,
Item (1), Article 20, Paragraph 2 and Article 27 of Japan Finance Corporation for Municipal
Enterprises Law (Law No. 83 of 1957).

			
	Article 1	 	(Scope of Municipal Enterprises)

The business to be provided for by the Cabinet Order specified in Article 2, Item (1) of Japan
Finance Corporation for Municipal Enterprises Law (hereinafter referred to as the “Law”) shall be
as follows:

	 	(1)	 	Water supply projects;
	 
	 	(2)	 	Industrial water supply projects;
	 
	 	(3)	 	Transportation projects;
	 
	 	(4)	 	Electricity supply projects;
	 
	 	(5)	 	Gas supply projects;
	 
	 	(6)	 	Harbor improvement projects (which shall be limited to reclamation projects and
projects to lease cargo-handling machines, barracks, warehouses, timber-yards, and
pilot boats);

 

 

 

	 	(7)	 	Hospital projects;
	 
	 	(8)	 	Nursing care service projects;
	 
	 	(9)	 	Market projects;
	 
	 	(10)	 	Slaughterhouse projects;
	 
	 	(11)	 	Recreation facilities projects;
	 
	 	(12)	 	Toll-road projects;
	 
	 	(13)	 	Parking projects;
	 
	 	(14)	 	Among land construction projects for regional development, construction
projects of littoral industrial areas and other littoral areas, inland industrial
areas, distribution business areas, lots to be used for offices, shops, etc. and
housing areas (including land for facilities in connection with the above), and land
construction projects for housing concerned with land division adjustment projects;
	 
	 	(15)	 	Public and regional sewerage projects;
	 
	 	(16)	 	Urban area revival projects;
	 
	 	(17)	 	Public housing projects; and
	 
	 	(18)	 	Industrial waste disposal projects.

			
	Article 1-2	 	(Projects to be provided for in Cabinet Order specified in Article 19, Paragraph 4 of
the Law)

The projects to be provided for in Cabinet Order specified in Article 19, Paragraph 4 of the
Law shall be harbor improvement projects (which shall be limited to reclamation projects) and
construction projects of littoral and inland industrial areas, distribution business areas and lots
to be used for offices, shops, etc. for regional development.

			
	Article 2	 	(Particulars to be stated in the Statement of Business Procedures)

The particulars to be stated in the Statement of Business Procedures specified in Article 20,
Paragraph 2 of the Law shall be as follows:

	 	(1)	 	Matters concerning providing funds:

	 	(a)	 	the party to be provided funds;
	 
	 	(b)	 	business requiring to be provided funds;
	 
	 	(c)	 	use of funds;
	 
	 	(d)	 	limitation on amount of funds;
	 
	 	(e)	 	method of providing funds;
	 
	 	(f)	 	interest rate;
	 
	 	(g)	 	maturity;
	 
	 	(h)	 	method of redemption; and

	 	(i)	 	matters required in connection with providing funds, in
addition to the matters specified in the provisions (a) through (h) above;

 

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	 	(2)	 	Matters concerning entrustment of business;

	 	(a)	 	scope of entrustment;
	 
	 	(b)	 	commission of entrustment;
	 
	 	(c)	 	expenses concerning entrusted business;
	 
	 	(d)	 	duties of the trustee; and
	 
	 	(e)	 	matters required concerning entrustment of business, in
addition to the matters specified in the provisions (a) through (d) above.

			
	Article 3	 	(Kinds of the JFM Bonds)

1. The JFM Bonds (excluding those provided for in the following paragraph) shall be in bearer form
with interest coupons or without interest coupons.

2. The foreign JFM Bonds (which mean the JFM Bonds that are issued outside Japan; the same shall
apply hereinafter) shall be in bearer form or in registered form with interest coupons or without
interest coupons.

			
	Article 4	 	(Method of Issue of the JFM Bonds)

The JFM Bonds shall be issued through offering.

			
	Article 5	 	(Subscription Form of the JFM Bonds)

1. Anyone who will subscribe for the JFM Bonds shall indicate the number of the bonds to subscribe
for and his/her address on the subscription form thereof, and he/she shall sign it or indicate
his/her name and affix his/her seal thereupon.

2. Anyone who will subscribe for the JFM Bonds to which the Law Concerning Book-Transfer of
Corporate and Other Debt Securities (Law No. 75 of 2001; hereinafter referred to as the
“Book-Transfer Law”) shall apply (such JFM Bonds being referred to as the “Book-Transfer JFM Bonds”
in Paragraph 2 of the following article) shall indicate on the subscription form thereof the
account for book-transfer of such JFM Bonds established on his/her own behalf (hereinafter referred
to as the “Book-Transfer Account” in Paragraph 2 of such article) in addition to the matters
provided for in the immediately preceding paragraph.

3. The subscription form of the JFM Bonds shall be prepared by Japan Finance Corporation for
Municipal Enterprises (hereinafter referred to as the “Corporation”) and the matters to be entered
in the subscription form shall be as follows:

	 	(1)	 	name of the JFM Bonds;
	 
	 	(1)-2	 	aggregate amount of the JFM Bonds;
	 
	 	(2)	 	principal amount of each JFM Bonds;
	 
	 	(3)	 	interest rate of the JFM Bonds;
	 
	 	(4)	 	method and date of redemption of the JFM Bonds;
	 
	 	(5)	 	method and date of payment of interest on the JFM Bonds;
	 
	 	(6)	 	issue price of the JFM Bonds;

 

-3-

 

	 	(7)	 	if the Book-Transfer Law shall apply, indication to such effect;
	 
	 	(8)	 	if the Book-Transfer Law shall not apply, indication to the effect that the JFM
Bonds shall be in bearer form or in registered form, and with interest coupons or
without interest coupons;
	 
	 	(9)	 	measures to be taken in case that the subscribed amount exceeds the aggregate
amount of the JFM Bonds; and
	 
	 	(10)	 	trade name of the company, if any, to which the offering or administration of
the JFM Bonds has been entrusted.

4. In the event that the loan credit of the Corporation is trusted to trust companies, etc. (which
means the Trust Companies, etc. provided for in Article 26-2 of the Law; the same shall apply in
this paragraph) for the purpose of securing the obligations under the JFM Bonds pursuant to the
said article of the Law, in addition to the matters provided for in each item of the immediately
preceding paragraph above, the following matters shall be entered in the subscription form of such
secured JFM Bonds (hereinafter referred to as the “JFM Bond Secured by Loan Credit”):

	 	(1)	 	trade name of the Trust Companies, etc. as the trustee of such trust; and
	 
	 	(2)	 	indication of summary of loan credit entrusted as a security.

			
	Article 6	 	(Underwriting of the JFM Bonds)

1. No provisions specified in the immediately preceding article shall apply to the JFM Bonds which
the National Government or a local government will underwrite or the company to which the offering
of the JFM Bonds has been entrusted will underwrite by itself.

2. In the case of the immediately preceding paragraph, the National Government or local government
which underwrites the Book-Transfer JFM Bonds or the company to which the offering of the
Book-Transfer JFM Bonds has been entrusted shall notify the Corporation of the Book-Transfer
Account upon underwriting.

			
	Article 7	 	(Exceptions concerning Issue of the JFM Bonds)

In the event that the aggregate amount of the JFM Bonds which have already been subscribed for
does not reach the total principal amount thereof, the aggregate amount of the JFM Bonds which have
already been subscribed for shall be, if such issue of the JFM Bonds has been authorized on the
subscription form of the JFM Bonds, the aggregate amount of the JFM Bonds to be issued.

			
	Article 8	 	(Payment of Subscription Monies of the JFM Bonds)

The Corporation, on completion of the offering of the JFM Bonds, without delay, shall request
the payment of the subscription monies of each JFM Bond.

			
	Article 9	 	(Issue of the JFM Bonds)

1. The Corporation shall issue the JFM Bonds, without delay, upon the payment specified in the
immediately preceding article, except, however, where the provisions of the Book-Transfer Law shall
apply to the JFM Bonds.

2. On each of the JFM Bonds, the matters specified in Article 5, Paragraph 3, Items (1) through
(5) and Items (8) and (10) (or, in the case of the JFM Bonds Secured by Loan Credit, such
matters and the matter specified in Article 5, Paragraph 4, Item (1)) and serial numbers shall
appear, and the Governor of the Corporation shall affix his/her name and seal thereto.

 

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	Article 10	 	(Original Register of the JFM Bonds)

1. The Corporation shall keep the original Register of the JFM Bonds at its office.

2. The original Register of the JFM Bonds shall include the following:

	 	(1)	 	date of issue of the JFM Bonds;
	 
	 	(2)	 	total number of the JFM Bonds (or, if the provisions of the Book-Transfer Law
shall not apply, total and serial number of the JFM Bonds);
	 
	 	(3)	 	matters specified in Article 5, Paragraph 3, Items (1) through (5) and Items
(7), (8) and (10) (or, in the case of the JFM Bonds Secured by Loan Credit, such
matters and the matters specified in Article 5, Paragraph 4, Items (1) and (2)); and
	 
	 	(4)	 	matters concerning payment of the principal and interest.

			
	Article 11	 	(JFM Bonds with Missing Coupons)

1. The Corporation, upon redemption of the JFM Bonds with interest coupons, may deduct the amount
equal to the missing coupons from the redemption price, except, however, the coupons already
exercised.

2. The Corporation shall pay the deducted amount, upon demand, to the couponholders in the
foregoing paragraph in exchange for the coupon.

			
	Article 11-2	 	(Exception of the Foreign JFM Bonds)

Notwithstanding the provisions of Articles 4 through 11, the laws and customs of the place of
issue of the foreign JFM Bonds may be applied to the issue of the foreign JFM Bonds, to the
Register of the foreign JFM Bonds, to the redemption of the foreign JFM Bonds, the coupons of which
is and to the payment to the holder of such missing coupons.

			
	Article 12	 	(Approval of Issue of the JFM Bonds)

1. When the Corporation wishes to obtain approval for issuance of the JFM Bonds (excluding the
foreign JFM Bonds; the same shall apply in this article) pursuant to the provisions of Article 23,
Paragraph 1 of the Law, the application form for such approval sating the following matters shall
be submitted to the authorized ministers no later than one month before the offering date of such
JFM Bonds:

	 	(1)	 	reasons for the necessity of the issue of the JFM Bonds;
	 
	 	(2)	 	matters specified in Article 5, Paragraph 3, Items (1) through (8);
	 
	 	(3)	 	method of offering of the JFM Bonds;
	 
	 	(4)	 	estimated amount of expenses required for the issue of the JFM Bonds; and
	 
	 	(5)	 	matters to be indicated on the JFM Bonds in addition to the foregoing Item (2).

2. The following documents shall be attached to the said application:

	 	(1)	 	subscription form of the JFM Bonds to be prepared;
	 
	 	(2)	 	document stating the use of proceeds to be procured through the issue of the JFM Bonds;
and
	 
	 	(3)	 	document stating the expected underwriting of the JFM Bonds.

 

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Article 12-2

In the event that the Corporation wishes to obtain approval for issuance of the foreign JFM
Bonds pursuant to the provisions of Article 23, Paragraph 1 of the Law, the Corporation shall,
pursuant to the directions of the authorized ministers, submit to the authorized ministers an
application form for such approval stating the following matters, together with the documents
stating the use of the proceeds to be procured through the relevant issue of the foreign JFM Bonds
and any other document required in connection with the issue thereof as specified by the authorized
ministers:

	 	(1)	 	reasons for the necessity of the issue of the foreign JFM Bonds;
	 
	 	(2)	 	matters specified in Article 5, Paragraph 3, Items (1) through (6);
	 
	 	(3)	 	kinds of the foreign JFM Bonds;
	 
	 	(4)	 	method of issue of the foreign JFM Bonds;
	 
	 	(5)	 	estimated amount of the expenses for the issue of the foreign JFM Bonds; and
	 
	 	(6)	 	matters to be indicated on the foreign JFM Bonds in addition to the foregoing
Item (2).

			
	Article 12-3	 	(Issue of Replacement Bonds specified in Article 23, Paragraph 2 of the Law)

1. The issue of the JFM Bonds in accordance with the provisions of Article 23, Paragraph 2 of the
Law shall be limited to the issue of the foreign JFM Bonds.

2. The issue of the foreign JFM Bonds pursuant to the immediately preceding paragraph may be
implemented only if a person who has had his/her foreign JFM Bonds
stolen, destroyed or lost
requests the Corporation to deliver such foreign JFM Bonds again, and a person whom the Corporation
deems appropriate confirms the serial number of such stolen, destroyed or lost foreign JFM Bonds
and evidence that they have been stolen, destroyed or lost is submitted to the Corporation. In such
event, the Corporation will, if necessary, collect a guarantee letter which is deemed to ensure
that if the Corporation redeem or purchase for cancellation the stolen, destroyed or lost foreign
JFM Bonds, or pay the interest of the coupons attached to such foreign JFM Bonds, a person whom the
Corporation and the Government as the guarantor of the Corporation deem appropriate should
indemnify the Corporation for the amount equivalent to the amount of redemption price or purchase
price, or the amount of the interest of the coupons.

			
	Article 13	 	(Handling of Business concerning Guarantee by the National Government with respect to
the Foreign JFM Bonds)

A
Japanese or foreign bank, trust company or person who engages in
financial instruments business (which means the Financial Instruments
Business provided for in Article 2, Paragraph 8 of the
Financial Instruments and Exchange Act (Law No. 25 of 1948)) appointed by the Minister of
Finance may handle the authentication or any other business with respect to the guarantee by the
Government of the obligations under the foreign JFM Bonds pursuant to the provisions of Article 2,
Paragraphs 2 or 3 of the Law Concerning Special Measures with respect to Acceptance of Foreign
Capital from International Bank for Reconstruction and Development, etc. (Law No. 51 of 1953), or
Article 26 of the Law.

			
	Article 13-2	 	(Mandate to Ordinances of Authorized Ministries)

In addition to those so provided for in Articles 3 through 13 above, the matters being
required with respect to the Foreign JFM Bonds shall be prescribed in the Ordinances of authorized
ministries.

			
	Article 14	 	(Accounts of Fund)

The Corporation shall keep the accounts of the Fund for the Improvement of Operations of
Municipal Enterprises (hereinafter referred to as the “Fund”) from the general accounts, and
organize the accounts to clarify the following matters:

	 	(1)	 	receipt of the contributions specified in Article 28-2, Paragraph 2 of the Law;

	 	(2)	 	addition of the surplus into the Funds specified in Article 28-4, Paragraph 2
of the Law; and
	 
	 	(3)	 	disbursement of the Funds specified in the proviso of Article 28-4, Paragraph 3
of the Law.

 

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	Article 15	 	(Earnings Applied to Subtraction of Interest on Local Loans, etc.)

The earnings specified in Article 28-4, Paragraph 2 of the Law shall be the amount computed by
subtracting the expenses for direct administration of the Fund, from the aggregate amount of the
balance of the Fund on each day in the Fiscal Year which shall be divided by the number of the days
therein and thereafter multiplied by the operating interest rate of the funds of the Corporation to
be contributed to Local Loans (excluding those the issue of which was approved before 1969 here and
hereinafter). The expenses specified in the same paragraph shall be the amount computed by
multiplying the aggregate amount of the balance on each day in the Fiscal Year of the funds for
Local Loans the interest of which has been subtracted which shall be thereafter divided by the
number of days therein by the rate provided for by the competent ministers.

			
	Article 15-2	 	(Reserve for Reduced Interest Loan)

1. In the event that the Corporation makes a loan with reduced interest (hereinafter referred to as
the “Loan with Reduced Interest” in this article), the Corporation shall reserve the amount
calculated pursuant to the provisions of the Ordinances of competent authorities of the amount of
interest to be reduced with respect to the relevant Loan with Reduced Interest as the reserve for
reduced interest loan in the business year in which such Loan with Reduced Interest is made.

2. In the event that the Corporation changes the interest rate on the Loans with Reduced Interest,
or in any other event provided for in the Ordinances of competent authorities whereby the reserve
for reduced interest loan set forth in the immediately preceding paragraph needs to be increased or
decreased, the Corporation shall reserve in addition to, or reduce from, the reserve for reduced
interest loan set forth in the immediately preceding paragraph, the amount calculated pursuant to
the provisions of the Ordinances of competent authorities in the relevant business year in
accordance with the provisions of the Ordinances of competent authorities.

3. The Corporation shall write off such amount calculated pursuant to the provisions of the
Ordinances of competent authorities as deemed necessary to appropriate to reduction of interest on
the Loans with Reduced Interest, from the reserve for reduced interest loan set forth in Paragraph
1 above in each business year.

4. The reserve for reduced interest loan set forth in Paragraph 1 above shall not be written off
except for the cases provided for in Paragraphs 2 and 3 above; provided, however, that it may be
written off with the consent of the competent ministers thereto.

			
	Article 16	 	(Reserve for Loss on Refinance of Bonds)

1. In the event that any profits are made in the Fiscal Year by renewal of the JFM Bonds already
issued, the Corporation shall, in each Fiscal Year, reserve as the reserve for loss on refinance of
bonds, the amount which has been given the consent of the competent ministers, up to the amount
equal to 12.5% of the aggregate amount at the end of the related Fiscal Year of the loans made by
JFM and the subscription by JFM for Local Loans.

2. The reserve for loss on refinance of bonds in the immediately preceding paragraph may not be
reduced, except that it may be appropriated to the compensation for the losses caused by renewal of
the JFM Bonds already issued. In case the consent of the competent ministers are given, this will
not apply.

3. The methods of computation of the amounts of the profits or losses specified in the immediately
preceding two paragraphs shall be provided for by the Ordinances of competent authorities.

			
	Article 17	 	(Delegation of Authority to the Prime Minister)

The Authority of the competent ministers to make on-the-spot inspections under Article 37,
Paragraph 1 of the Law which relate to the management of risk of loss related to the business of
the Corporation shall be delegated to the Prime Minister; provided, however, that the competent
ministers may exercise such authority by themselves.

 

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	Article 18	 	(Delegation of Authority to the Director General of Local Finance Bureau)

1. The authority delegated to the Commissioner of the Financial Services Agency under Article 37-2,
Paragraph 3 shall be delegated to the Director General of the Kanto Local Finance Bureau; provided,
however, that the Commissioner of the Financial Services Agency may exercise such authority by
him/herself.

2. The authority provided for in the immediately preceding paragraph which relates to any office of
the Trustee provided for in Article 37, Paragraph 1 of the Law (hereinafter referred to as
“Trustee’s Office” in this article) may be exercised by the Director General of the local finance
bureau which has control over the location of such Trustee’s Office (or, if such location is under
the control of the Fukuoka Local
Finance Branch Bureau, the Director General of the Fukuoka Local
Finance Branch Bureau) as well as the Director General of the Kanto Local Finance Bureau.

3. The Director General of a local finance bureau or the Fukuoka Local Finance Branch Bureau which
has made an on-the-spot inspection in accordance with the provisions of the immediately preceding
paragraph may make an on-the-spot inspection in an office of the Corporation or another Trustee’s
Office, when he/she deems that such on-the-spot inspection is necessary.

			
	Article 19	 	(Competent Ministers, etc.)

The competent ministers as used in this Cabinet Order shall be the Minister for Internal
Affairs and Communications and the Minister of Finance, and the Ordinances of Competent Authorities
shall be Ordinances of the Ministry of Internal Affairs and Communications and Ordinances of the
Ministry of Finance.

 

-8-Filed by Bowne Pure Compliance

Exhibit 4(c)

(SUMMARY TRANSLATION)*

EXCERPTS

FROM

LAW CONCERNING SPECIAL MEASURES WITH RESPECT TO

ACCEPTANCE OF FOREIGN CAPITAL FROM INTERNATIONAL BANK FOR

RECONSTRUCTION AND DEVELOPMENT, ETC.

(Law No. 51 of July 4, 1953)

AMENDMENTS

	 	 	 	 	 	 	 
	March 31, 1965

	 	Law No. 20
	 	July 30, 1999
	 	Law No. 117
	 
	March 31, 1965

	 	Law No. 36
	 	December 22, 1999
	 	Law No. 160
	 
	June 2, 1976

	 	Law No. 49
	 	June 18, 2003
	 	Law No. 92
	 
	December 18, 1979

	 	Law No. 65
	 	June 9, 2004
	 	Law No. 102
	 
	December 25, 1984

	 	Law No. 87
	 	December 3, 2004
	 	Law No. 154
	 
	December 4, 1986

	 	Law No. 93
	 	June 14, 2006
	 	Law No. 66
	 
	December 5, 1997

	 	Law No. 108
	 	November 15, 2006
	 	Law No. 100
	 
	April 23, 1999

	 	Law No. 35
	 	May 25, 2007
	 	Law No. 58
	 
	June 11, 1999

	 	law No. 73
	 	June 13, 2007
	 	Law No. 85

			
	Article 2	 	(Guarantee of Obligations in Foreign Currency)

1. Notwithstanding the provisions of Article 3 of the Law Concerning Restriction on Government
Financial Aid to Juridical Persons (Law No. 24 of 1946), the Government may guarantee the
obligations with respect to the borrowings payable in foreign currency by any of the corporations
prescribed by Cabinet Order, pursuant to the agreement for the borrowing of funds from the
International Bank for Reconstruction and Development and financial institutions of foreign
governments (more than half of the capital contribution to which is made by foreign governments,
and those prescribed by Cabinet Order) (hereinafter referred to as “International Bank for
Reconstruction and Development, etc.”) within the limit of the amount provided in the budget (in
case it is difficult to determine the amount for each of the corporations, the amount equal to the
aggregate amount to be guaranteed; in this case, as well as in the following paragraph, such
aggregate amount.)

2. Notwithstanding the provisions of Article 3 of the Law Concerning Restriction on Government
Financial Aid to Juridical Persons, the Government may guarantee the obligations with respect to
the bonds issued by any of the corporations enumerated below or by local governments payable in
foreign currency (with respect to the bonds issued by local governments, limited to those
prescribed by Cabinet Order; hereinafter referred to as the “Bonds in Foreign Currency”) within the
limit of the amount provided in the budget:

	 	(1)	 	Development Bank of Japan
	 
	 	(2)	 	Japan Bank for International Cooperation

 

	 	 	 
	*	 	Provisions that are relevant only to other special
public corporations have been omitted.

 

 

 

	 	(3)	 	and (4) Deleted
	 
	 	(5)	 	Local governments
	 
	 	(6)	 	In addition to those enumerated in each of the preceding items, from among the
corporations enumerated below, those prescribed by Cabinet Order:

	 	a.	 	the corporations whose budget requires resolutions of the Diet
pursuant to provisions of statutes.
	 
	 	b.	 	from among the corporations organized under special laws
(excluding those provided in a. above) none of whose capital investment is held
by any person other than the State, the corporations provided in a. above
and/or local governments, those which are permitted by special laws to issue
bonds.

3. The Government may, in addition to the cases provided in the preceding paragraph, guarantee the
obligations under the Bonds in Foreign Currency issued for the purpose of delivering them to the
persons who have lost their Bonds in Foreign Currency.

			
	Article 3	 	(Issuance of Debt Securities, etc.)

2. The corporations prescribed by Cabinet Order referred to in Article 2, Paragraph 1 and the
corporations enumerated in each of the items of Article 2, Paragraph 2 may, unless otherwise
provided in any other laws, entrust to foreign banks, trust companies or persons who engage in financial instruments business (which means the Financial Instruments Business provided for in Article 2, Paragraph 8 of the Financial Instruments and Exchange Act (Law No. 25 of 1948)) all
or part of the business concerning the issuance and redemption of, and the payment of interest on
deliverable bonds (bonds for delivery to the International Bank for Reconstruction and Development,
etc. pursuant to the agreement for borrowing of foreign currency fund from such banks, hereinafter
the same) or the Bonds in Foreign Currency (with respect to the Bonds in Foreign Currency, limited
to those guaranteed by the Government pursuant to Article 2, Paragraph 1, 2 or 3; the same shall
apply in this Paragraph) or all or part of the business concerning any other matters of deliverable
bonds or the Bonds in Foreign Currency, after obtaining the approval of the competent ministers as
prescribed by Cabinet Order.

3. The competent ministers referred to in the preceding paragraph shall consult with the Minister
of Finance before the approval referred to in the same paragraph.

			
	Article 5	 	(Exemption from Tax with Respect to Interest, etc.)

1. No tax or any other public charges shall be imposed with respect to interest and premiums on
redemption (the excess of the amount received in redemption over the issue price; hereinafter the
same shall apply in this Paragraph) of deliverable bonds issued by the corporations prescribed by
Cabinet Order referred to in Article 2, Paragraph 1 and relating to agreements for borrowing of
funds from the International Bank for Reconstruction and Development, etc. as well as Bonds in
Foreign Currency issued by any of the corporations enumerated in each of the items of Article 2,
Paragraph 2 and guaranteed by the Government pursuant to the provisions of Article 2, Paragraph 2
or 3 (hereinafter referred to as the “Bonds”); provided, however, that this shall not apply to such
interest or premiums on redemption received by residents provided in Article 2, Paragraph 1, Item
(3) of the Income Tax Law (Law No. 33 of 1965), domestic corporations provided in Article 2, Item
(3) of the Corporation Tax Law (Law No. 34 of 1965) and any other persons who are prescribed by
Cabinet Order as similar thereto.

SUPPLEMENTARY PROVISIONS

2. Until otherwise determined, notwithstanding the provisions of Article 3, Paragraph 1 (excluding
the proviso thereof), the imposition of income tax in connection with the interest payment on the
Bonds provided for in the same Paragraph (limited to those issued outside of the jurisdiction of
the Income Tax Law (Law No. 33 of 1965) (hereinafter referred to as “outside of Japan”) and whose
interest payment is made outside of Japan) shall be governed by the Income Tax Law and the Special
Taxation Measures Law (Law No. 26 of 1957).

 

-2-

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