Document:

Filed by Bowne Pure Compliance

Exhibit 4(d)

(SUMMARY TRANSLATION)*

STATEMENT OF BUSINESS PROCEDURES

OF

JAPAN FINANCE CORPORATION FOR MUNICIPAL ENTERPRISES

(June 1, 1957)

(Amended as of April 1, 2006)

CHAPTER I GENERAL PROVISIONS

Article 1

1. The object of Japan Finance Corporation for Municipal Enterprises (hereinafter referred to as
the “Corporation”) shall be, for contributing to the sound operation of Municipal Enterprises, to
finance local governments requiring stable funds of particularly low interest for Local Loans for
their Municipal Enterprises, in order to thereby develop Municipal Enterprises of local governments
and to contribute to the improvement of the welfare of local residents.

2. The object of the Corporation shall be, in addition to the provisions of the preceding
paragraph, supplementing the financing provided by ordinary financial institutions, to finance
local toll-road public corporations requiring long-term funds, for the purpose of promoting the
construction of local principal roads implemented by local toll-road public corporations.

3. The object of the Corporation shall be, in addition to the provisions of the preceding two
paragraphs, supplementing the financing provided by ordinary financial institutions, to finance
local land-development public corporations requiring long-term funds, for the purpose of promoting
the acquisition of land implemented by local land-development public corporations.

Article 2

1. The Corporation, with a view to attaining the object specified in Paragraph 1 of the previous
article, shall provide funds or subscribe for bonds issued as Local Loans for local governments
which operate Municipal Enterprises.

2. The Corporation, with a view to attaining the object specified in Paragraph 2 of the previous
article, shall provide funds for local toll-road public corporations.

3. The Corporation, with a view to attaining the object specified in Paragraph 3 of the previous
article, shall provide funds for local land-development public corporations.

Article 3

The Corporation, in the operation of its business, shall be attentive so that its business
will be in conformity with the policy concerning the development of Municipal Enterprises, etc. of
the Government, while being continuously attentive to the administrative authorities concerned.

CHAPTER II PROVIDING OF FUNDS

Article 4

1. The funds (excluding the funds specified in Article 5 hereof) shall be provided pursuant to each
of the following items:

 

	 	 	 
	*	 	Information regarding the effective dates of various
provisions as well as transitional provisions no longer effective have been
omitted from “Supplementary Provisions”.

 

 

 

	 	(1)	 	Person to be provided with the funds

	 	(a)	 	local governments which have obtained consent or permission for
issuance of Local Loans for their Municipal Enterprises or are certain to
obtain the consent or permission
	 
	 	(b)	 	local toll-road public corporations which construct local
highways
	 
	 	(c)	 	local land-development public corporations which operate
business similar to Municipal Enterprises

	 	(2)	 	Business to be provided with the funds

	 	(a)	 	local governments:
	 
	 	 	 	projects specified in the attached list
	 
	 	(b)	 	local toll-road public corporations:
	 
	 	 	 	projects concerning toll-roads (which shall be limited to development or
reconstruction projects of toll-roads provided for in Article 21,
Paragraph 1 of the Local Toll-Road Public Corporations Law (Law No. 82 of
1970) and further provided for as the business regarding which funds are to
be provided by the Corporation in Article 20, Paragraph 1 of the Road
Construction Project Special Measures Law (Law No. 7 of 1956))
	 
	 	(c)	 	local land-development public corporations:
	 
	 	 	 	harbor improvement projects (which shall be limited to reclamation projects)
and construction projects for regional development of littoral and inland
industrial areas, distribution business areas and lots to be used for
offices, shops, etc.

	 	(3)	 	Use of the funds
	 
	 	 	 	The funds shall be used for facilities, for refund of Local Loans for facilities and
for payment of interest on Local Loans for facilities.
	 
	 	(4)	 	Limitation on the amount of the funds

	 	(a)	 	The amount of funds to be provided for local governments shall
be limited to the amount equivalent to the amount of Local Loans for which
consent or permission have been obtained or for which consent or permission are
certain to be obtained and will not be underwritten by Governmental funds.
	 
	 	(b)	 	The amount of funds to be provided for local toll-road public
corporations shall be limited to the amount equivalent to the funds which will
be necessary for construction of local highways and will not be financed by
general financial institutions or the Government.
	 
	 	(c)	 	The amount of funds to be provided for local land-development
public corporations shall be limited to the amount equivalent to the funds
which will be necessary for business corresponding to Municipal Enterprises and
will not be financed by general financial institutions.

	 	(5)	 	Method of providing with funds
	 
	 	 	 	The funds shall be provided with through lending securities and subscribing for
bonds.
	 
	 	(6)	 	Interest rate
	 
	 	 	 	The interest rate for funds shall be, taking expenses necessary for raising funds
and other matters into consideration, as prescribed separately upon obtaining
approval from the competent ministers.

 

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	 	(7)	 	Maturity
	 
	 	 	 	The maturity of the funds shall be within twenty-eight (28) years from the following
day of the provision of the funds as prescribed separately.
	 
	 	(8)	 	Period of deferment
	 
	 	 	 	The period of deferment shall expire within five (5) years from the following day of
the provision of the funds as prescribed separately.
	 
	 	(9)	 	Method of redemption
	 
	 	 	 	The funds shall be redeemed in installments or in a lump sum; provided, however,
that the funds raised by the subscription of bonds shall be redeemed pursuant to the
method of redemption of the bonds.
	 
	 	(10)	 	Guarantee of borrowing
	 
	 	 	 	With respect to the funds provided to local toll-road public corporations and local
land-development public corporations (hereinafter referred to as the “Public
Corporations”), the Corporation shall have local governments which have established
the above Public Corporations guarantee the repayment of the borrowing.

2. The Corporation may, notwithstanding the provisions of the foregoing paragraph, approve the
assumption by other local governments of the debts regarding the funds provided to the local
governments specified in Item (1) (a) of the same paragraph.

Article 5

The provision of funds of short-term borrowing (which mean the funds to be repaid in the same
fiscal year) shall be made, within the limit that it shall not affect the provision of funds in the
foregoing article, as provided for in each of the following items:

	 	(1)	 	Person to be provided with funds
	 
	 	 	 	local governments with the necessity of the funds as short-term debts concerning
Municipal Enterprises
	 
	 	(2)	 	Use of funds
	 
	 	 	 	The funds shall be used for facilities and financial operations; provided, however,
that the funds to be used for facilities shall, as a principle, be provided only for
important long-term projects whose execution or continuation may be threatened
without the funds.
	 
	 	(3)	 	Limitation on the amount of funds
	 
	 	 	 	The funds to be provided for facilities shall not exceed the amount equivalent to
the amount of Local Loans for which consent or permission are certain to be obtained
in the relevant year, while the funds to be provided for the financial operation
shall be the amount which is necessary for the adjustment of a temporary shortage of
cash appertaining to revenue and expenditure of local governments.
	 
	 	(4)	 	Maturity
	 
	 	 	 	The funds shall be repaid within the period not exceeding three (3) months which is
necessary for adjustment of the temporary shortage of cash appertaining to revenue
and expenditure of local governments.

 

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	 	(5)	 	Refinancing
	 
	 	 	 	Notwithstanding the provision of the immediately preceding paragraph, the funds may
be refinanced for a period not exceeding three (3) months, if such refinancing is
inevitable.
	 
	 	(6)	 	Method of repayment
	 
	 	 	 	The repayment shall be made in a lump sum.
	 
	 	(7)	 	Others
	 
	 	 	 	Items (2), (5) and (6) of the foregoing Article shall be applied mutatis mutandis in
addition to each item of this article.

CHAPTER III ENTRUSTMENT OF BUSINESS

Article 6

The Corporation may entrust a part of the business of investigation concerning the provision
of funds to prefectures.

Article 7

The Corporation may entrust the business concerning provision of funds, collection of
principal and interest and other business in connection with provision and collection of funds to
financial institutions (hereinafter referred to as the “Trustee”), except for the decision for
providing funds.

Article 8

The business shall be entrusted pursuant to each of the following items:

	 	(1)	 	The Corporation, in case of entrustment of business, shall make a contract of
business entrustment and pay the commission as prescribed separately.
	 
	 	(2)	 	The Trustee, after receiving the funds necessary for the entrusted business,
shall pay the interest to the Corporation as prescribed separately.
	 
	 	(3)	 	The expenses in connection with such entrusted business incurred by the Trustee
or the prefectures which have been entrusted with part of the investigation business
concerning the provision of funds shall, as a principle, be paid by such Trustee or
prefectures.
	 
	 	(4)	 	The Trustee shall keep a separate account regarding the entrusted business, and
shall report with respect thereto.

Supplementary Provisions (Excerpts)

1. The Corporation for the time being will do the business of providing funds necessary for
afforestation, improvement, construction and reconstruction of pastures entrusted by the
Agriculture, Forestry and Fishery Finance Corporation.

 

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2. The Corporation may, in addition to the business provided for in Article 2 hereof and the
immediately preceding paragraph, provide funds for local loans (which shall mean local loans other
than those relative to Municipal Enterprises; hereinafter the same in this paragraph) for the
following types of projects, which are approved or permitted as especially necessary for the smooth
completion of construction projects implemented
by local governments in view of the actual situation of local finance, or subscribe for the bonds
issued as such local loans:

	 	(1)	 	Local road construction projects;
	 
	 	 	 	which shall mean the construction projects of prefectural or municipal roads
(excluding those projects for which expenses are wholly or partially borne by the
Government), for which expenses are considered necessary to be financed especially
through local loans for the purpose of their smooth completion;
	 
	 	(2)	 	Watercourse improvement projects;
	 
	 	 	 	which shall mean the projects of construction works of watercourse administration
facilities (which shall mean the watercourse administration facilities specified in
Article 3, Paragraph 2 of the River Law (Law No. 167 of 1964)) or sand control
facilities (which shall mean the sand control facilities specified in Article 1 of
the Sand Control Law (Law No. 29 of 1897 )) or any other land conservation, or the
construction projects of urban sewers (which shall mean the urban sewers specified
in Article 2, Item (5) of the Sewerage Law (Law No. 79 of 1958)) (excluding those
projects for which expenses are wholly or partially borne by the Government), for
which expenses are considered necessary to be financed especially through local
loans for the purpose of their smooth completion.
	 
	 	(3)	 	High school construction projects;
	 
	 	 	 	which shall mean the construction projects of worn-out or dangerous facilities or
construction projects caused by the removal of high schools facilities (which shall
mean high schools, the upper half course of junior high schools and high school
classes of schools for the blind, the deaf or the handicapped specified in the
School Education Law (Law No. 26 of 1947)), for which expenses are considered
necessary to be financed especially through local loans for the purpose of their
smooth completion.

3. The provisions of Article 4 hereof shall apply mutatis mutandis to the cases specified in
Paragraph 2 above. In such cases, “Local Loans for their Municipal Enterprises” referred to in Item
1-(a), Paragraph 1 of the said article and “projects specified in the attached list” referred to in
Item 2-(a), Paragraph 1 of the said article shall be read respectively as “local loans relating to
each item, Paragraph 2 of the Supplementary Provisions” and “projects specified in each item,
Paragraph 2 of the Supplementary Provisions”.

 

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Attached List

	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
	 
	18.	 	Industrial waste disposal projects

 

-6-Filed by Bowne Pure Compliance

Exhibit 4(e)

CERTIFICATE

We, attorneys-at-law, do hereby certify that attached hereto are true and correct English
translations of the following law, order, excerpts from law and statement and that the following
law, order and excerpts are in full force and effect as of the date hereof:

	 	(a)	 	Japan Finance Corporation for Municipal Enterprises Law (Law
No. 83 of April 27, 1957);
	 
	 	(b)	 	Cabinet Order for Japan Finance Corporation for Municipal
Enterprises Law (Cabinet Order No.79 of April 27, 1957);
	 
	 	(c)	 	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) (Art.2, par.2 and par.3 of Art.3,
par.1 of Art.5 and par.2 of Supplementary Provisions); and
	 
	 	(d)	 	Statement of business procedures of Japan Finance Corporation
for Municipal Enterprises.

IN WITNESS WHEREOF, we have hereunto set our hand this 29th day of September, 2008.

	 	 	 	 	 
	 	NAGASHIMA OHNO & TSUNEMATSU

 	 
	 	/s/ Nagashima Ohno & Tsunematsu

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