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THE HONGKONG GOVERNMENT GAZETTE, NOVEMBER 2, 1914.
Amendment 2. Section 4 of the Principal Ordinance is amended as
of Ordinance follows:- No. 28 of 1914, s. 4.
Repeal of Ordinance No. 28 of 1914, s. 5 (11).
Addition of new sub- sections.
(a.) By the repeal of the words "conveyed in writ- ing under the hand of the Colonial Secretary" in sub-section (1).
(6.) By the addition of the following sub-section
after sub-section (2):-
"(3.) No person shall without the permis- sion of the Governor pay any money or part with any property whatsoever to or for the benefit of any alien enemy whether such alien enemy be within or without the Colony."
(c.) By renumbering sub-sections (3) and (4) as (4)
and (5).
3. Sub-section (11) of section 5 of the Principal Ordi- nance is repealed.
4. The following sub-sections are added after sub- section (10) of section 5 of the Principal Ordinance :—
"(11.) Every liquidator shall be entitled to retain out of the assets of the trade, or out of the per- sonal assets, of the alien enemy whose trade or personal affairs respectively he has been appointed to wind up, the expenses incurred by the liquidator in the course of such winding up, including the rent of any business premises formerly occupied by such alien enemy which shall accrue while such premises are occupied by the liquidator for the purpose of such winding up, and a sum of money equal to two and a half per cent. on the total assets realised or brought to credit by the liquidator, as remu- neration for his loss of time and trouble. (12.) In case the assets of any such trade, or the personal assets of any such alien enemy, shall be or become insufficient to meet all the corres- ponding liabilities, such assets shall be applied in the following order of priority:- Firstly, the expenses incurred by the liquidator in the course of such winding up, including the rent of any business premises formerly occupied by such alien enemy which shall accrue while such premises are occupied by the liquidator for the purpose of such winding up. Secondly, a sum of money equal to two and a half per cent, on the total assets realised or brought to credit by the liquidator, to be retained by him as remuneration for his loss of time and trouble.
Thirdly, all sums of money due to secured creditors, up to the value of their respective securities. Fourthly, the salary or wages of any clerk or ser- vant in respect of services rendered since the 31st day of July, 1914, less any sum of money due by such clerk or servant to such alien enemy, or to the compradore of such alien enemy.
Fifthly, all sums of money due to the Crown. Sixthly, all other liabilities rateably pari passu, whether due to persons within or without the Colony.
(13.) In case the nett assets of any such trade, or the nett personal assets of any such alien enemy, after deducting the value of all securi- ties held by secured creditors, shall be or be- come insufficient to satisfy the total sums of money which the liquidator is entitled under sub-section (11) of this section to retain, every secured creditor shall be liable to pay to the liquidator such proportion of the sum by which the nett assets as above defined are insufficient for the purpose aforesaid as the value of his security may bear to the total assets realised or brought to credit by the liquidator.