370
THE HONGKONG GOVERNMENT GAZETTE, JUNE 30, 1916.
Ordinance No. 5. of 1901.
Duration of restrictions
on dealings with enemy property.
5 & 6 Gec. 5, c. 105, s. 7.
Registration of transfer
without pro-
duction of certificates,
etc.
c. 105, s. 8.
perty, and may by any such order, or any subsequent order, confer on the Custodian such powers of selling, managing and otherwise dealing with the property as to the Governor seem proper.
(2.) A vesting order under this section as respects pro- perty of any description shall be of the like purport and effect as a vesting order as respects property of the same description made by the Supreme Court under the Trustce Ordinance, 1901, and shall be sufficient to vest in the Cus- todian any property, or the right to transfer any property as provided by the order, without the necessity of any further conveyance, assurance or document.
(3.) Where in exercise of the powers conferred on him by the Governor or by the Court under this Ordinance or by virtue of the Trading with the Enemy Second Amend- ment Ordinance, 1915, the Custodian proposes to sell any. shares or stock forming part of the capital of any company or any securities issued by the company in respect of which a vesting order under either of the said Ordinances bas been made, the company may, with the consent of the Governor, purchase the shares, stork, or securities, any law or any regulation of the company to the contrary notwith- standing, and any shares, stock, or securities so purchased may from time to time be re-issued by the company.
(4.) The transfer on sale by the Custodian of any pro- perty shall be conclusive evidence in favour of the pur- chaser and of the Custodian that the requirements of this section have been complied with.
(5.) All property vested in the Custodian under this section, and the proceeds of the sale of, or money arising from, any such property shall be dealt with by him in like manner as money paid to and property vested in him under the Trading with the Enemy Second Amendment Ordi- nance, 1915, or under the Trading with the Enemy Third Amendment Ordinance, 1915, and section 7 of the Trading with the Enemy Second Amendment Ordinance, 1915, as amended by, this Ordinance, shall apply accordingly.
7. Any restrictions imposed by any Ordinance or Pro- clamation on dealings with enemy property shall continue to apply to property particulars whereof are or are liable to be notified to the Custodian in pursuance of section 5 of the Trading with the Enemy Second Amendment Ordi- nance. 1915, as extended by any subsequent enactment, not only during the continuance of the present war, but there- after until such time as they may be removed by Order of the Governor in Council, and Orders in Council may be made removing all or any of those restrictions either simultaneously as respects all such property or at different times as respects different classes or items of property.
8.-(1.) Where the Custodian executes a transfer of any shares, stock, or securities which he is empowered to transfer by a vesting order made under section 6 of the Trading with the Enemy Second Amendment Ordinance, 1915, or under this Ordinance, the company or other body 5 & 6 Geo. 5, in whose books the shares, stock, or securities are register- ed shall, upon the receipt of the transfer so exccuted by the Custodian, and upon being required by him so to do, register the shares, stock, or securities in the name of the Custodian or other transferee, notwithstanding any regula- tion or stipulation of the company or other body, and notwithstanding that the Custodian is not in possession of the certificate, scrip, or other document of title relating to the shares, stock, or securities transferred, but such registration shall be without prejudice to any lien or charge in favour of the company or other body or to any other lien or charge of which the Custodian has notice.
Validity of vesting orders.
5 & 6 Geo. 5, c. 105, s. 9.
(2.) If any question arises as to the existence or amount of any lien or charge the question may, on application being made for the purpose, be determined by the Supreme Court or a judge thereof.
9. Where a vesting order has been made under section 6 of the Trading with the Enemy Second Amendment Ordi- nance, 1915, or under this Ordinance, as respects any property belonging to or held or managed for and on behalf of a person who appeared to the Court or Governor making the order to be an enemy or enemy subject, the
!
1