CAP. 346]
Trading with the Enemy.
【1964 Ed.
Transfer of negotiable instruments and choses in action by enemies.
(cf. 2 & 3 Geo. 6 c. 89, s. 4.)
Provided that any such order may be revoked by the Governor on proof that it was obtained by fraud or by suppression or concealment of any material fact.
(7) Any person who contravenes, or fails to comply with, the provisions of any order made under subsection (1) shall be guilty of an offence of trading with the enemy.
(8) Where an order under subsection (1) has been made in respect of a business carried on by an individual or by a company, no bankruptcy petition or petition for sequestration or summary sequestration against the individual, or petition for the winding-up of the company, shall be presented, or resolution for the winding-up of the company passed, or steps for the enforcement of the rights of any creditors of the individual or of the company shall be taken without the consent of the Governor, but where the business is carried on by a company the controller may present a petition for the winding-up of the company by the Court, and the making of an order under this section shall be a ground on which the company may be wound up by the Court.
(9) Where an order is made under this section appointing a controller for any business, any remuneration of, and any costs, charges and expenses incurred by, the controller, and any other costs, charges and expenses incurred in connexion with the control and supervision of the carrying out of the order, to such amount as may be certified by the Governor, shall be defrayed out of the assets of the business, and, as from the date of the certificate, shall be charged on those assets in priority to any other charges thereon.
7. (1) No assignment of a chose in action made by or on behalf of an enemy shall, except with the sanction of the Governor, be effective so as to confer on any person any rights or remedies in respect of the chose in action, and no transfer of a negotiable instrument by or on behalf of an enemy, or subsequent transfer thereof, shall, except with the sanction of the Governor, be effective so as to confer any rights or remedies against any party to the instrument.
(2) The provisions of subsection (1) shall apply in relation to any transfer of any coupon or other security transferable by delivery, not being a negotiable instrument, as they apply in relation to an assignment of a chose in action.
(3) Any person who by payment or otherwise purports to discharge any liability from which he is relieved by this section, knowing the facts by virtue of which he is so relieved, shall be deemed to have thereby traded with the enemy:
Provided that in any proceedings for an offence of trading with the enemy which are taken by virtue of this subsection it shall be a defence for the defendant to prove that at the time when he purported to discharge the liability in question he had reason...