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IV.
(b)
(iv)
(v)
(vi)
(vii)
-4-
Annulment of all illegal acts of the Japaneso in connection with the liquidation of the banks including the illegal transfor and delivery of securities by the liquidators.
Invalidation of occupation currency and a definition of logal tendor in the Colony;
Restriction of cxchango transactions and of the exportation of gold, silver and currency; provision for fixing ratos for buying and selling exchange;
Restriction on transactions in stocks and shares and in real property;
(viii) Prohibition of transactions with the encry.
The establishment of a Committee to act as a Financo Committee and Clearing Houso consisting of the Chief Civil Affairs Officer or his delegate, the Custodian of Encry Froperty and other intercstod officers of the administration together with representatives of the banks. Tho Finance Colitteo's functions might be threefold to amend, vary or add to the regulations for the further carrying out of the terms of tho Ordinance, to regulate the manner in which any liconec or authority may be granted or relaxation allowed in thoir opcration, and to act gcncrally in the clearing and solving of the ranifold problems which are bound to arise in connection with the rehabilitation of the financial and ocononic affairs of the Colony.
The Finance Committee might be a suitable organisation to take over from, or under the authority of the Custodian of Enemy Property: -
(i) All Bank and Government Notes other than occupation
currency and all securitics and financial instruments of all kinds found in the possession or control of all onemy or cneny associated banking institutions and all public enemy departments like the Military Finance Department.
(ii)
(iii)
(iv)
To investigate the liquidation accounts and to ascertain interbank indebtedness and the payments mado by thc liquidators of cach bank to depositors, the amounts received by then from debtors of each bank and the currency in which payments were made:
To facilitate the investigation of financial' transactions during the occupation from a security point of view, and with a view to invalidating illegal transfers of property:
To restore as far as possible the property scized from cach bank.
A suggested draft of an Ordinance is submitted in outline, without any pretension to final or strict drafting. It is intended to apply only to such fundarontally necessary principles as are: irmediately necessary to begin financial transactions through tho banks.
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