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(4) Where any business in respect of which a controller has been appointed under this section has assets in enemy territory, the controller, if in his opinion it is practicable so to do, shall cause an estimate to be prepared-
(a) of the value of those assets;
(b) of the amount of any liabilities of the business to creditors, whether secured or unsecured, who are enemies;
(c) of the amount of the claims of persons who are enemies to participate, otherwise than as creditors of the business, in any distribution of assets of the business made while an order under subsection (1) is in force in respect of the business,
and, where such an estimate is made, the said liabilities and claims shall, for the purposes of this section, be deemed to have been satisfied out of the said assets of the business in enemy territory, or to have been satisfied thereout so far as those assets will go, and only the balance, if any, shall rank for satisfaction out of the other assets of the business.
(5) Where an estimate has been prepared under subsection (4), a certificate of the controller as to the value or amount of any assets, claims or liabilities to which the estimate relates. shall be conclusive for the purpose of determining the amount of the assets of the business available for discharging the other liabilities of the business and for distribution amongst other persons claim- ing to be interested in the business :
Provided that nothing in this subsection shall affect the rights of creditors of, and other persons interested in, the business against the assets of the business in enemy territory.
(6) The Governor, on an application made by the controller appointed under this section and after considering the application and any objections which may be made by any person who appears to him to be interested, may by order grant to the con- troller a release, and an order of the Governor under this sub- section shall discharge the controller from all liability in respect of any act done or default made by him in the exercise and performance of his powers and duties as controller:
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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 nude 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 onder 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 certi- ficate, shall be charged on those assets in priority to any other charges thereon.
7.
tiable
(1) No assignment of a chose in action made by or on Transfer behalf of an enemy shall, except with the sanction of the of pego- Governor, be effective so as to confer on any person any rights instru- or remedies in respect of the chose in action, and no transfer of tents and
choses in a negotiable instrument by or on behalf of an enemy, or sub- action by sequent transfer thereof, shall, except with the sanction of the enemies. 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,
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