1948-HKRS28-8-15_Part02 — Page 14

Techarge during occupation period of

(ii) if due was not demanded by the creditor or by his agent on his behalf and was not payable under a contract the parties to which expressly stipulated that it should be of the essence of such contract that payment should be made on a date certain or

(iii) if due and demanded was not made within three months of such demand,

such payment shall be re-valued in accordance with the scale contained in and in the manner prescribed in the Schedule to this Ordinance and shall be a valid discharge of such debt only to the extent of such re-valuation.

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(3) In sub-section (2) of this section pro- occupation capital debt means any such debt as is referred to in sub-section (1) of this section, including a sum payable as interest but not including a sum payable as rent and accruing due after the commencement of the occupation period.

4. Any payment made during the occupation period by a debtor or bis agent to a creditor or his agent in respect of a debt payable by virtue of an obligation incurred during the occupation period and accruing due before on or after red during soch period, the commencement of this Ordinance-

debts in

Wratislied occupation

re-valped.

(2) shall, if made in a currency in which the debt was incurred, be a valid discharge of the debt to the extent of the face value of the payment; and

(b) shall, if made in occupation currency in respect of a debt incurred in Hong Kong currency, or if made in Hong Kong currency in respect of a debt incurred in oo- cupation currency, be a valid discharge of the debt to the extent of the face value of the equivalent amount in Hong Kong currency or in occupation currency, as the case may be, calculated at the official rate of exchange prescribed by the occupying power or, where another rate was agreed by the parties concerned, at that rate.

5. (1) Save as provided in section G of this Ordinance debts to be and subject to the provisions of sub-section (2) of this section any debt or any part of a debt payable by virtue of an obliga- tion incurred during the occupation period and accruing due before on or after the commencement of this Ordinance which still remains unpaid at the commencement of this Ordinance shall unless such debt was expressly made payable otherwise than in occupation currency be re-valued in accordance with

the scale contained in and in the manner prescribed in the Schedule to this Ordinance and shall be payable to the extent determined by such scale.

(2) The provisions of sub-section (1) of this section shall not apply in respect of any debt or part of a debt which represents interest on a principal sum but any interest pay- able on a principal sum where the principal sum is re-valued in accordance with the provisions of this section, shall, if the interest is due but unpaid at the commencement of this Ordinance or if it becomes due thereafter, be payable only on the amount of the principal sum as so re-valued.

(3) No action shall be brought on any debt expressed in occupation currency unless it is re-valued in dollars under the provisions of this Ordinance.

bake to

6. Notwithstanding any other provision of this Ordin- Liability of ance, the liability of a bank to a enstomer as at the end of Kalamers. the occupation period on any bank account shall not in any case exceed (1) the amount (if any) which stood to the credit of such customer in such account immediately prior to the commencement of the occupation period together with the amount of any deposit made in Hong Kong currency during the occupation period less any withdrawals in Hong Kong currency less (ii) the excess of withdrawals made in occupation currency over deposits made in occupation currency converted at the rate of exclango prescribed by the occupying power which for the purposes of this section shall be deemed to be four dollars Hong Kong currency to one military yen.

accounta

7. (1) Every bank shall within twelve months from Banks to the commencement of this Ordinance or within such extended submit period as the Financial Secretary may allow submit to the Financial Secretary an account in respect of the banking business carried on during the occupation period by such bank or by its agent or a custodian or a liquidator on behalf of such bank showing-

(a) the sum of the amounts in Hong Kong currency by which the balances standing to the credit of customers immediately prior to the commencement of the occupation period on all accounts with such bank have by virtue of the provisions of section 3 or section 6 of this Ordinance, whichever operates to effect such reduction in the case of ench account, been reduced by payments made in occupation currency by such bank or by a custodian or liquidator purporting to act on behalf of such bank;