1948-HKRS29-8-15_Part02 — Page 15

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(b) the sum of the amounts which under the provisions of section 5 of this Ordinance are payable to such bank in Hong Kong currency in respect of advances made in occupation currency by or on behalf of such bank in any account;

(c) the sum of the amounts in Hong Kong currency by which the balances standing to the debit of customers immediately prior to the commencement of the occupation period on all accounts with such bank bave under the provisions of section 3 of this Ordinance been reduced by payments made by or on behalf of such customers in occupation currency.

(2) Every bank shall pay into the fund established under the provisions of sub-section 3 of this section a sum equal to the total of the sums referred to in paragraphs (4) and (b) less the total referred to in paragraph (c) of sub- section (1) of this section: Provided that the Governor in Council may remit all or any part of the sum so payable by any bank and shall in deciding whether to remit all or any part of such sum have regard to all the circumstances of the case and in particular to any loss which the said bank has suffered in the Colony as a result of war between His Majesty and the occupying power,

(3) There shall be established a fund to be called the Debtor and Creditor Surpluses Fund and to be managed and administered by a Board which shall be appointed by order of the Governor in Council with such powers (including power to require the production and investigation of the books of a bank) and duties as may be prescribed by such order.

(4) The moneys from time to time standing to the credit of the Debtor and Creditor Surpluses Fund shall, after provision has been made for any remission granted by the Governor in Council under sub-section (2) of this section and for defraying the expenses of the Board, be applied in payment of compensation for losses caused by, or consequent upon, the occupation of the Colony by the occupying power in such manner as may be prescribed by order of the Governor in Council.

(5) In default of compliance with the requirements of sub-sections (1) and (2) of this section the Supreme Court may, on application by or on behalf of the Financial Secretary on an originating summons make such order as to the Court shall seem fit directing a bank to make compliance with all or any of the requirements aforesaid.

8. For the purposes of sections 3, 4 and 5 of this Application Ordinance

of paymrats to and with- drawals from

Toriod.

(a) any payment made by or on behalf of any banka during person into any bank account during the occupation period nation shall be deemed to have been applied first to any debit balance or part thereof which arose during the occupation period and was still outstanding against such person in such account at the time when such payment was made; and

(b) any withdrawal made by or on behalf of any person from any bank account during the occupation period shall be deemed to have been applied first to any credit balance or part thereof which arose during the occupation period and was still outstanding in favour of such person at the time when such withdrawal was made.

Banker's

9. For the purposes of this Ordinance a copy of an Evidence of entry in a banker's book shall in all procecilings be received payments. as prima facie evidence of such entry and of the matters, book transactions and accounts therein recorded notwithstanding that such book was during the occupation period in the custody and control of a custodian or a liquidator.

10. (1) Any interest in respect of the occupation Interest. period on a debt (whether accrued due or not) payable by virtue of an obligation.incurred prior to the commencement of the occupation period being interest at a rate provided for by agreement or statute or otherwise (hereinafter called "ibe due rate") and unpaid at the commencement of this Ordinance shall be payable at such rate as is provided by this section.

(2) If the due rate is higher than four per centum per annum such interest shall be payable at the rate of four per centum per annum :

Provided that-

(a) any person to whom the interest is pay- able may apply to the Supreme Court by originating summons for an order that the interest shall be payable at a rate higher than four per centum per annum and the Supreme Court may on the hearing of such summons, make an order that the interest shall be payable at such rate higher than four per centum per annum but not exceeding the due rate as to the Court sliall seem út: