1956-HKRS30-8-46_Part05 — Page 1

Conversion of claime in foreign currency.

Notice of dotermina- tion by Adminis- trator.

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trade marks or industrial processes or information relating thereto under agreements made before the suid date, there shall not be included in relation to any year or part of a year falling within the period beginning on the 1st day of September, 1939, and ending with the date of the coming into operation of the Ordinance a sum exceeding the highest amount falling due under the agree- ment during any one of the years 1936, 1937, 1938 or 1939, or, as the case may be, a proportionate part of such highest amount.

For the purposes of the proviso to this paragraph the amount falling due in the year 1939 shall be calculated proportionately by reference to the amount earned up to the end of August of that year.

20. (1) Where a claim is made in respect of a debt expressed in a foreign currency the amount calculated in accordance with regulation rg hereof shall be converted into sterling at a rate lo be determined by the Governor; and the resulting sterling sum shall be the amount for which the claim may be admitted for payment under these regulations.

(2) The rate determined by the Governor for any foreign currency under paragraph (1) shall, where possible, be based upon the middle rate or rates for telegraphic transfers ruling in the London market for that currency on the 31st day of August, 1939, or, if there were no such rates for that foreign currency on the said date, at the middle rate or rates for telegraphic transfers last ruling in the London market for that foreign currency before the said date, and shall, for the purpose of converting into sterling any unit of German currency, be the rate for free marks.

21. (1) The Administrator shall determine whether any claim is established for the purposes of these regulations and the amount for which it may be admitted for payment, and shall serve written notice of the determination on the claimant.

(a) The determination of the Administrator in relation to any claim shall be final:

Provided that the claimant, if dissatisfied with the determina- tion as being erroneous in point of law, may by notice in writing given within six weeks after being served with notice of deter- mination as aforesaid and setting out the question or questions of law in respect of which it is alleged that the determination of

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the Administrator was erroneous, require the Administrator to state and sign a case for the opinion thereon of the court and the decision of the court shall be final.

(3) The Administrator shall be entitled to appear at the hearing of any case stated by him under this regulation.

22. The proceeds of German enemy property collected by Distribu- the Administrator shall, in so far as they are not distributed in tion of

proceeds of accordance with the provisions of regulation 23, form a general property. fund and shall, from time to time, be distributed in paying dividends to persons whose claims have been duly established for the purposes of these regulations, calculated in each case by reference to the amount for which the claim has been admitted for payment.

property.

29. (1) Where, in the case of a claim established for the Claims purposes of these regulations, the Administrator holds the against proceeds of any German enemy property which belonged to or was held or managed on behalf of any German person from whom the debt was due, such proceeds may, if it would be more favour- able to the claimant to do so, be distributed to the claimant to an extent not exceeding the amount for which the claim is admitted for payment:

Provided that the amount so distributed to any claimant of the proceeds of property which belonged to or was held or managed on behalf of any particular German person shall not exceed the amount of the German enemy debt due from him to that claimant.

(2) If more than one claim is established for the purposes of these regulations in respect of debts due from the same German person and the proceeds of any German enemy property which belonged to him or was held or managed on his behalf are insufficient to make payment to the extent authorized by para- graph (1) hereof to all the claimants, any distribution under the said paragraph (1) shall be made proportionately to the amount for which each claim is admitted for payment under these regula- tions.

(3) Any payment under this regulation in respect of any claim shall be in substitution for, and not in addition to, any payment under regulation 22 in respect of that claim.