CO537-(1262-1649) — Page 187

00 15 1

the Exchange Fundas

6.

adiumatim tuł appear alternative boug

6. 20appears to R. Habl

Мили

that there peopesar's.

Mucent i acasonable

division of ustensibility

between the Bouth &

the Hang Kay Love,

The Dankie

maca u borad

ingestate liability world the

in clearly limited of

probable

it's fultimate lors

confined.

to the immediate cash

payment of £1,000,000.

of the remaining

The whole of

lors involved, the amant' of which is unknown,

with out with the

Sort. Through the Hay Kary Exchange Fund,

Suna

settlement

epresents, the timest In Halt add

Mr. Hallt

Jus aute is i

་

h

antoin of listality

· 3 -

148

provided in sub para (2) above

If the bank is unustling to acecht The alternative to these proposals would-

Sat wants have no other thinble leave the status of the notes in

question to be settled by legal action, which

the holders of the notes would no doubt take when

such action is made possible by the removal of the

present moratorium. It can be presumed that

action of such importance would be taken to the

Court of Appeal and ultimately to the Judicial

Committee of the Privy Council and until such

actions have been contested by the Courts the

public would be left in uncertainty as to its

rights and the Bank itself in uncertainty as to

its liabilities.

معمار

set

7.

Mh. Hall will be glad to learn as

I am to request that the proposals as nessible whither

out above on the settlement of this matter

may be considered as carly as possible by the

Board of the Bank, and to say that lir-Hall

trusts that the Board will be prepared to agree (to action being taken on the basis of the

moposals set out in hava h

The maximum contribution

which can

be expected.

homine four. Should the

Ranch feel amable to

I am ete.

ader har he is also agreable

accept this wasis of settlement, The ally

alternative conside

would be

may

4

his luster,

ascutan urether this

to the Hay Kay Sam.

am etc.

1

2

cms

Ref.:

CO 537/1369

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