CO129-609-4 Future policy- draft proclamation for moratorium on unsettled debts 24-8-1945 - 22-2-1947 — Page 26

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A

BRITISH MILITARY ADMINISTRATION, HONG KONG

A

PROCLAMATION NO.

A Proclamation to close financial institutions, to proclaim

a moratorium and to prohibit certain dealings in land.

I

DO HEREBY PROCLAIM AND ORDER:

PART I

PRELIMINARY

Article 1

Short Title

This Proclamation may be cited as the Moratorium Proclamation.

Article 2

7 bay

•

of

Interpretation

In this Proclamation unless the context otherwise requires:-

"Controller" means the officer for the time being performing the duties of Chief Financial Adviser under the British Military Administration;

"dealing" in relation to land means any transaction of whatever nature, entered into after the coming into force of this Proclamation, by which land is affected and includes a caveat;

"debt" includes any form of claim for payment of, or obligation to mon

money;

"financial institution" means any person or body of persons whether incorporated or not carrying on the business of banking including the receiving of money on curent account or on deposit or of granting credit in any form or of dealing in fo eign exchange or of maintaining safe deposit facilities;

"land" includes land of whatever tenure; tenements and hereditaments corporeal or incorporeal; rights over, and interests in land; houses and other buildings and fixtures attached to the earth; and an individed share in land.

PART II - CLOSING OF FINANCIAL INSTITUTIONS

Article 3

Suspension of business and closing of premises

(1)

Every financial institution shall forthwith suspend business and close its premises to the public.

(2)

The re-opening of any premises so closed and the resumption of any business so suspended shall be subject to such terms, conditions and restrictions as the Controller, or any officer authorised by him in that behalf, may prescribe, by notice or by general or specific order or by written communication addressed to the financial institution concerned, Notwithstanding anything in this Article banks may:-

(a)

receive accounts and otherwise conduct new business in respect of the British Military Administration or

any