CO129-609-4 Future policy- draft proclamation for moratorium on unsettled debts 24-8-1945 - 22-2-1947 — Page 27

(b)

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Allied or Neutros any department thereof, or in respect of any Government;

operate any account or class of account which the Controller máy, by writing authorise them or any of them to operate.

PART III - MORATORIUM

Article 4

Moratorium proclaimed

Except as hereinafter provided, a moratorium is hereby proclaimed in respect of all debts incurred before the date when this Proclamation takes effect.

Article 5

Effect of Moratorium-

(1) During the period of the moratorium, no rights, remedies or powers in respect of any debt affected thereby shall, at any time, be exercised or enforced by process of law solely by reason of non-payment as a result of the provisions of this Proclamation; but nothing herein shall prevent the voluntary payment of any debt.

(2) In computing the period of limitation applicable to any debt the period of the moratorium shall be excluded.

Article 6

Exceptions

The moratorium hereby imposed shall not apply to any debt

(a)

incurred after the date when this Proclamation takes effect;

(b) not exceeding one hundred dollars in respect of any

one transaction

(c) due in respect of:-

(a)

kalis

professional services;

(1)

wages or salaries;

(11)

(111)

work and labour;

(iv)

rent not exceeding one year's rent; or

due to the Government of Hong Kong.

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Article 7

Power to suspend or terminate moratorium

The Chief Civil Affairs Officer, or any Officer authorised by him in that behalf, may, by notice or by general or specific order exempt any debt or class of debts from all or any of the provisions of this Proclamation.

PART IV

DEALINGS IN LAND

Article 8

Dealings in land prohibited

During the period of the moratorium no person shall transact any dealing in land except

(a) a lease or tenancy for a term not exceeding one

year; or

(b)