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will be suspended and extended by four months and will fall due on 30th January;
or
(c) if it is due on (say) 11th November, it will be similarly extended so as to fall due on 11th March;
and so on, the effect being in each case the same as if the period of the moratorium did not exist and as if January followed August.
Exactly the same applies in regard to the period of limitation.
As I have said, these words were taken from the Moratorium Proclamation for Sicily or Italy and the provision has been passed by the War Office and the Treasury who have presumably approved the policy.
The effect of omitting this provision from the Hong Kong draft and of the insertion in Article 5(1) of that draft of the words "During the period of the moratorium" is as follows:-
(a) All debts which fall due at any time during
the period of the moratorium will be enforceable immediately on the expiration of that period; and
(b) persons who failed to pay debts during the
moratorium will not be protected from any action taken after its expiration; they will be defaulters, and any penal provisions consequent on default will apply to them.
(a) above may have been intended, but I imagine (b) was not.
The words "During the period of the moratorium” are not in S.5(3) of the Malayan draft, from which
It Article 5(1) of the Hong Kong draft was taken. is not understood why there were inserted in the Hong Kong draft. They should be omitted, and the words "by the Moratorium" should be substituted for "thereby" in line 20 of Article 5(1). The Article would then operate to bar action taken at ay time, whether during or after, the period of the moratorium, to enforce penalties for failure to pay debts during that period. Presumably this is the intention.
K. K. O'Connor.
27th August, 1945
Mr Camic.
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JJG249/8.
29/8.
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