TNAG-2027-FCO40-2889-Hong-Kong-freezing-of-Kuwaiti-and-Iraqi-assets-1990 — Page 103

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THE HONG KONG (CONTROL OF GOLD, SECURITIES, PAYMENTS AND CREDITS:

KUWAIT AND REPUBLIC OF IRAQ) ORDER 1990

At the Court at Buckingham Palace

THE

DAY OF AUGUST 1990

PRESENT,

THE QUEEN'S MOST EXCELLENT MAJESTY IN COUNCIL

Her Majesty, by virtue and in exercise of the powers in Her Majesty vested, is pleased, by and with the advice of Her Privy Council, to order, and it is hereby ordered, as follows:-

Citation and commencement

1. (1) This Order may be cited as the Hong Kong (Control of Gold, Securities, Payments and Credits: Kuwait and Republic of Iraq) Order 1990.

(2) This Order shall come into operation in Hong Kong forthwith.

Control of Gold, Securities, Payumemnts and Credits

2. (1) Except with permission granted by or on behalf of the Financial Secretary of Hong Kong, no direction given by or on behalf of the Government of Kuwait or the Government of the Republic of Iraq, or by or on behalf of any person resident in Kuwait or the Republic of Iraq at the time of the commencement of this order or at any later time while this Order is in force shall be carried out insofar as the direction -

(i) requires the person to whom the direction is given to make any payment or to part with any gold or securities; or

(ii) vequires any change to be made in the persons to whose credit any sum is to stand or to whose order any gold or security is to be held.

(2) In this section:-

"gold" means gold coin or gold bullion;

"security" includes

-

(a) shares, stocks, bonds, notes, debentures, and debenture stock;

3 PFAAY