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appointed shall not be less than one month, and provided that no such notice shall be given except with the permis- sion of the Governor.
(2.) The secured creditor shall realise his security within the time appointed, and shall furnish forthwith to the liquidator an account of the proceeds of such realisation.
(3.) Where the proceeds of such realisation exceed the amonut to which the secured creditor is entitled under the terms of the security the secured creditor shall forthwith pay any surplus to the liquidator.
(4.) If there be any dispute as to the amount to which the secured creditor is entitled, or if the secured creditor fail to comply with any of the provisions of this section, the liquidator shall apply to the Court for directions and any order made by the Court on such application shall be final for all purposes of the winding up.
(5.) If the secured creditor fails to realise his security within the time limited the Court may by order vest the property in the liquidator and may give directions as to the sale of the property by the liquidator and may make such order as may be necessary for the purpose of enabling the liquidator to realise the property.
(6.) In this section the words "terms of the security' shall include any rights possessed by any corporate body over the shares in such corporate body in respect of debts due to such corporate body.
12. Any order made by the Court on any application by Enforce- a liquidator for directions under any of the provisions of ment of the Alien Enemies (Winding up) Ordinances, 1914 to orders made
on applica- 1916, may be enforced in the same manner as any judgment
tions for or order of the Court in an action would be enforceable: directions. Provided that no order made on any such application for directions shall be enforced without the permission of the Governor.
13. No act of any liquidator appointed under the princi- Validity of pal Ordinance to wind up the trade or personal affairs of acts of any person shall be deemed invalid by reason only of the liquidators. fact that at the time when the act was done such person was not an alien enemy, or had died, or had ceased to exist.
officers.
14. No legal proceeding of any kind whatsoever, civil Protection or criminal, shall without the permission of the Governor of liquidators be brought against any liquidator or any public officer in and public respect of any act or omission connected in any manner whatsoever with any winding up under the Alien Enemies (Winding up) Ordinances, 1914 to 1916, whether such act or omission have occurred before the commencement of this Ordinance or may occur hereafter.
15. The powers conferred on the Governor by the Alien Duration of Enemies (Winding up) Ordinances, 1914 to 1916, and the powers of
Governor rights and powers of the liquidators for the time being in and of office, shall continue not only during the continuance of liquidators. the present war but thereafter until such time as they may be revoked by Order of the Governor in Council, and Orders in Council may be made revoking all or any of those rights and powers either simultaneously as respects all the liquidations or at different times as respects dif- ferent liquidations or as respects different classes or items of property.
16. Section 13 of the Alien Enemies (Winding up) Repeal of Amendment Ordinance, 1914, is repealed.
Ordinance
No. 30 of
1914, s. 13.
Objects and Reasons.
The object of this bill is to deal with certain points which have arisen in the course of the liquidations and with others which may arise hereafter.
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