581098-1940-Defence-Finance-Regulations-1940 — Page 6

422

THE HONG KONG GOVERNMENT GAZETTE, MARCH 21, 1940.

ment, or to a person designated by the Governor for the purposes of this regulation, at such price as may be deter- mined by or on behalf of the Governor.

(2) Where a person has become bound under the preced- ing paragraph to offer, or cause to be offered, any foreign currency for sale, and has not done so, the Governor may direct that that curreney shall vest in the Colonial Treasurer Incorporated and it shall so vest accordingly free from any plodge or charge, and the Colonial Treasurer ncorporated shall pay to the person who would but for the direction la entitled to possession of the currency such price in respect thereof as m y be determined by or on behalf of the Governor.

(3) Every British subject resident in the Colony who is, or hetenfter becomes, entitled to assign, or to proeure the assignment of any right to receive outside the Colony or the United Kingdom, in respect of any credit or balane, at a bank.

nent of pay ancart in a foreign currency to which this aintion applies, shell, miless the Governor or a person designated by the Governor for the purposes of this regula- tion gives him notice to the contrary, do all things neessary for the purpose of assigning that right to the Government or to a per so designated.

The sum payable as consideration for any assigmeat rande in accordance with this paragraph shall be such as ny be determined by or on behalf of the Governor.

(4) The precviding provisions of this regulation shall not ose upon any person an obligation in respect of any eurreney or night is reveive payment of any amount, if-

(4) he satisfies the Governor or a person designated by the Governor for the purposes of this regulation that all the persons interested in that curreney, other than persons interested therein merely as trustees or merely by virtue of any mortgage, pledge or ebarge created before the third day of September, 1939, bait including any persons beneficially im posted in the currene under a trust.

not British subjects, or

(4) hus satisfies the Governor or a person so designated that the currency or amount, as the case may be, is held or is required for the purpose-

(i) of performing a contract made before the third day of September. 1939: or

(ii) of meeting the reasonable requiremems of a trade or business carried on in the Colony otherwise than by way of dealing in foreign exchange: or

(i) of defraying reasonable travelling or other personal

expenses; or

(c) he is, in respect of that currency or right, as the case may be, exempted from this regulation by the Governor or by a person so designated.

(5) The foreign currency to which this regulation applies is United States dollars. Canadian dollars, Belgas. Swiss frames, Guilders. Argentine pesos. Swedish kronor. Norwegian kroner or such other foreign currency as may from time to time he designated by the Governor for the purposes of this regulation by notice published in the

Gazette.

{

A

T