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THE HONGKONG GOVERNMENT GAZETTE, JANUARY 9, 1920.
This stipulation shall not apply to any sale of securities effected by an enemy during the occupation in regions invaded or occupied by the enemy.
Negotiable Instruments.
6. As regards Powers which adopt Section III. and the Annex thereto the pecuniary obligations existing between enemies and resulting from the issue of negotiable instru- ments shall be adjusted in conformity with the said Annex by the instrumentality of the Clearing Offices, which shall assume the rights of the holder as regards the varions remedies open to him.
7. If a person has either before or during the war become liable upon a negotiable instrument in accordance with an undertaking given to him by a person who has. subsequently become an enemy, the latter shall remain liable to indemnify the former in respect of his liability notwithstanding the outbreak of war.
III.-CONTRACTS OF INSURANCE,
8. Contracts of insurance entered into by any person with another person who subsequently became an enemy will be dealt with in accordance with the following paragraphs--
Fire Insurance.
9. Contracts for the insurance of property against fire entered into by a person interested in such property with another person who subsequently became an enemy shall not be deemed to have been dissolved by the outbreak of war, or by the fact of the person becoming an enemy, or on account of the failure during the war and for a period of three months thereafter to perform his obligations under the contract, but they shall be dissolved at the date when the annual premium becomes payable for the first time after the expiration of a period of three months after the coming into force of the present Treaty.
A settlement shall be effected of unpaid premiums which became due during the war, or of claims for losses which occurred during the war.
10. Where by administrative or legislative action an insurance against fire effected before the war has been transferred during the war from the original to another insurer, the transfer will be recognised and the liability of the original insurer will be deemed to have ceased as from the date of the transfer. The original insurer will, however, be entitled to receive on demand full information as to the terms of the transfer, and if it should appear that these terms were not equitable they shall be amended so far as may be necessary to render them equitable.
Furthermore, the insured shall, subject to the concurrence of the original insurer, be entitled to re-transfer the contract to the original insurer as from the date of the demand.
Life Insurance,
11. Contracts of life insurance entered into between an insurer and a person who subsequently became an enemy shall not be deemed to have been dissolved by the outbreak of war, or by the fact of the person becoming an enemy.
Any sun which during the war became due upon a contract deemed not to have been dissolved under the preceding provision shall be recoverable after the war with the addition of interest at five per cent. per annum from the date of its becoming due up to the day of payment.
Where the contract has lapsed during the war owing to non-payment of premiums, or has become void from breach of the conditions of the contract the assured or his representatives or the persons entitled shall have the right at any time within twelve months of the coming into force of the present Treary to claim from the insurer the surrender value of the policy at the date of its lapse or avoidance.
Where the contract has lapsed during the war owing to non-payment of premiums the payment of which has been prevented by the enforcement of measures of war, the assured or his representative or the persons entitled shall have the right to restore the contract on payment of the premiums with interest at five per cent. per annum within three months from the coming into force of the present Treaty.
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