FO371-46252 — Page 102

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1.

2.

SUGGESTED DRAFT OUTLINE OF ORDINANCE.

In this Ordinance unless otherwise provided or the text otherwise requires, the following expressions shall have the meaning hereby assigned to them:-

(a)

(a) "Bank" and "Banks" means any of the banks mentioned in

the schedule hereto, and such other bank or banks as may be hereafter added thereto.

(b) "Colony" means the Colony of Hongkong and its dependencies.

(c) "Occupation currency" means any currency made or printed by

or in the name or under the authority of the Japanese Authorities and issued by them during the occupation.

(d) "Japanese Authorities" mean the Japanese Government, its

armed forces and any civil or military administration and any agents or servants thereof.

(e) "Occupation" means the occupation of the Colony by the

Japanese Authorities as from December 25th, 1941.

OPENING OF BANKS.

As from

• * *

the Banks

mentioned in the schedule hereto are authorised to open for the business of banking, subject to the terms and conditions of this Ordinance and of the regulations from time to time made thereunder.

(b) Until such time as may be hereafter announced, all accounts between the banks and their customers before the date hereof shall be suspended and all books and records in connection therewith shall be closed pending investig- ation.

(0)

Until such time as may be hereafter announced, the banks are authorised only to open new accounts, to engage in new transactions and to receive moneys on new accounts whether current accounts, fized deposits or Savings Bank deposits, or such other new business as may be in accordance with the usual practice of banking as authorised in the Colony, and to male payments therefrom or on account thereof on such terms as may be agreed between the parties.

If it is found that the records of the banks have been lost or destroyed it may be necessary to issue a notice that persons having any claims against any bank should lodge their claims and submit proofs of their claim to the bank as soon as possible and if possible within a limited period say two months of the re-occupation at the risk at least of having the settlement of their claims deferred.

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