Treaty of Peace Regulations (Amendment) (Cth)

STATUTORY RULES.

1926. No. 59.

REGULATIONS UNDER THE TREATY OF PEACE (GERMANY) ACT 1919-1920.

I, THE GOVERNOR-GENERAL in and over the Commonwealth of, Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Treaty of Peace (Germany s Act 1919-1920, to come into operation forthwith.

Dated this 29th day of April, 1926.

(Sgd.) STONEHAVEN

Governor-General.

By His Excellency’s Command,

for Treasurer.

 

Amendment of Treaty of Peace Regulations.

(Statutory Rules 1920, No. 25, as amended to this date.)

Sale of shares in commercial partnership to person in whom other shares have vested.

1. After regulation 36 of the Treaty of Peace Regulations the following regulation is inserted:—

“36A.—(1) Notwithstanding anything contained in these Regulations, where the property rights or interests revested in any person under the last preceding regulation consist of a share or shares in a commercial partnership (Gesellschaft mit beschränkter Haftung), and the share or shares of the other partner or partners in that commercial partnership continue to be vested in the Custodian, the Custodian may sell to that person, on such terms and conditions as the Custodian thinks fit, the share or shares in that commercial partnership that continue to be vested in the Custodian;

Provided that the terms as to payment shall not in any case be more advantageous to the purchaser than those specified in paragraph (2) of sub-regulation (1.) of regulation 50 of these Regulations, reading that paragraph as if—

(a) in sub-paragraph (a) there were substituted for the words ‘forwarded with the tender by way of deposit’ the words ‘paid on the execution of the agreement by the purchaser’; and

(b) in sub-paragraph (b) there were substituted for the words ‘that his tender has been accepted’ the words ‘of the execution of the agreement by the Custodian’.

C.5470.

 

“(2.) Until the whole of the purchase money and interest thereon is paid the purchaser shall not, except with the consent in writing of the Custodian and subject to such conditions as the Custodian imposes, be entitled—

(a)to assign or transfer the whole or any of his rights under the agreement made between the purchaser and the Custodian for the sale of a share or shares in a commercial partnership or to charge those rights in any way with the payment of any money;

(b)to sell transfer lease mortgage or otherwise dispose of or encumber any real property comprised in the assets of the commercial partnership or enter into any agreement for the sale transfer lease mortgage or disposal or encumbrance of any such real property.

“(3.) Any sale transfer lease mortgage disposal encumbrance contract or agreement made granted or entered into in contravention of this regulation shall be void and of no effect.

“(4.) Anyagreement made by the Custodian under this regulation for the sale of a share or shares in a commercial partnership may confer upon the Custodian the power (to be exercised upon the default of the purchaser) of cancelling the agreement, and, in his discretion, forfeiting any moneys previously paid thereunder, and a power so conferred shall be valid and effectual notwithstanding any rule of law or equity to the contrary.”

2. Regulation 36a of the Treaty of Peace Regulations is amended by omitting from sub-regulation (1.)the words “the last preceding regulation”, and inserting in their stead the words “regulation 36 of these Regulations”.

 

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