STATUTORY RULES.
1952. No. 24.
REGULATIONS UNDER THE TRADING WITH THE ENEMY ACT 1939-1947.*
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 Trading with the Enemy Act 1939-1947.
Dated this seventeenth day of April, 1952.
W. J. McKELL
Governor-General.
By His Excellency’s Command,
A. W. FADDEN
for and on behalf of the Minister of State for Trade and Customs.
Amendments of the National Security (Enemy Property) Regulations.†
Disclosure of property held, &c., on behalf of enemy subject.
1. Regulation 11 of the National Security (Enemy Property) Regulations is amended by adding at the end thereof the following sub-regulation :—
“ (5.) The Controller may sue for and recover in a court of competent jurisdiction, as a debt payable to him, the amount of a debt which he has so directed to be paid to him.”.
Debts in liquidation and bankruptcy.
2. Regulation 15 of the National Security (Enemy Property) Regulations is amended by omitting from sub-regulation (4.) the words “, whichever is the later,”.
3. After regulation 16 of the National Security (Enemy Property) Regulations the following regulations are inserted :—
Treasurer may vest enemy property in Controller.
“ 16a.—(1.) The Treasurer may, for the purpose of enabling effect to be given to Article six of the Agreement referred to in sub-section (3.) of section fifteen a of the Trading with the Enemy Act 1939-1947, by order vest in the Controller any real or personal property (including debts or other choses in action and rights, whether legal or equitable, in or arising out of real or personal property) belonging to an enemy subject, or which is otherwise included in the expression ‘ German enemy assets ’ in that Article.
“ (2.) Subject to regulation 16d of these Regulations, an order made under this regulation vests in the Controller the property the subject of the order without the necessity of any further conveyance, assignment or other instrument.
* Notified in the Commonwealth Gazette on 24th April, 1952.
† Being the Regulations having that title as in force under the Trading with the Enemy Act 1939-1947. The Regulations under the National Security Act 1939-1946 having the corresponding title were Statutory Rules 1942, No. 268, as amended by Statutory Rules 1943, No. 88 : and 1944, No. 79. Those Regulations were amended by the Defence (Transitional Provisions) Act 1946, by Statutory Rules 1946, No. 194 and by section 15a of the Trading with the Enemy Act 1939-1947 (Inserted by Act No. 75 of 1947).
6105.—Price 3d.
“ (3.) Where the property vested in the Controller consists of inscribed or registered stock, shares or other securities, the registrar, company, authority or body by which the securities were issued or are managed shall, on the application of the Controller, enter the Controller in the books in which the securities are inscribed or registered as the proprietor of the securities.
“ (4.) Nothing in any other law or in the constitution or rules of a company, authority or body prevents the compliance by the company, authority or body with an application made by the Controller in accordance with the last preceding sub-regulation.
Validity of vesting orders.
“ 16b. Where a vesting order has been made in respect of property which appeared to the Treasurer to be property in respect of which the order could validly be made, any right or title to that property or an interest therein acquired by a person from the Controller shall not be invalidated or affected by reason only that the property was not property in respect of which the order could validly be made.
Revocation of vesting orders.
“ 16c.—(1.) The Treasurer may by order revoke, either wholly or in part, a vesting order made in pursuance of regulation 16a of these Regulations so far as it relates to property which is vested in the Controller at the date of the revocation.
(2.) An order made under this regulation shall, subject to the next succeeding regulation, re-vest the property in the person who, at the time of the making of the vesting order, was the owner of the property, without the necessity of any further conveyance, assignment or other instrument.
Title to land subject to registration.
“ 16d. Where any land to which, or to an interest in which, a vesting order applies is subject to the provisions of a law providing for the registration of title to land, the vesting of the legal estate in that land, or of the legal title to that interest, in the Controller, or the re-vesting of the legal estate or title upon the revocation of the vesting order, shall be subject to registration in accordance with that law.
Controller may dispose of property.
“ 16e. The Controller may sell or otherwise dispose of property vested in him by virtue of these Regulations in such manner and on such terms and conditions as the Treasurer approves.
Sale to company of its own shares.
“ 16f.—(1.) Any share or stock forming part of the capital of a company or other corporation, or any security issued by a company or corporation, in respect of which a vesting order has been made under these Regulations may, with the consent of the Treasurer, be sold by the Controller to that company or corporation, and the company or corporation may purchase the share, stock or security.
“ (2.) Any share, stock or security so purchased may be re-issued by the company or corporation.
“ (3.) This regulation has effect notwithstanding any law or any regulation of the company.
Property not liable to attachment, &c.
“ 16g. Property which is subject to the direction of the Controller or which is vested in the Controller under these Regulations is not liable to be attached or otherwise taken in execution.
Controller not affected by statutes of limitations.
“ 16h. Where a debt is vested in the Controller, or is directed to be paid to the Controller, under these Regulations, the right of the Controller to sue for and recover the debt is not affected by any statute of limitations (whether or not the debt was statute-barred at the time of the vesting or direction).”.
4. After regulation 21 of the National Security (Enemy Property) regulations the following regulations are inserted :—
Commission to be charged by Controller.
“ 21a.—(1.) The Controller shall charge, in respect of the administration of moneys paid to him or property transferred to or vested in him or coming under his control in pursuance of these Regulations or the Trading with the Enemy Act 1939-1947, fees equal to two per centum of the amount of the moneys or of the value of the property, as the case may be.
“ (2.) For the purpose of calculating the fees, the value of any property is the amount which, in the opinion of the Controller, the property would, at the date on which it was transferred to or vested in him or on which it came under his control, have realized if sold in the open market.
“ (3.) Fees may be recovered by the Controller out of the moneys or out of the proceeds of the sale or transfer of the property, or out of income derived from the property, or in such other manner as the Treasurer determines.
“ (4.) The Treasurer may reduce or remit any fees required to be charged by this regulation.
“ (5.) All fees charged or recovered by the Controller under this regulation shall be paid into the Consolidated Revenue Fund.
Controller may give good discharge.
“ 21b. Where, in pursuance of these Regulations, a person pays to the Controller an amount which he would otherwise be liable to pay to another person, the receipt of the Controller, or of a person authorized to sign receipts on his behalf, shall be a good discharge, to the person so paying that amount, of his liability to pay that amount to that other person.”.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.