(4.) The Custodian may place on deposit with any bank, or invest in any securities, approved by the Treasury, any moneys paid to him under this Act, or received by him from property vested in him under this Act, and any interest or dividends received on account of such deposits or investments shall be dealt with in such manner as the Treasury may direct:

Provided that the Custodian for any part of the United Kingdom shall, if so directed by the Treasury, transfer any money held by him under this Act to the Custodian of another part thereof.

2.-(1.) Any sum which, had a state of war not existed, would have been payable and paid to or for the benefit of an enemy, by way of dividends, interest or share of profits, shall be paid by the person, firm or company by whom it would have been payable to the Custodian to hold subject to the provisions of this Act and any Order in Council made thereunder, and the payment shall be accompanied by such particulars as the Board of Trade may prescribe, or as the Custodian, if so authorized by the Board of Trade, may require.

Any payment required to be made under this sub-section to the Custodian shall be made

(a.) Within fourteen days after the passing of this Act, if the sum, had a state of war not existed, would have been paid before the passing of this Act; and

(b.) In any other case within fourteen days after it would have been paid.

(2.) Where before the passing of this Act any such sum has been paid into any account with a bank, or has been paid to any other person in trust for an enemy, the person, firm, or company by whom the payment was made shall, within fourteen days after the passing of this Act, by notice in writing, require the bank or person to pay the sum over to the Custodian to hold as aforesaid, and shall furnish the Custodian with such particulars as aforesaid. The bank or other person shall, within one week after the receipt of the notice, comply with the requirement, and shall be exempt from all liability for having done so.

(3.) If any person fails to make or require the making of any payment, or to furnish the prescribed particulars within the time mentioned in this section, he shall, on conviction under the Summary Jurisdiction Acts, be liable to a fine not exceeding 1007., or to imprisonment, with or without hard labour, for a term not exceeding six months, or to both such fine and imprisonment, and in addition to a further fine not exceeding 501. for every day during which the default continues, and every director, manager, secretary, or officer of a company, or any other person who is knowingly a party to the default shall, on the like conviction, be liable to the like penalty.

(4.) If, in the case of any person, firm, or company whose books and documents are liable to inspection under subsection (2) of section 2 of "The Trading with the Enemy Act,

1914* (hereinafter referred to as the principal Act), any question arises as to the amount which would have been so payable and paid as aforesaid, the question shall be determined by the person who may have been or who may be appointed to inspect the books and documents of the person, firm, or company, or, on appeal, by the Board of Trade, and if, in the course of determining the question, it appears to the inspector or the Board of Trade that the person, firm, or company has not distributed as dividends, interest, or profits the whole of the amount properly available for that purpose, the inspector or Board may ascertain what amount was so available, and require the whole of such amount to be so distributed, and in the case of a company, if such dividends have not been declared, the inspector or the Board may himself or themselves declare the appropriate dividends, and every such declaration shall be as effective as a declaration to the like effect duly made in accordance with the constitution of the company :

Provided that where a controller has been appointed under section 3 of the principal Act this sub-section shall apply as if for references to the inspector there were substituted references to the controller.

(5.) For the purposes of this Act the expression "dividends, interest, or share of profits" means any dividends, bonus, or interest in respect of any shares, stock, debentures, debenture stock or other obligations of any company, any interest in respect of any loan to a firm or person carrying on business for the purposes of that business, and any profits or share of profits of such a business, and where a person is carrying on any business on behalf of an enemy, any sum which, had a state of war not existed, would have been transmissible by a person to the enemy by way of profits from that business shall be deemed to be a sum which would have been payable and paid to that enemy.

3.—(1.) Any person who holds or manages for or on behalf of an enemy any property, real or personal (including any rights, whether legal or equitable, in or arising out of property, real or personal), shall, within one month after the passing of this Act, or if the property comes into his possession or under his control after the passing of this Act, then within one month after the time when it comes into his possession or under his control, by notice in writing communicate the fact to the Custodian, and shall furnish the Custodian with such particulars in relation thereto as the Custodian may require, and if any person fails to do so he shall, on conviction under the Summary Jurisdiction Acts, be liable to a fine not exceeding 100%., or to imprisonment, with or without hard labour, for a term not exceeding six months, or to both such a fine and imprisonment, and in addition to a further fine not exceeding 50l. for every day during which the default continues.

* Page 44.

(2.) Every company incorporated in the United Kingdom, and every company which, though not incorporated in the United Kingdom, has a share transfer or share registration office in the United Kingdom, shall within one month after the passing of this Act, by notice in writing communicate to the Custodian full particulars of all shares, stocks, debentures, and debenture stock, and other obligations of the company which are held by or for the benefit of an enemy; and every partner of every firm, one or more partners of which on the commencement of the war became enemies or to which money had been lent for the purpose of the business of the firm by a person who so became an enemy, shall, within one month after the commencement of this Act, by notice in writing, communicate to the Custodian full particulars as to any share of profits and interest due to such enemies or enemy, and if any company or partner fails to comply with the provisions of this sub-section, the company shall, on conviction under the Summary Jurisdiction Acts, be liable to a fine not exceeding 1007., and in addition to a further fine not exceeding 50. for every day during which the default continues, and the partner and every director, manager, secretary, or officer of the company who is knowingly a party to the default shall on the like conviction be liable to the like fine, or to imprisonment, with or without hard labour, for a term not exceeding six months, or to both such imprisonment and fine.

4.-(1.) The High Court or a Judge thereof may, on the application of any person who appears to the Court to be a creditor of an enemy or entitled to recover damages against an enemy, or to be interested in any property, real or personal (including any rights, whether legal or equitable, in or arising out of property, real or personal), belonging to or held or managed for or on behalf of an enemy, or on the application of the Custodian or any Government Department, by order vest in the Custodian any such real or personal property as aforesaid, if the Court or the Judge is satisfied that such vesting is expedient for the purposes of this Act, and may by the order confer on the Custodian such powers of selling, managing, and otherwise dealing with the property as to the Court or Judge may seem proper.

(2.) The Court or Judge, before making any order under this section, may direct that such notices (if any), whether by way of advertisement or otherwise, shall be given as the Court or Judge may think fit.

(3.) A vesting order under this section as respects property of any description shall be of the like purport and effect as a vesting order as respects property of the same description made under "The Trustee Act, 1893."

5.-(1.) The Custodian shall, except so far as the Board o' Trade or the High Court or a Judge thereof may otherwis direct, and subject to the provisions of the next succeeding sub section, hold any money paid to and any property vested in him under this Act until the termination of the present war, and

shall thereafter deal with the same in such manner as His Majesty may by Order in Council direct.

(2.) The property held by the Custodian under this Act shall not be liable to be attached or taken in execution, but the Custodian may, if so authorized by an order of the High Court or a Judge by whose order any property belonging to an enemy was vested in the Custodian under this Act, or of any Court in which judgment has been recovered against an enemy, pay out of the property paid to him in respect of that enemy the whole or any part of any debts due by that enemy and specified in the order:

Provided that before paying any such debt the Custodian shall take into consideration the sufficiency of the property paid. to or vested in him in respect of the enemy in question to satisfy that debt and any other claims against that enemy of which notice verified by statutory declaration may have been served upon him.

(3.) The receipt of the Custodian or any person duly authorized to sign receipts on his behalf for any sum paid to him under this Act shall be a good discharge to the person paying the same as against the person or body of persons in respect of whom the sum was paid to the Custodian.

(4.) The Custodian shall keep a register of all property held by him under this Act, which register shall be open to public inspection at all reasonable times free of charge.

(5.) In England and Ireland the Lord Chancellor and the Lord Chancellor for Ireland, may by rules, and in Scotland the Court of Session may by act of sederunt, make provision for the practice and procedure to be adopted for the purposes of this and the last preceding section.

6.-(1.) No person shall by virtue of any assignment of any debt or other chose in action, or delivery of any coupon or other security transferable by delivery, or transfer of any other obligation, made or to be made in his favour by or on behalf of an enemy, whether for valuable consideration or otherwise, have any rights or remedies against the person liable to pay, discharge or satisfy the debt, chose in action, security or obligation, unless he proves that the assignment, delivery, or transfer was made by leave of the Board of Trade, or was made before the commencement of the present war, and any person who knowingly pays, discharges, or satisfies any debt, or chose in action, to which this sub-section applies, shall be deemed to be guilty of the offence of trading with the enemy within the meaning of the principal Act:

Provided that this sub-section shall not apply where the person to whom the assignment, delivery, or transfer was made, or some person deriving title under him, proves that the transfer, delivery, or assignment or some subsequent transfer, delivery, or assignment was made before the 19th day of November, 1914, in good faith and for valuable consideration, nor shall this sub-section apply to any bill of exchange or promissory note.

(2.) No person shall by virtue of any transfer of a bill of exchange or promissory note made or to be made in his favour by or on behalf of an enemy, whether for valuable consideration or otherwise, have any rights or remedies against any party to the instrument unless he proves that the transfer was made before the commencement of the present war, and any party to the instrument who knowingly discharges the instrument shall be deemed to be guilty of trading with the enemy within the meaning of the principal Act:

Provided that this sub-section shall not apply where the transferee, or some subsequent holder of the instrument, proves that the transfer, or some subsequent transfer, of the instrument was made before the 19th day of November, 1914, in good faith and for valuable consideration.

(3.) Nothing in this section shall be construed as validating any assignment, delivery, or transfer which would be invalid apart from this section or as applying to securities within the meaning of section 8 of this Act.

7. Where during the continuance of the present war any coupon or other security transferable by delivery is presented for payment to any company, municipal authority, or other body, or person, and the company, body, or person has reason to suspect that it is so presented on behalf or for the benefit of an enemy, or that since the commencement of the present war it has been held by or for the benefit of an enemy, the company, body, or person may pay the sum due in respect thereof into the High Court, and the same shall, subject to rules of Court, be dealt with according to the orders of the Court, and such a payment shall for all purposes be a good discharge to the company, body, or person.

8.—(1.) No transfer made after the passing of this Act by or on behalf of an enemy of any securities shall confer on the transferee any rights or remedies in respect thereof, and no company or municipal authority or other body by whom the securities were issued or are managed shall, except as hereinafter appears, take any cognizance of or otherwise act upon any notice of such a transfer.

(2.) No entry shall hereafter, during the continuance of the present war, be made in any register or branch register or other book kept in the United Kingdom of any transfer of any securities therein registered, inscribed, or standing in the name of an enemy, except by leave of a Court of competent jurisdiction or of the Board of Trade.

(3.) No share warrants payable to bearer shall be issued during the continuance of the present war in respect of any shares or stock registered in the name of any enemy.

(4.) If any company or any body contravenes the provisions of this section the company or body shall be liable on conviction under the Summary Jurisdiction Acts to a fine not exceeding 1007., and every director, manager, secretary or other officer of the company or body who is knowingly a party to the default,