1912
THE NEW ZEALAND GAZETTE.
{No.: 57

person claiming through an enemy the Attorney-General may, by
order signed by him, declare that such land, property, estate, right,
title, or interest is vested in the Public Trustee in trust for His
Majesty, and every such order shall have effect according to its
tenor.

(b.) When any such order relates to land under the Land
Transfer Act, 1915, or to any registrable estate or interest in such
land, the District Land Registrar shall, at the request of the Public
Trustee and on production of the order of the Attorney-General,
register the Public Trustee as the proprietor of such land, estate,
or interest in the same manner as if the same had been lawfully
transferred to the Public Trustee.

(c.) The Public Trustee shall administer and dispose of all
properties so vested in him, and the income and proceeds of realiza-
tion thereof, as property to be retained and liquidated in accordance
with the provisions of the Treaty, and to be dealt with and disposed
of in accordance with the provisions of the Treaty.

———

SCHEDULE.

SECTIONS III TO VII OF PART X OF THE TREATY.

SECTION III.—DEBTS.

ARTICLE 296.

THERE shall be settled through the intervention of Clearing Offices to be established
by each of the High Contracting Parties within three months of the notification
referred to in paragraph (e) hereafter the following classes of pecuniary obligations :—

(1.) Debts payable before the war and due by a national of one of the Contract-
ing Powers, residing within its territory, to a national of an Opposing
Power, residing within its territory.

(2.) Debts which became payable during the war to nationals of one Contracting
Power, residing within its territory, and arose out of transactions or
contracts with the nationals of an Opposing Power, resident within its
territory, of which the total or partial execution was suspended on
account of the declaration of war.

(3.) Interest which has accrued due before and during the war to a national of
one of the Contracting Powers in respect of securities issued by an
Opposing Power, provided that the payment of interest on such securities
to the nationals of that Power or to neutrals has not been suspended
during the war.

(4.) Capital sums which have become payable before and during the war to
nationals of one of the Contracting Powers in respect of securities issued
by one of the Opposing Powers, provided that the payment of such
capital sums to nationals of that Power or to neutrals has not been
suspended during the war.

The proceeds of liquidation of enemy property, rights, and interests mentioned
in Section IV and in the Annex thereto will be accounted for through the Clearing
Offices, in the currency and at the rate of exchange hereinafter provided in para-
graph (d), and disposed of by them under the conditions provided by the said section
and Annex.

The settlements provided for in this article shall be effected according to the
following principles and in accordance with the Annex to this section :—

(a.) Each of the High Contracting Parties shall prohibit, as from the coming
into force of the present Treaty, both the payment and the acceptance of
payment of such debts, and also all communications between the
interested parties with regard to the settlement of the said debts other-
wise than through the Clearing Offices.

(b.) Each of the High Contracting Parties shall be respectively responsible for
the payment of such debts due by its nationals, except in the cases where
before the war the debtor was in a state of bankruptcy or failure, or had
given formal indication of insolvency, or where the debt was due by a
company whose business has been liquidated under emergency legislation
during the war. Nevertheless, debts due by the inhabitants of territory
invaded or occupied by the enemy before the Armistice will not be
guaranteed by the States of which those territories form part.