Emergency Laws (Miscellaneous Provisions) Act 1953

6 (1) The rights, powers, duties and liabilities which may be conferred and imposed by the Board of Trade on custodians of enemy property under subsection (1) of section seven of the principal Act shall, where it appears to the Board that it is expedient that any business should be carried on or continue to be carried on in or from the United Kingdom, include such rights, powers, duties and liabilities as respects the property and money mentioned in paragraph (d) of the said subsection (1) as, in the opinion of the Board, are necessary or expedient in order to enable that business so to be carried on. U.K.

(2) The power of the Board of Trade under the said subsection (1) shall include power, where a custodian dies or for any other reason ceases to hold office as such, by order to vest in his successor any property or right which was vested in the first mentioned custodian at the time of his dying or ceasing to hold office.

(3) Notwithstanding anything in the said section seven, a custodian shall, if the Treasury so directs, pay or transfer, to such persons as may be specified in the direction—

(a) any money so specified which has been paid to the custodian as being money which, but for the existence of a state of war, would have been payable to or for the benefit of—

(i) an individual resident in any enemy territory which is not under the sovereignty of a Power with whom Her Majesty is at war, or in any area in relation to which the provisions of the principal Act apply as they apply in relation to enemy territory.

(ii) an individual or body of persons (whether corporate or unincorporate) carrying on business in any such territory or area, or

(iii) any body of persons (whether corporate or unincorporate) carrying on business in any place, and controlled by any such individual or body of persons as is mentioned in subhead (i) or subhead (ii) of this head;

(b) any property so specified, being property which, or the right of transfer of which, has been vested in the custodian as being property belonging to, or held or managed on behalf of, any such individual or body of persons as is mentioned in subhead (i), subhead (ii) or subhead (iii) of head (a) of this sub-paragraph.

(4) Notwithstanding anything in the said section seven, a custodian shall, if the Treasury so directs, pay or transfer to such person as may be specified in the direction, being a person who appears to the Treasury to exercise, in any of Her Majesty’s dominions, in any other territory to which Her Majesty has power to extend the provisions of the principal Act, or in any territory of a Power allied with Her Majesty or of any other Power for the time being at war with any Power with whom Her Majesty is for the time being at war, the functions of a custodian of enemy property—

(a) any moneys so specified which have been paid to the custodian on grounds other than those specified in head (a) of the last foregoing sub-paragraph;

(b) any property so specified, being property which, or the right of transfer of which, has been vested in the custodian on any grounds other than those specified in head (b) of the said sub-paragraph.

(5) An order made under the said section seven may empower a custodian, acting under a general or special direction given by the Treasury or by the Board of Trade with sanction of the Treasury, to reduce or remit any of the fees required to be paid to him under any such order.

(6) The Board of Trade may, if in their opinion it is expedient in the national interest so to do, direct—

(a) that a custodian in exercising any power conferred on him to sell any shares in, or stock or other securities of, any body corporate may sell the shares, stock or securities to a person notwithstanding that he has not made the highest offer therefor; and

(b) that a custodian in exercising any such powers as aforesaid shall sell any such shares, stock or securities as aforesaid to a person specified in the direction or to a person who is one of a class of persons so specified, without seeking any other offers for the shares, stock or securities.

and notwithstanding anything in the said section seven, the sale shall be effected accordingly.

(7) A custodian in exercising any power conferred on him to transfer or to sell any shares in, or stock or other securities of, a body corporate which, or the right to transfer which, have been vested in him shall not be bound by any provision in any article of association, byelaw or other rule governing the body corporate which restricts the right to transfer shares, stock or other securities or imposes any conditions as to the price at which, or the persons to whom, shares, stock or other securities are to be offered or sold, and where a custodian in exercise of that power executes a transfer (including a transfer by way of sale) of shares, stock or other securities, the body corporate shall, upon the receipt of the transfer, do all things necessary to give effect thereto notwithstanding any such provision as aforesaid and notwithstanding that the custodian is not in possession of the certificate, scrip or other document of title relating to the shares, stock or securities.