shall have power to obtain from any person such information under oath or otherwise, and whether orally or in writing or by inspection of documents or other evidence, as the Board may deem necessary. 33. At the request of the Board or any Inspector appointed by the Board or of any duly authorized repre sentative of the Board, officers and employees of the Post Office, member of the Constabulary or of the Ranger Force shall take such action by way of detention or search of persons or property, or disclosure of information in their possession, as the Board, its Inspector or authorized representative may deem necessary for preventing viola tions of the provisions of these regulations or ascertaining whether any violation has taken place, or is likely to take place, or for ensuring the arrest and conviction of any person who may have violated or be violating any provision of these regulations, or for obtaining evidence of or relating to any past, present or future violation or sus pected or attempted violation; and all such officers and employees shall have full authority to take any such action upon such request. 34. In case of any conflict between these regulations and any law in force in Newfoundland, the provisions of these regulations shall prevail. XLV XLVI FOREIGN EXCHANGE CONTROL The Foreign Exchange Acquisition Regulations, 1940 Regulations made by the Governor in Commission under 1. For the purpose of these regulations: (i) "foreign currency" means any currency other than Canadian and Newfoundland currency, including bank notes and other notes intended to circulate as money in any country outside Canada and Newfoundland, and also postal notes, money orders, cheques, travellers' cheques, prepaid letters of credit, bank drafts and other similar instruments payable in any currency other than Canadian currency and includes any foreign currency deposit, but does not include coin; (ii) "foreign currency deposit" means any amount in foreign currency of which a resident of Newfoundland has a right to obtain payment by reason of a deposit, credit or balance of any kind at or with a bank, savings bank, trust company, loan company, stockbroker, investment dealer or other similar depositary or any other person or institution designated by the Board as a depositary for the purposes of these regulations; (iii) "Board" means the Newfoundland Foreign Exchange Control Board. 2. (a) Every resident of Newfoundland, who on April 30th, 1940, had any foreign currency in his possession, ownership or control, whether in Newfoundland or outside Newfoundland, shall forthwith do all things necessary for the purpose of having such foreign currency paid to an Authorized Dealer and shall sell, transfer and assign the same to an Authorized Dealer at a price in Canadian dollars determined and payable in accordance with the provisions of Regulation No. 5 hereof. (b) A resident of Newfoundland required to make any sale of foreign currency pursuant to this paragraph shall be deemed to be in default and liable to the penalties hereinafter provided if such sale is not made on or before May 31st, 1940, provided the Board may extend the time within which default shall not be deemed to have occurred. (c) Any person who becomes a resident of Newfoundland subsequent to April 30th, 1940, shall be subject to the provisions of these regulations but with the date upon. which such person becomes a resident substituted throughout these regulations for April 30th, 1940, and the thirtyfirst day subsequent to the date upon which such person became a resident substituted for May 31st, 1940. (d) Authorized Dealers shall be subject to the provisions of these regulations in the same manner as other residents, except that any required sale of foreign currency shall be made direct to the Board in such manner as the Board may prescribe. (3) (a) A resident of Newfoundland, who on April 30th, 1940, had a foreign currency deposit in pounds sterling or United States dollars which arose out of the sale of foreign securities subsequent to September 15th, 1939, and was on April 30th, 1940, being held temporarily pending reinvestment, may not later than May 31st, 1940, invest such foreign currency in readily marketable foreign securities in the United Kingdom or the United States respectively, and any amount so invested shall not be subject to the provisions of Paragraph 2 of these regulations. (b) Any pounds sterling or United States dollars received by a resident of Newfoundland not later than May 7th, 1940, consequent upon a sale of foreign securities effected or ordered to be effected prior to May 1st, 1940, or received not later than May 7th, 1940, consequent upon. the maturing of foreign securities, may also be invested in accordance with the preceding sub-paragraph. XLVII XLVIII 4. (a) Commencing May 1st, 1940, any resident of Newfoundland, who has any foreign securities in his possession, ownership or control, which, or the certificates or instruments representing which, were physically located in the United Kingdom or the United States at that date or are exported from Newfoundland subsequent to that date, may in such country switch into other similar foreign securities by selling any or all of such securities and reinvesting the proceeds of any such sale in other similar foreign securities, provided: (i) Every such sale and reinvestment shall be effected through a Canadian or Newfoundland stockbroker or investment dealer, including any branch of a bank; and (ii) Only readily marketable foreign securities shall be so purchased and every such sale and reinvestment made in the same country; and (iii) The purchase shall precede the sale and the amount reinvested shall not exceed the proceeds of such sale; and (iv) If the proceeds of sale exceed the amount reinvested, the excess, unless applied to a debit balance of the resident which existed in connection with such securities on April 30th, 1940, shall be forthwith sold to an Authorized Dealer; and (v) The definition of similarity shall be within the discretion of the Board. (b) Save as provided in these regulations, the proceeds in foreign exchange on the maturity or sale on or after May 1st, 1940, of foreign securities in the possession, ownership or control of a resident of Newfoundland shall, unless the Board otherwise provides, be forthwith sold to an Authorized Dealer. 5. (a) Where any sale of foreign currency is made by a resident to an Authorized Dealer pursuant to Regulation. No. 2 of these regulations, the price to be paid by the Authorized Dealer shall be determined as follows: (i) In the case of pounds sterling or United States dollars, the price in Canadian dollars shall be determined by the Board's buying rate for such currency on April 30th, 1940, subject to normal bank collection charges (if any); (ii) In the case of any currency which is the local currency of any part of the British Empire (excluding Hong Kong) or of Egypt, the Anglo-Egyptian Sudan or Iraq, the price in Canadian dollars shall be determined by the amount of pounds sterling actually obtained by the Authorized Dealer for such local currency, converted at the Board's buying rate for pounds sterling on April 30th, 1940, subject to normal bank collection charges (if any); (iii) In the case of any other currency, the price in Canadian dollars shall be determined by the amount of United States dollars actually obtained by the Authorized Dealer for such other currency, converted at the Board's buying rate for United States dollars on April 30th, 1940, subject to normal bank collection charges (if any). (b) The price to be paid by the Authorized Dealer shall not be payable until the Authorized Dealer or the Board is satisfied that the relative foreign currency has been fully and effectively sold, transferred and assigned to the Authorized Dealer so that such foreign currency (or its proceeds in pounds sterling or United States dollars, as the case may be) is capable of being made immediately available to the Board. (c) When a resident offers for sale to an Authorized Dealer any foreign currency which is not freely con XLIX |