Romania Claims Fund Regulations (SOR/72-91)

Regulations are current to 2014-03-16

Romania Claims Fund Regulations

SOR/72-91

APPROPRIATION ACTS

TREATIES OF PEACE (ITALY, ROMANIA, HUNGARY AND FINLAND) ACT, 1948

APPROPRIATION ACT NO. 5, 1963

Registration 1972-03-29

Regulations Establishing the Treaty of Peace (Romania) Claims Fund and Authorizing Payments Out of the Fund

P.C. 1972-572 1972-03-28

His Excellency the Governor General in Council, on the recommendation of the Minister of Finance and the Secretary of State for External Affairs, pursuant to the Treaties of Peace (Italy, Romania, Hungary and Finland) Act, 1948, and Vote 57a of the Appropriation Act No. 5, 1963, is pleased hereby to make the annexed Regulations establishing the Treaty of Peace (Romania) Claims Fund and authorizing payments out of the Fund.

SHORT TITLE

 These Regulations may be cited as the Romania Claims Fund Regulations.

INTERPRETATION

 In these Regulations,

“Custodian”

“Custodian” means the Custodian appointed by the Revised Regulations Respecting Trading with the Enemy (1943); (séquestre)

“Foreign Claims Commission”

“Foreign Claims Commission” means the Commission established by Order in Council P.C. 1970-2077 of December 8, 1970; (Commission des réclamations étrangères)

“Minister”

“Minister” means the Minister of Finance. (Ministre)

FUND ESTABLISHED

 There shall be established in the Consolidated Revenue Fund a special account to be known as the Treaty of Peace (Romania) Claims Fund, hereinafter referred to as the “Fund”.

 There shall be credited to the Fund all moneys representing the proceeds and earnings from Romanian property that remain vested in the Custodian in respect of World War II and that have been transferred by the Custodian to the Minister.

PAYMENTS FROM THE FUND

  •  (1) Subject to section 7, the Minister may pay out of the Fund, on a pro rata basis, to persons who notified the Government of Canada on or before December 14, 1971 of their holdings of bonds forming part of the Romanian external debt, and acknowledged by the Government of the Socialist Republic of Romania to be part of such debt, the difference between the money credited to the Fund and $40,000.

  • (2) For the purposes of subsection (1), the value of the bonds described in that subsection issued in a currency described in Column I of the Table to this subsection shall be calculated on the basis of the Canadian currency equivalent described in Column II thereof.

    TABLE

    Column IColumn II
    Canadian dollars
    1 pound sterling2.448
    1 Swiss franc0.25
    1 U.S. dollar1.02
    1 French franc (Poincaré)0.0274
    1 French franc (Germinal)0.1355

 No payment out of the Fund shall be made by the Minister, pursuant to section 6, in respect of a bond described in that section unless the holder thereof surrenders that bond and any coupons attached thereto to the Minister on or before December 31, 1972.

 The Minister may transfer from the Fund to the Foreign Claims Fund referred to in section 2 of the Foreign Claims (Romania) Settlement Regulations an amount equal to one-half of the expenses that the Foreign Claims Commission is estimated to have incurred in dealing with claims as defined in paragraph (b) of the definition “claim” in that section.

  • SOR/77-513, s. 1.