SCAPIN-309: RECEIPT OF PAYMENTS ON OBLIGATIONS DUE CLOSED FINANCIAL INSTITUTIONS

GENERAL HEADQUARTERS
SUPREME COMMANDER FOR THE ALLIED POWERS


19 November 1945

AG 141.5 (19 Nov 45) ESS/FI
(SCAPIN-309)

MEMORANDUM FOR

IMPERIAL JAPANESE GOVERNMENT.

THROUGH

Central Liaison Office, Tokyo.

SUBJECT

Receipt of Payments on Obligations Due Closed Financial Institutions.

1. Since the closing of certain financial and other institutions pursuant to Memorandum AG 091. 3 (30 Sep 45) ESS, some debtors of the institutions have expressed a desire to pay their maturing obligations in whole or in part. It is to the interest of all parties concerned that an agency be provided to accept any proffered payments.
2. Accordingly, the Imperial Japanese Government is hereby directed to instruct the Bank of Japan, and its agents in its behalf, to receive any sums offered by debtors of the closed institutions. A temporary receipt will be given indicating acceptance of the sum “on account, subject to adjustment.” Final discharge of the debtor and release of collateral, if any, will be at the later convenience of the liquidator at present appointed or to be appointed.
3. The Imperial Japanese Government will instruct the Bank of Japan that it is authorized to endorse and present for, and receive payment of, all checks, drafts or other similar instruments on behalf of the creditor institution. In doing so, it will act as agent of the closed institution in this limited capacity only.
4. Sums received by the Bank of Japan will be deposited to a special account in the Bank of Japan in the name of the creditor institution. No disbursements from these accounts will be made except on prior written approval of this Headquarters.
5. Direct communication between the Ministry of Finance, the Bank of Japan and interested staff sections of this Headquarters is authorized to implement the action directed.
6. Acknowledgment of the receipt of this memorandum and a report of action taken in accordance therewith is directed.

FOR THE SUPREME COMMANDER:

H.W.ALLEN,
Colonel, A.G.D.,
Asst. Adjutant General.