USAMGIK Ordinance 57


 * HEADQUARTERS
 * UNITED STATES ARMY MILITARY
 * GOVERNMENT IN KOREA

Office of the Military Governor Seoul, Korea

ORDINANCE NUMBER 57 21 Febrnary 1946

DEPOSIT OF NOTES OF BANK OF JAPANAND BANK OF TAIWAN

  Deposit Required  All natural and juridical persons within Korea South of 38° North Latitude are hereby:  a. Ordered to deposit within the period 2 March to 7 March 1946 inclusive in one of the financial institutions designated in Section 2 all notes of the Bank of Japan of a denomination of one yen or more and all noter of the Bank of Taiwan owned or possessed by them.  b. Prohibited after 7 March 1946 from importing, exporting, receiving, paying out, knowingly owning or possessing, giving or otherwise transferring or dealing in or engaging in any transaction with respect to any such currency.

  Designated Financial Institutions.  The following financial institutions are authorized and directed to receive Bank of Japan and Bank of Taiwan notes for deposit in Japanese yen accounts pursuant to this Ordinance in the name of the person making the deposit:
 * Bank of chosen
 * Chosen Industrial Bank
 * Choheung Bank
 * Chosen Commercial Bank
 * Chosen Trust Company
 * Chosen Savings Bank
 * Federation of Financial Association

Each financial institution shall :  a. Hold in safekeeping separate from any other currency the notes deposited under this ordinance.  b. Report to the Bureau of Finance, Military Government of Korea, Seoul, immediately after the deposit period the amount of each current deposited.</ol>

<ol style="list-style-position: inside; margin-left: 0; padding-left: 0; text-align:justify; text-indent: 3em;">  Limitations on Deposit Accounts</ol> <ol style="list-style-position: inside; margin-left: 0; padding-left: 0; text-align:justify; text-indent: 3em;"> Accounts resulting from the deposit of notes of the Bank of Japan and Bank of Taiwan pursuant to this Ordinance shall not have withdrawals therefrom, shall bear no interest, shall not be transferable or negotiable or used as collateral for any present or future loan or indebtedness.</ol>

<ol style="list-style-position: inside; margin-left: 0; padding-left: 0; text-align:justify; text-indent: 3em;">  Penalty Clause</ol> <ol style="list-style-position: inside; margin-left: 0; padding-left: 0; text-align:justify; text-indent: 3em;"> Any person violating the provisions of this Ordinance will, upon conviction by a Military Occupation Court, suffer such penalty as the court shall determine.</ol>

<ol style="list-style-position: inside; margin-left: 0; padding-left: 0; text-align:justify; text-indent: 3em;">  Effective Date</ol> <ol style="list-style-position: inside; margin-left: 0; padding-left: 0; text-align:justify; text-indent: 3em;"> This Ordinance shall effective at midnight, (2400) 21 February 1946.</ol>


 * ARCHER L. LERCH


 * Major General, United States Army


 * Military Governor of Korea.

군정법령 제57호