Hong Kong Regulations

UNITED NATIONS SANCTIONS (LIBYA) REGULATION - SECT 12

Bonds and indemnities

Caution: This is a past version. See the current version here.

(1) Except under the authority of a licence granted by the Chief Executive
under this section-

   (a)  no person shall make any payment to or to the order of any person to
        whom this section applies under or in respect of a bond to which this
        section applies;

   (b)  no person shall do any act for the purpose of obtaining payment, or
        make any payment, in respect of any right to indemnity in respect of
        any bond to which this section applies where payment under the bond
        is, or if payment were to be made by a person referred to in section 
        13 (1) would be, unlawful by virtue of paragraph (a).

(2) The persons to whom this section applies are-

   (a)  the Government of Libya;

   (b)  any persons or bodies exercising for the time being public functions
        in Libya;

   (c)  any entity, wherever incorporated or constituted, which is controlled
        by-

        (i)    the Government of Libya; or

        (ii)   any person or body exercising for the time being public
               functions in Libya;

   (d)  any Libyan national; or

   (e)  any person acting on behalf of any of the persons mentioned in
        paragraph (a), (b), (c) or (d).

(3) A bond to which this section applies is a bond given in respect of a
contract the performance of which is unlawful, wholly or in part, by virtue of
this Regulation.

(4) In this section-

"bond" (保證協議) means an agreement under which a person ("the obligor")
agrees that, if called upon to do so, or if a third party fails to fulfil
contractual obligations owed to another, the obligor will make payment to or
to the order of the other party to the agreement;

"make any payment" (作出任何付款) means make payment by any method,
including but not restricted to the grant, or any agreement to the exercise,
of any right to set off, accord and satisfaction and adjustment of any
account, or any similar means.

"bond" (保證協議) means an agreement under which a person ("the obligor")
agrees that, if called upon to do so, or if a third party fails to fulfil
contractual obligations owed to another, the obligor will make payment to or
to the order of the other party to the agreement;

"make any payment" (作出任何付款) means make payment by any method,
including but not restricted to the grant, or any agreement to the exercise,
of any right to set off, accord and satisfaction and adjustment of any
account, or any similar means.