786
THE HONGKONG GOVERNMENT GAZETTE, DECEMBER 29, 1911.~~
HONGKONG.
No. 65 of 1911.
An Ordinance to provide for the issue by the Mercantile Bank of India Limited of Bills and Notes payable to Bearer on Demand.
LS
F. D. LUGARD,
Governor.
Short title.
Definitions.
Power for
[29th December, 1911.]
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Commeil thereof, as follows:-
1. This Ordinance may be cited as the Mercantile Bank Note Issue Ordinance, 1911.
2. In this Ordinance :-
Company" means the Mercantile Bank of India Li- mited whose chief office is at Threadneedle Street, London, England.
""
"Current coin means coin which for the time being is lawfully current in the Colony.
"Notes" means bills and notes payable to bearer on demand in current coin.
3.-(1.) Subject to the provisions of this Ordinance, Company to it shall be lawful for the Company to make, issue, reissue
and circulate notes in the Colony.
make and
issue bills
and notes
and condi.
(2.) Such notes shall not be issued for any other sum tions of such than the sum of five dollars, or some multiple of such sum. issue.
(3.) Except as specified in section 6 the total amount of such notes actually in circulation shall not at any time exceed the amount of the capital of the Company actually paid up.
If the Company issues notes in excess of the amount authorised by the provisions of this Ordinance, it and the manager of its office in the Colony shall each be liable on summary conviction to a fine not exceeding fifty dollars a day for every day during which such excess of any sum not exceeding ten thousand dollars shall continue and to a further fine not exceeding fifty dollars a day for every day during which such excess shall contine for every complete additional sum of ten thousand dollars in notes so issued in excess.
(4.) Such part of the books of the Company as may con tain any entry relating to the notes issued or to be issued by the Company or relating to the amount of such notes in circulation from time to time, or any account, minute or memorandum, in the possession of the Company or of any person in its employ, the sight or inspection whereof may tend to insure the rendering or taking of true accounts for any period of the average amount of such notes in circula- tion or to test the truth of any such account, shall be open for the inspection and examination at all reasonable times of any person authorised in that behalf in writing signed by the Colonial Treasurer.
Every such authorised person shall be at liberty to take copios or extracts from any such book, account, minute or memorandum,
Page 60Page 61