A
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LEGISLATIVE COUNCIL.
Draft Bills.
No. S. 230.-The following bills are published for general information
C.S.O. 5963/33.
A BILL
[No. 19-12.6.34.-1.]
Short title.
Prohibition
of contract
to buy or
INTITULED
An Ordinance to regulate and control Exchanges.
BE it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Exchanges Ordin- ance, 1934.
2. No person shall, with intent to make gain or profit by the rise or fall in price or quotation value of any precious sell precious metal, monetary currency or commodity of any kind, make or agree to make any contract, oral or written, purporting to be for the sale or purchase of any precious metal, monetary currency or commodity whatsoever, in respect of which no delivery of the thing sold or purchased, or agreed to be sold or purchased, is made or received or bonâ fide intended to be made or received.
metal, etc., where no intention to give or take delivery.
Prohibition
of opening etc. of exchange.
Prohibition of adverti- sing, etc. of facilities for exchange
Aiders and abettors.
Penalties.
3. No person shall use, open, keep or maintain any office or place for the making or negotiating of any such contract or agreement or for the making, offering or receiving of proposals for such contracts or agreements.
4. No person shall by any means whatsoever publish, advertise, promote or offer facilities for the making of any such contract or agreement.
5. No person shall aid, abet, counsel or procure any act in contravention of the provisons of this Ordinance.
6. (1) Every person who contravenes any provision of this Ordinance shall be guilty of an offence and liable upon summary conviction to a fine not exceeding five thousand dollars, or, in the case of a continuing offence, at the discretion of the magistrate, to a fine not exceeding fifty dollars for every day in respect of which the offence shall have continued.
(2) Where the person guilty of an offence is a company or a member of a partnership, every director and officer of such company and every member of such partnership shall be guilty of a like offence unless he proves that the act or default constituting the offence took place without his know- ledge or connivance.