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(iii) In the proviso to the sub-section renumbered as sub-section (4) by paragraph (i) of this section the words other than on certificates of indebtedness issued under section 5," shall be inserted after the word
borrowings
No. 54 of
4.-(1) The form of certificate of indebtedness in the Amendment Schedule to the Currency Ordinance, 1935, is amended by the of Ordinance
at the 1935, addition of the following paragraph after the words option of the Colonial Treasurer
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Schedule and of certificates
This certificate may be held up to the above men- already tioned amount as cover for bank notes lawfully issued in the issued. Colony."
(2) Every certificate which may have been issued without the addition of the said paragraph shall be read as if the paragraph had been added.
Objects and Reasons.
1. Clause 2 of this Bill makes an addition to section 5 (5) of the Currency Ordinance, 1935, hereinafter called the principal Ordinance, making it clear that any security which a note issuing bank was previously required by Ordinance or Charter to be held in silver or bullion against its Hong Kong notes, whether issued before or after the commencement of the principal Ordinance, may be held, as from such com- mencement, in certificates of indebtedness.
2. Clause 3 adds a new sub-section to section 6 of the principal Ordinance making it clearer what expenses may properly be charged to the Exchange Fund, and also adds words to the proviso to section 6 (3), to be renumbered as section 6 (4), making it clearer that that proviso is not to be interpreted so as to limit the amount of the certificates of indebtedness to be issued by the Treasurer.
September, 1936.
C. G. ALABASTER,
Attorney General.