THE HONG KONG GOVERNMENT GAZETTE, JUNE 25, 1937.
L.S.
HONG KONG.
No. 9 or 1937.
I assent.
N. L. SMITH,
Officer Administering the Government.
25th June, 1937.
An Ordinance to amend the Currency Ordinance, 1935, as amended by the Currency Amendment Ordinance, 1936, and the Currency (No. 2) Amendment Ordinance, 1936.
[25th June, 1937.]
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 Currency Amend- Short title. ment Ordinance, 1937.
2. Sub-section (5) of section 5 of the Currency Ordin- Substitution ance, 1935, as amended by section 2 of the Currency Amend- for Ordin- ment Ordinance, 1936, is repealed and the following sub- of 1935, s. 5 section is substituted therefor:
ance No. 54
(5) as
amended by Ordinance
No. 44 of
(5) Notwithstanding anything contained in the Ordin- ances or Charters relating to the note issuing banks, any 1936, s. 2. security, which is required by the said Ordinances or Charters or otherwise to be held in coin or bullion against their Hong Kong notes, whether issued before or after the coming into operation of this Ordinance, shall be held in certificates of indebtedness instead of coin or bullion. But nothing in this Ordinance shall empower any note issuing bank to issue notes in excess of any maximum limit laid down in the Ordinances or Charters governing the issue of such notes, and in issuing certificates under this section the Treasurer shall take into account such maximum limits.
ance No. 54
3. Section 7 of the Currency Ordinance, 1935, as Substitution amended by section 2 of the Currency (No. 2) Amendment for Ordin Ordinance, 1936, is repealed and the following section is of 1935, 8. 7 substituted therefor :-
as amended by Ordinance No. 57 of 1936, s. 2.
519
A