354
LEGISLATIVE COUNCIL.
No. S. 138. The following Bill was read a first time at a meeting of the Council held on the 26th May, 1937-
A BILL
[No. 8-3.5.37.-2.]
Short title.
Substitution
for Ordin- ance No. 54 of 1935, s. 5 (5) as amended by
Ordinance No. 44 of 1936. s. 2.
Substitution for Ordin- ance No. 54
INTITULED
An Ordinance to amend the Currency Ordinance, 1935, as amended by the Currency Amendment Ordinance, 1936, and the Currency (No. 2) Amendment Ordinance, 1936.
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- ment Ordinance, 1987.
2. Sub-section (5) of section 5 of the Currency Ordin- ance, 1935, as amended by section 2 of the Currency Amend- ment Ordinance, 1936, is repealed and the following sub- section is substituted therefor:
(5) Notwithstanding anything contained in the Ordin- ances or Charters relating to the note issuing banks, any 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.
3. Section 7 of the Currency Ordinance, 1935, as amended by section 2 of the Currency (No. 2) Amendment Ordinance, 1936, is repealed and the following section is by Ordinance substituted therefor :-
of 1935, s. 7
as amended
No. 57 of
1936, s. 2.
Exchange of British
Dollars for
7. Every person holding, whether on his own account or on account of any other person, any British Dollars may Hong Kong surrender the same to the Treasurer before the first day of August, 1937. The Treasurer shall pay for such dollars, surrendered before the said date, in Hong Kong currency at their face value.
Currency
before 1st August. 1937.
Repeal of Ordinance No. 54 of 1935, s. 9.
4. Section 9 of the Currency Ordinance, 1985, is repealed.