1502
THE HONG KONG GOVERNMENT GAZETTE, OCTOBER 17, 1941.
HONG KONG.
No. 21 of 1941.
I assent.
LS.
MARK YOUNG.
Governor.
17th October, 1941.
An Ordinance to provide for the issue and re-issue by the Financial Secretary of limited legal tender subsidiary currency notes.
[17th October, 1941.]
Short title.
Power for Financial Secretary to issue and re-issue limited
legal tender subsidiary currency notes.
Note
Security
Fund.
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 Subsidiary Currency Notes Ordinance, 1941.
2. It shall be lawful for the Financial Secretary to issue and re-issue one cent, five cents and ten cents currency notes in the Colony, which shall be legal tender for the payment of any amount not exceeding one dollar in the case of the one cent notes and not exceeding two dollars in the case of the five cents and ten cents notes.
3. (1) The Financial Secretary shall establish a Sub- sidiary Note Security Fund into which he shall pay all moneys he receives for such currency notes. The Fund shall be held on deposit at one or more banks in the Colony and shall be available for withdrawal from circulation of such portion of the issue of the said currency notes as the Financial Secretary may from time to time deem it desirable to withdraw : pro- vided that a portion of the Fund may be invested at the discretion of the Financial Secretary.
(2) All expenses incurred in the printing and delivery of currency notes and such other expenses as the Governor may deem necessary in connexion with the issue of such notes shall be charged to the general revenues of the Colony.
(3) Interest or dividends received on any moneys deposited or invested on behalf of the Subsidiary Note Security Fund shall be paid into the general revenues of the Colony.
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