244 THE HONGKONG GOVERNMENT GAZETTE, 18TH FEBRUARY, 1899.
No. 1 of 1899.
An Ordinance to amend Ordinance 5 of 1866 and the Hongkong and Shanghai Bank Ordi- nance Amendment Ordinance, 1882.
LS
HENRY A. BLAKE, Governor.
[13th February, 1899.]
Short title.
Security required from the Bank in
respect of its ordinary note issue.
Excess note issue per-
certain
conditions.
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Hongkong and Shanghai Bank Ordinance, 1899, and shall be read and construed as one with the Hongkong and Shanghai Bank Ordinance (No. 5 of 1866), hereinafter referred to as the principal Ordinance, and the Ordinances amending the same, viz., No. 21 of 1882, No. 15 of 1887 and No. 29 of 1889, and the five Ordinances may be cited as the Hongkong and Shanghai Bank Ordinances, 1866 to 1899.
2. The Company shall at all times keep deposited either with the Crown Agents for the Colonies in London or with Trustees to be appointed by the Secretary of State for the Colonies, or partly with such Crown Agents an I partly with such Trustees, coin of denominations to be approved by the Secretary of State for the Colonies or securities to be so approved, or partly such coin and partly such securities, equal to one-third of the total paid up capital of the Com- pany, namely, ten million dollars, such coin or securities or such coin and securities to be held by the said Crown Agents or by the said Trustees separately or jointly as special funds exclusively available for the redemption of the bills and notes payable to bearer on demand issued by the Company, and in the event of the Company becoming insolvent to be applied accordingly as far as may be neces- sary, but without prejudice to the rights of the holders of such bills and notes to rank with other creditors of the Company against the assets of the Company.
3. Notwithstanding the restriction imposed by the thir- teenth section of the principal Ordinance, as amended by mitted under the said Ordinance No. 21 of 1882, upon the total number of the bills and notes of the Company payable to bearer on demand actually in circulation, bills and notes of the Company payable to bearer on demand may, for the period of one year from the 31st day of July, 1898, be issued and be in actual circulation to an amount in excess of the capital of the Company actually paid up, if there shall have been specially deposited and shall be kept in the custody of the Colonial Secretary and the Colonial Treasurer for the time being an amount of coin or bullion or coin and bullion equal to the whole value of such excess issne for the time being actually in circulation to be held by the said Colonial Secretary and Colonial Treasurer exclusively for the re- demption of such bills and notes wherever the same may have been issued.
Repeal.
4. The Hongkong and Shanghai Bank Ordinances Amend- ment Ordinance No. 6 of 1898 is hereby repealed.
Passed the Legislative Council of Hongkong, this 1st day of February, 1899.
J. G. T. BUCKLE,
Clerk of Councils,
Assented to by His Excellency the Governor, the 13th day of February, 1899.
J. H. STEWart Lockhart,
Colonial Secretary.