Hongkong and Shanghai Bank.
allow, and the resolution shall not take effect until such copy has been so filed.
[CAP. 70
issue bearer
(Cap. 65.)
37 of 1950,
Schedule.
10. Until and including the 12th day of July, 1951, or such later date as may be fixed under the provisions of section 5 of the Bank Notes Issue Ordinance, it shall be lawful for the bank to make, issue and circulate notes of the bank payable to bearer on demand at the place of issue and to reissue the notes from the place at which the same were originally issued. After that date the bank shall cease to make, issue or reissue notes but shall redeem any notes which it has previously issued or reissued. The number of notes of a lower denomination than five dollars issued by the bank shall be limited to such number as may from time to time be authorized by the Secretary of State.
and security issue.
11. (1) The total amount of the notes of the bank payable to bearer on demand actually in circulation shall not at any time exceed the equivalent of the sum of forty-six million dollars.
(2) The bank shall at all times keep deposited, either with the Crown Agents or with trustees to be appointed by the Secretary of State, or partly with the Crown Agents and partly with such trustees, securities to be approved by the Secretary of State equal in value to the sum of twenty-three million three hundred and thirty-three thousand three hundred and thirty-three dollars, such securities to be held by the Crown Agents or by the said trustees, separately or jointly, as special funds exclusively available for the redemption of the notes payable to bearer on demand issued by the bank, and in the event of the bank becoming insolvent, to be applied accordingly so far as may be necessary, but without prejudice to the rights of the holders of such notes to rank with other creditors of the bank against the assets of the bank.
be for note 8 of 1946, s. 2, 37 of 1950.
Schedule.
Schedule.
37 of 1950. Schedule.
Schedule,
(3) Notwithstanding the provisions of subsection (1), notes of the bank payable to bearer on demand may be issued and be in actual circulation to an amount in excess of the equivalent of the said sum of forty-six million dollars, if there has been paid in accordance with subsection (1) of section 4 of the Exchange Fund Ordinance to the Financial Secretary of the Hong Kong Government for the account of the Exchange Fund referred to in such Ordinance and
469
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