Mercantile Bank Note Issue.
[CAP. 71
CHAPTER 71.
MERCANTILE BANK NOTE ISSUE.
65 of 1911.
To provide for the issue by the Mercantile Bank of India, Originally Limited, of bills and notes payable to bearer on demand. Fraser
[29th December, 1911.]
65 of 1911.
4 of 1951.
1. This Ordinance may be cited as the Mercantile Bank Note Issue Ordinance.
2. In this Ordinance—
Interpretation.
Schedule.
"company" means the Mercantile Bank of India, Limited, whose chief office is in 15 Gracechurch Street, London, England;
"notes" means bills and notes payable to bearer on demand.
3.
(1) Subject to the provisions of this Ordinance, it shall be lawful for the company to make, issue, reissue and circulate notes in the Colony.
(2) Such notes shall not be issued for any other sum than the sum of five dollars or some multiple of such sum.
(3) The total amount of such notes actually in circulation shall not at any time exceed the amount of the capital of the company actually paid up. If the company issues notes in excess of the amount authorized by the provisions of this Ordinance, it and the manager of its office in the Colony shall each upon summary conviction be liable to a fine of fifty dollars a day for every day during which such excess of any sum not exceeding ten thousand dollars continues, and to a further fine of fifty dollars a day for every day during which such excess continues for every complete additional sum of ten thousand dollars in notes so issued in excess.
(4) Such part of the books of the company as may contain any entry relating to the notes issued or to be issued by the company or relating to the amount of such notes in circulation from time to time, or any account, minute or memorandum in the possession of the company or of any person in its employ, the sight or inspection whereof may tend to ensure the rendering or taking of true accounts for
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Power for company to make and issue bills and notes and conditions of such issue.
4 of 1951, Schedule.