CAP. 65]
Bank Notes Issue
[1989 Ed.
shall be deemed to be the currency of the Colony for the purpose of any promise to pay printed on such note.
(54 of 1935 s. 3 incorporated. Amended 20 of 1948 s. 4)
4.
Issue of bank notes
(1) It shall not be lawful for any bank to make, issue, or circulate within the Colony bank notes payable to bearer on demand, except with the sanction of the Secretary of State signified through the Governor. (Amended 50 of 1911; 51 of 1911; 1 of 1912 Schedule; 2 of 1912 Schedule)
(2) This section shall not affect any right or privilege possessed by any bank under Royal Charter or Ordinance of issuing or reissuing within the Colony bills or notes payable to bearer on demand. (Amended 50 of 1911; 1 of 1912 Schedule; 20 of 1948 s. 4)
(3) If any bank makes, issues or circulates within the Colony any bank notes payable to bearer on demand in contravention of the provisions of this section, it and its principal manager or agent in the Colony and each of the partners (if any) therein shall be liable on summary conviction to a fine of $5,000, and in the case of a second or subsequent conviction to imprisonment for 3 months and to a fine of $5,000:
Provided that if the offender be a body corporate it shall be liable on a second or subsequent conviction to a fine of $10,000. (Replaced 43 of 1912. Amended 20 of 1948 s. 4; 22 of 1950 Schedule)
(4) For the purposes of this section "bank note payable to bearer on demand" means a bill of exchange or promissory note, issued by any bank, payable to bearer on demand. (Added 21 of 1969 s. 2)
4A. Bank notes bearing the name “The Chartered Bank”
Notwithstanding the provisions of any law to the contrary-
(a) Standard Chartered Bank may, subject to the provisions of this Ordinance, issue bank notes bearing the name "The Chartered Bank" at any time up to-
(i) 31 December 1989; or
(ii) such later date as may be fixed by the Legislative Council by resolution; and
(b) any bank notes issued under paragraph (a) shall be deemed to be and always to have been-
(i) bank notes lawfully issued as defined in section 2; and (ii) legal tender for the purposes of section 3.
(76 of 1984 s. 5 incorporated)