d
No. 28:-
[8.9.09.59
A BILL
ENTITLED
An Ordinance to provide for the Issue of
Government Paper Currency.
WHEREAS it is desirable that there should be au issue of Government Paper Currency to supplement the issue of Notes by the Banks:
BE it entered 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 Currency Note short title. Ordinance, 1909.
2. In this Ordinance :-
The expression "Secretary of State" meaus one of
His Majesty's Principal Secretaries of State,
Definitions.
The expression "current coin means coin which is
for the time being legal tender in Hongkong. 3.(1) A Board of Commissoners of Currency (in this Commis- Ordinance referred to as "the Commissiouers ") shall be stoners of established for the purpose of this Ordinance and shall Currency. consist of the persons for the tune being lawfully dis- charging the duties of Colonial Sceretary and Tro surer
and of one other person nominated by the Governor.
(2.) The Commissioners shall have an office at Victoria and may employ such officers and persous as usy be from time to time authorized by the Governor.
(3.) Any act of the Commissioners may be signified in writing under the hands of the Commissioners.
(4.) If any Commissioner is for the time being nuable
to act the Governor may appoint a fit person to act in his
place during such inability.
4.-(1.) Subject to the provisions of this Ordinance the power to Commissioners may from time to time provide and issue issue notes.
and reissue in exchange either for current coin or for notes previously issued under this Ordinance notes (in this Ordin- ance referred to as "currency notes ").
(2.) A currency note shall be a promise on the part of the Government of Hongkong to pay to the bearer on demand the amount named therein; and the amount required for such payment shall be a charge on the inoueys and securities in the hands of the Commissioners under this Ordinauce and on the general revenue of the Colony; and if a sum is required to meet any each note and the said moneys are in ufficient to meet it the sum shall forth- with on the demand of the Commissioners be issued under the order of the Governor out of the guneral revenue in priority to all other charges except those chargot thereon by any Ordinance passed before this Ordinance and for the time being pugable.
(8.) The holder of a currency note shall be entitled to obtain on demand during the usual banking hours at the office of the Commissiouers payment in current coin of the amount expressed in the note; but it shall be lawful for the Commissioners to require a person when presenting notes to accept such current coin as the Cominissioners may tender provided that nothing in this section shall entitle the Commissioners to require such person to acceut subsidiary silver coin in excess of the sum for which such subsidiary silver coin is legal tender.