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A BILL
ENTITLED
An Ordinance to provide for the issue by the Mercantile Bank of India Limited of Bills and Notes payable to Bearer on Demand.
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 Mercantile Bank Short title. Note Issue Ordinance, 1911.
2. In this Ordinance :-
"Company" means the Mercantile Bank of India Li- mited whose chief office is at Threadneedle Street, London, England.
“Current coiu” means coin which for the time being
is lawfully current in the Colony.
"Notes" means bills and notes payable to bearer on demand in current coin.
Definitions.
Definition of S. 28. omitte
3.-(1.) Subject to the provisions of this Ordinance, Power for
make and
issue bille
see drop. para
it shall be lawful for the Company to make, issuc, reissue Company to and circulate notes in the Colony.
(2.) Such notes shall not be issued for any other sum and notes than the sum of five dollars, or some multiple of such sum and condi.
(3.) Except as specified in section 6 the total amount issue.
tions of such of snch 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
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manager of its office in the Colony shall each be liable on summary conviction to a fine not exceeding fifty dollars a day for every day during which such excess of any sum not exceeding ten thousand dollars shall continue and to a further fine not exceeding fifty dollars a day for every day during which such excess shall continue 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 con- tain 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 teud to insure the rendering or taking of true accounts for any period of the average amount of such notes in circula- tion or to test the truth of any such secount, shall be open for the inspection and examination at all reasonable times of any person authorised in that behalf in writing sigued by the Colonial Treasurer,
Every such authorised person shall be at liberty to take copies or extracts from any such book, account, minute or memorandum.
If the Company or any person in its employ keeping any such book, wccount, minute or memorandum or having the custody or possession thereof or power to produce the same shall on demand made by any such authorised person shew- ing if domanded his authority on that behalf, refuse to produce any such book, account, minute or memorandum to him for his inspection and examination or to permit him to inspect and examine the same or to take copies thereof or extracts therefrom the Company and such person in its employ shall each be liable on summary conviction to a fine not exceeding five hundred dollars.
Provided that the Colonial Treasurer shall not exercise or cause to be exercised the powers aforesaid without the consent of the Governor.
(5.) Such notes shall not be legal tender but shall be redeemable at the office of the Company in the Colony in current coin which is for the time being legal tender in the Colony.
at apart f
parats Jo8428.
2.