harm (3)(d) +(x) 16 Treasury on wab po.
3
7. The powers granted by this Ordinance to the Company Issue and
to make, issue, reissue and circulate notes alall be limited for reisene of
a period of ten years from the date of coming into force of notes limited this Ordinance; after the lapse of such period the Com- 10 10 years
from date of pany shall cease to issue or reissue notes but shall redeem Ordinance. any notes which it has previously issued or reissued.
Provided however that if the Company shall fail to comply with the demand of the Colonial Treasurer referred to in section 5 (2) hereof or shall fail to comply with any of the other provisions of this Ordinance the power of the Company to make, isane, reissue and circulate notes shall immediately cease.
8. Nothing contained in this Ordinance shall exempt Saving as to the Company from the operation of any existing or future existing and law restricting or regulating the issue of notes in the future laws Colony.
restricting note issue,
Objects and Reasons,
This Bill provides for the issue by the Mercantile Bank of Indis, Limited, of Bills and Notes payable to Bearer on demand. Such notes are not to be issued for any other sum than the sum of five dollars or some multiple of such sum, and except in cases of temporary emergency the total amount of such notes in circulation is not at any time to exceed the paid-up capital of the Company. In addition the Company is compelled to provide a special fund exclu- sively available for the redemption of the notes to the full value in case of cash deposits and with a margin of 5 per cent. against the Bank where the deposit consists of securi- tios.
C. G. ALABASTER, Attorney General.
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