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Clause 3 (7) read in conjunction with the definition of "current coin" in Clause 2 might, it appears to My Lords,
be held to permit of the redemption of the notes in sub- sidiary coin irrespective of the limit of legal tender of such coin. In view of the present condition of the subsidiary coinage it is important that there should be no ambiguity on this point.
Clause 4. The option to deposit coin in lieu of securities is one which in practice is unlikely to be exer- cised, but if such deposit is to be allowed it should be required to be made with the Colonial Treasurer and in coin which is legal tender in the Colony.
Clause 5. The expression "return of notes" is open to objection on the ground of ambiguity, but taking it to mean "delivery up of notes to the Colonial Treasurer" (in which sense it is no doubt intended) I am to point out that such a provision would only be effective if the actual supply of notes for issue has to pass through the hands of that officer indeed the word "return" presupposes such an
arrangement.
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The expression therefore even under the draft ordinance as it stands and still more if the proposed amend- ments are introduced in Clauses 4 to 6 will require amendment.
Clauses4, 5 and 6. It would seem to be desirable to
substitute "face value of notes" or "amount of notes" for
"value of notes" throughout these clauses.
My