Report on a Bill entitled An Ordinance
to prohibit the circulation of Foreign
Notes.
37
:
1. The introduction of an Ordinance to prohibit the circulation of
Foreign Notes has been approved of by the Secretary of State for the
Colonies.
2.
3.
Section 1 of the Ordinance is formal.
Section 2 of the Ordinance defines Note as being any Promissory Note
made by a Banker payable to Bearer on demand and intended to circulate as
money and also any document by whomsoever issued a intended to represent
and circulate as money.
4.
By Section 3 the circulation of all kinds of Notes other than those
of the three Banks which are authorized to issue notes in the Colony is
prohibited.
5.
Section 4 provides a penalty for the unlawful circulation of notes;
defines what is meant by circulation and provides that the legitimate ex-
change of business shall not be interfered with by the law.
for
6. By Section 5 provision is made of the possible
addition of other
authorized notes being added to the issues which are at present authorized
for use in the Colony; the three Banks now authorized to issue notes
being mentioned in Section 3.
7. By Section 6 the date of coming into operation is fixed as 1st August
1913.
8
In my opinion this is an Ordinance to which His Excellency the Gover-
nor may properly assent in the name of His Majesty and on His Behalf.
Johna Buchnitt
Attorney General.
30.6.13