مالا
currency of the Colony for the purpose of any promise to pay printed on any such note.
4. cach note-issuing bank shall surrender to the Treasurer on demand all silver coin and silver bullion which it was re- quired by the aforesaid Ordinances or Charters or otherwise immediately before such demand to deposit against its note issue.
5.
- (i) The Treasurer is authorised to issue to note- issuing, banks for the purposes laid down in this section certi- ficates of indebtedness in the form in the schedule.
2) The Treasurer shall issue in exchangé for silver coin and silver bullion surrendered in accordance with section 4
oertificates to the face value of the notes covered
by such silver.
(3) For the purpose of raising funda to pay for
Ordinance; and
-
i) Gilver surrendered under section 7 of this
Notes to i
local rency
Surrender by note-issuing
anks of silver pre- viously re- quired to be deposited against its note issue. Certificates of indebted-
ness.
Sched le.
(ii) foreign exohane or gold purchased in accordance.
with section 6, it shall be lawful for the Treasurer to issue further oertificates to any note-issuing bank, and to require such bank to pay to him for the account of the Exchange Fund referred to in section 6 the face value of such further oertificates.
(4) The Treasurer may apply the proceeds of sale of foreign exchange or gold for Hong Kong currency in accordance with sub-section (3 of section to the re emption of oe tificates issued under sub-section(3) of this section.
(5) Nothing in this Ordinance shall empower any note-issuing bank to issue notes in excess of any maximu limit laid down in the Ordinances or Charters governing the issue of such Notes, and in issuing certificates under this section the Treasurer shall take into account such maximum limits.
6. ) There shall be established a fund to be called "the Exchange Fund" which shall be under the control of the Treasurer and shall be used for the purpose of regulating the exchange value of the currency of Hong Kong. The control of the Treasurer shall be exercised in consultation with an Exchange Fund Advisory
Committee
Exchange Fund.