FIRST COLUMN.
14. Hong Kong and Shanghai Bank
Ordinance, 1929. (No. 6 of 1929.)
-Contd.
(6) Section 11,
and
20
SECOND COLUMN.
**1951, or such later date as may be fixed under the provisions of section 3 of the Note-issuing Banks Extension of Powers Ordinance, 1939,"* :
(b) by the deletion in the third and fourth lines of the words "and in coin lawfully current at such place".
(6) Section I is amended-
(a) by the insertion after the word "shall"
in the second line of subsection (1) of the following-
"subject to the provisions of subsec- tion (3) bereof'';
(b) by the deletion of the first eight lines of subsection (2) and the substitution therefor of the following-
(2) The bank shall at all times keep deposited, either with the Crown Agents or with trustees to be appointed by the Secretary of State, or partly with the Crown Agents and partly with such trustees, securities to be approved by the Secretary of State equal in value to the sum of 23.333,333 dollars, such securities to be held by";
(c) by the repeal of subsection (3) (as amended by Ordinance 8 of 1946) and the substitu- tion therefor of the following-
"(3) Notwithstanding the proví- sions of subsection (1), notes of the bank payable to bearer on demand may be issued and be in actual circulation to an amount in excess of the equivalent of the said sum of 46,000,000 dollars, if there has been paid in accordance with subsection (3)
FIRST COLUMN.
14. Hong Kong and Shanghai Bank Ordinance, 1929. (No. 6 of 1929.)
-Contd.
(7) The
regulations effective under section 4.
21
SECOND COLUMN.
of section 5 of the Currency Ordin ance, 1935, to the Financial Secretary of the Hong Kong Government for the account of the Exchange Fund referred to in such Ordinance and against the issue to the bank of certificates of indebtedness as provided in such Ordinance an amount equal to the face value of such excess issue for the time being actually in circula- tion to be held by such Exchange Fund exclusively for the redemption of such notes."
(d) by the repeal of subsections (4) and (5).
(7) (a) Regulation 6s is amended by the insertion in the first line after the word "except"" of the following-
"as provided for in the preceding regulation and except".
(6) Regulation 124 is amended by the deletion in the second and third lines of paragraph (a) of the words "and in Shanghai res- pectively".
(c) Regulation 153 is amended-
(i) by the deletion in the eighth line and the tenth line of the word "coin" and the substitution therefor in each case of the following-
"cash";
(ii) by the deletion in the twenty-fourth line of the words "amount of coin and bullion" and the substitution therefor of the following-
*securities and cash";
(iii) by the deletion in the thirty-first and the penultimate lines of the words "coin and bullion" and the substitu- tion therefor of the following-
"promissory notes, securities and cash".