FIRST COLUMN.
SECOND COLUMN.
FIRST COLUMN,
5. Mercantile Bank Note Issue Ordinance, 19ti. (No. 65 of 1911) -cont.
(4) Section 5.
5
SECOND COLUMN.
deposited under such subsection, if there has been paid in accordance with subsec- tion (3) of sections of the Currency Ordinance, 1935, to the Financial Secretary of the Hong Kong Government for the account of the Exchange Fund referred 10 in such Ordinance and against the issue to the company of certificates of indebtedness as provided in such Ordin- ance, an amount equal to the face value of such further notes for the time being actually in circulation, such amount to be held by such Exchange Fund exclusively for the redemption of such notes." (4) Section 5 is amended-
**
(a) by the deletion in the fourth line of sub-
section (1) of the words "and coin"; (6) by the following deletions in subsection
(2)
in the first and second lines, the words "plus the value of the coin (if any) deposited with the Treasurer"; in the seventh line, the words "unlimited legal tender coin or"; in the eighth and ninth lines, the words "plus the value of the coin (if any)":
in the fourteenth and penultimate lines, the words "plus the value of the coin (if any) deposited";
(c) by the deletion in the fourth line of sub- section (2) of the word "he" and the sub- stitution therefor of the following- "the Financial Secretary".
(5) Section 6 is repealed.
(5) Section 6.
(6) Section 7.
(6) Section 7 is repealed.
(7) Section 7A.
5. Mercantile Bank
Note Issue
Ordinance, 19u. (No. 65 of 19:1)
(1) Section 2.
(2) Section 3.
(3) Section 4.
(1) Section a is amended-
(a) by the deletion of paragraph (b) thereof; (b) by the deletion in the second line of para. graph (c) of the words "in current coin".
(2) Section 3 is amended by the repeal of sub-
section (5) thereof.
(3) Section 4 is repealed and replaced by the
following-
4. (1) The Company shall deposit and at all times keep deposited with the Crown Agents securities to be approved by the Secretary of State to an amount equal in value to the face value of the notes in circulation with the addition of five per cent of such value. Such securities shall be under the control of the Financial Secretary and shall be held by the Crown Agents as special funds exclusively avail able for the redemption of such issue of notes, and in the event of the company being wound up such securities shall be sold and the proceeds of sale shall be applied so far as necessary towards the redemption of the notes outstanding? Nothing in the foregoing shail prejudice the rights of the holders of notes in the event of such proceeds of sale proving to be less than the face value of the notes outstanding, but if such proceeds amount to more than such face value the difference shall be paid over to the company.
(2) Notwithstanding the provisions of subsection (1), further notes of the company may be issued and be in actual circulation other than those against the issue of which securities have been
L
(7) Section 7A is repealed and replaced by the
following
"TA. Subject in all respects whatso- ever to the provisions of this Ordinance, it shall be lawful for the company to make,