Amend. ment of section 8.
Repeal and replace.
ment of
section 10.
Amend-
ment of section 11.
4.
2
(a) The capital of the bank may from time to time be increased by ordinary resolution.”.
Section 8 of the principal Ordinance is amended by- (a) the deletion at the end of paragraph (b) of the word
"and";
(b) the re-numbering of paragraph (c) as paragraph (d); and (c) the addition after paragraph (b) of the following new
paragraph-
I
"(c) to convert any paid-up shares into stock and re-convert that stock into paid-up shares of any Amount; aad",
5. Section 10 of the principal replaced by the following-
**Power to
TRGO bearer notes.
(Cap. 65).
6.
1
rdinance
repealed and
10. (1) Subject to the provisions of subsection (2) and of the Bank Notes Issue Ordinance, the bank may, for such period as may, from time to time, be prescribed by resolution of the Legislative Council under section 5 of the Bank Notes Issue Ordinance, in the Culony, but not elsewhere, issue, re-issue and circulate notes of the bank payable to bearer on demand.
(2) The bank shall not issue such notes of a denomination lower than five dollars in excess of such number as may, from time to time, be authorized by the Secretary of State.".
Section 11 of the principal Ordinance is amended by- (a) the repeal of subsection (2) and the substitution therefor
of the following-
"(z) The bank shall at all times keep deposited with the Crown Agents or with trustees appointed by the Secretary of State or partly with the Crown Agents and partly with such trustees securities, approved by the Secretary of State, not less in value than the said sum of thirty million dollars.";
$
(b) the deletion at the end of subsection (3) of the words "to be held by such Exchange Fund exclusively for the redemption of such notes." and the substitution therefor of a full stop; and
(c) the addition at the end thereof of the following new sub-
section-
(Cap. 66),
7.
"(4) The securities deposited in accordance with subsection (2), and, as provided in section 4 of the Exchange Fund Ordinance, the whole of the amount paid in accordance with subsection (3) for the account of the Exchange Fund, shall be held as special funds exclusively available for the redemption of the said notes and in the event of the bank being wound up shall be applied accordingly so far as may be neces sary, but without prejudice to the rights of the holders of such notes to rank with other creditors of the bank against the assets of the bank.“.
Section 12 of the principal Ordinance is repealed and Repaal and replaced by the following-
"Liability of share holders.
replace. ment of section 12.
12. In the event of the bank being wound up every shareholder shall be liable to contribute to the assets of the bank, in respect of any debts and liabilities of the bank, an amount not exceeding the amount, if any, unpaid on the shares held by him.".
Section 16 of the principal Ordinance is amended by the Amend- deletion of the words "and the sum for which its shareholders ment of
sertion 16. are liable under the provisions herein contained." and the sub- stitution therefor of a full stop.
8.
Passed the Legislative Council of Hong Kong, this 4th day of September, 1957.
(Secretariat GR6/2961/46)
воват
Deputy Clerk of Councils.