Inter- pretation.
Change of
111970-2.
(Cap. 65). (Cap. 66).
(Cap. 68),
(Cap. 71).
Tranai- tional provisions.
(Cap. 65). (Cap. 71).
2. In this Ordinance-
"appointed day" means the day on which this Ordinance shall
be deemed to have come into operation.
3. (1) The Bank Notes Issue Ordinance and the Exchange: Fund Ordinance are amended by the deletion of the words "the Mercantile Bank of India Limited" wherever the same occur and the substitution therefor of the following-
"Mercantile Bank Limited".
(2) The Foreign Notes (Prohibition of Circulation) Ordinance is amended by the deletion in section 3 of the words "the Mercantile Bank of India" and the substitution therefor of the following
**Mercantile Bank Limited”.
(3) The Mercantile Bank Note Issue Ordinance is amended by the deletion of the words "the Mercantile Bank of India, Limited" wherever the same occur and the substitution therefor of the following-
"Mercantile Bank Limited".
4. Notwithstanding the provisions of any law to the contrary...
(a) Mercantile Bank Limited subject to the provisions of the Bank Notes Issue Ordinance and of the Mercantile Bank Note Issue Ordinance may, after the appointed day. issue bank notes bearing the name "The Mercantile Bank of India, Limited" at any time-
() during a period of two years from the appointed day; or
(ii) up to such later date, not later than five years from the appointed day, as may be fixed by the Legislative Council by resolution; and
(b) such notes shall be deemed to be and always to have
been-
(bank notes lawfully issued as defined in section 2 of the Bank Notes Issue Ordinance; and
(ii) legal tender for the purposes of section 3 of that Ordinance.
5. (1) No proceedings, civil or criminal, shall be instituted Indemnity. against Mercantile Bank Limited or against any person employed by Mercantile Bank Limited in respect of any act done or purport- ing to have been done in the name of The Mercantile Bank of India, Limited during the period between the appointed day and the date of enactment of this Ordinance in any case in which no such proceedings could have been instituted if this Ordinance had been enacted before the appointed day.
(2) All acts and things done by Mercantile Bank Limited and by any person employed by Mercantile Bank Limited after the appointed day shall be deemed to have been validly and lawfully done in all cases where the same would have been validly and lawfully done if this Ordinance bad been enacted before the appointed day and in particular, notwithstanding that on the appointed day and for some time thereafter Mercantile Bank Limited had not been authorized by the Financial Secretary, by an order made in exercise of the power conferred on him by section 15 of the Stamp Ordinance, to compound for the payment (Cap. 117). of duty on unstamped cheques upon the conditions prescribed in that section, all cheques drawn and issued on forms supplied or adopted by Mercantile Bank Limited shall be deemed to have been duly stamped in accordance with subsection (2) of that section during such time.
Passed the Legislative Council of Hong Kong, this goth day of April, 1958.
(Secretariat GR41/27/3311/47)
вву
Deputy Clerk of Councils.