Saving for
travellers' cheques.
Bank of England
notes to be
legal tender.
(Cap. 68).
Modification of Cap. 65.
Protection of debtors.
Cancellation
of licence.
5. Nothing in these regulations shall prevent a bauk from cashing travellers' cheques issued outside the Colony, to any amount.
6. During the continuance in force of these regulations the Foreign Notes (Prohibition of Circulation) Ordinance is amended in section 3 thereof by the insertion after the words "Chartered Bank" of the following-
+
the Bank of England".
7. During the continuance in force of these regulations, notwith- standing provisions of the Bank Notes Issue Ordinance, notes issued by the Bank of England shall be legal tender in the Colony to any amount, and may be circulated by any Bank, at the rate of sixteen Hong Kong dollars to one pound sterling.
4. Failure to pay cash in settlemeel of any sum due, whether such sum became due before or after the commencement of these regula- tions, shall not be treated as a failure to make payment of such sum, and no action shall lie, nor other legal consequence take effect, in respect of such sum by reason only of the failure to make payment in cash: Provided that nothing in this regulation shall take effect as ex- tinguishing the liability to pay any sum due.
9. If any bank contravenes the provisions of regulation 3 such contravention shall be a ground on which the Financial Secretary may revoke the licence of the bank under section 9 of the Banking Ordio- ance 1964.
COUNCIL CHAMBER,
Clerk of Councils.
9th February, 1965,
EMERGENCY REGULATIONS ORDINANCE.
(Chapter 241).
EMERGENCY (BANK CONTROL) (AMENDMENT) REGULATIONS 1965.
The Governor in Council, having considered that an occasion of emergency or public danger has arisen, in exercise of the powers conferred upon him by section 2 of the Emergency Regulations Ordin- ance, has made the following regulations-
1. These regulations may be cited as the Emergency (Bank Citation and Control) (Amendment) Regulations 1965, and shall come into opera- tion at 9.30 o'clock in the forenoon of the 10th day of February, 1965.
2.
cominence- crust
How 9.
Regulation 9 of the Emergency (Bank Control) Regulations Amendment 1965 (hereinafter referred to as the principal regulations) is amended of regula by the deletion of the word and figure "regulation 3" and the sub- stitution therefor of the following-
"regulations 3 or 10".
3. The principal regulations are amended by the addition after Addition of regulation 9 of the following new regulation—
"Return of cash to note- issuting
banks.
10. (1) The Commissioner of Banking may by order in writing direct any bank to return to the note-issuing banks such of the cash held by the bank as he may specify in the order.
(2) Upon the receipt of an order under this regula- tion a bank shall comply with the directions contained therein on the same day, and the recipient note-issuing bank shall credit the account of the bank so complying with the value of the cash returned.
(3) For the purpose of this regulation “note-issuing banks" means The Chartered Bank, The Hongkong and Shanghai Banking Corporation and The Mercantile Bank Limited.".
new regula- tion.
COUNCIL CHAMBER,
10th February, 1965.
Clerk of Councils.