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THE NATIONAL ARCHIVES
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CO 537/1360
N
00039
43
(2) As soon as possible after the end of the financial year commencing on the first day of April, 1946, and of each succeeding financial year thereafter until the total amount of the certificates of indebtedness issued under this subsection amount to the sum of $16,000,000, in a sum equal to the proportion of the net income of the Exchange Fund referred to in Section 6 of the Currency Ordinance, 1935, for the preceding year which corresponds to the proportion which the sum of $16,000,000 bears to the sum of $119,800,000 less the dollar equivalent of the sum of £1,000,000 sterling and the dollar equivalent of the sum to be paid when ascertained as provided in this section, and in consideration of the issue of the said certificates of indebtedness to require from the Hong Kong and Shanghai Banking Corporation—
(a) the payment of the sum of £1,000,000 sterling to the said Exchange Fund, on the issue of the certificate of indebtedness for $103,800,000, and-
(b) when the amount has been ascertained the payment by the Hong Kong and Shanghai Banking Corporation to the said Fund of a sum equal to the sterling equivalent at 1s. 3d. to the Hong Kong dollar of the face value of that portion of the notes referred to in Section 2 which were used when first issued
in discharge of any legal liability of the Hong Kong and Shanghai Banking Corporation.
Passed the Legislative Council of Hong Kong, this 15th
day of August, 1946.
tom
Deputy Clerk of Councils.
CO 537/1369
THE NATIONAL ARCHIVES
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