00042
A BILL
39
INTITULED
An Ordinance to remove doubts concerning the legal status of certain Bank Notes issued during the Japanese occupation of the Colony and to give power to the Financial Secretary to issue certificates of indebtedness other than in accordance with section 5 of the Currency Ordinance, 1935.
Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof as follows:
1. This Ordinance may be cited as the Bank Notes and Short Title. Certificates of Indebtedness Ordinance, 1946,
of Doubtful
2. All Notes of a note-issuing Bank within the meaning Validation of Section 2 of the Currency Ordinance, 1935, put into Notes. circulation between 25th December, 1941, and 16th August, 1945, shall, notwithstanding any irregularity in the manner of the issue, be and be deemed to have been at all times bank notes lawfully issued within the meaning of Section 3 of the Currency Ordinance, 1935, and subject to the provisions of Section 3 hereof, the provisions of that Ordinance and any amendments thereto shall apply to the notes aforesaid.
to issue
indebtedness
3. Notwithstanding anything contained in Section 5 of Authority the Currency Ordinance, 1935, the Financial Secretary is certificates of authorised to issue certificates of indebtedness to the Hong in respect Kong and Shanghai Banking Corporation in respect of the the Hong notes of that Bank validated under Section 2 as follows:-
(1) In the sum of $103,800,000 on the passing of this Ordinance.
(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-
of notes of
Kong and Shanghai
Banking Corporation validated.
1
2
cms
Ref.:
CO 537/1369
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