1969-HKRS28-8-36_Part01 — Page 20

Assete of the pote security funds to be transferred to the general

revenus. (Cap. 67)

(Cap. 352.)

Financial Secretary may issue one cent, five cents and

len cents

currency notes.

(p. 675

Revenue from

the issue of notea to be credited to

general revenue

and expenses

in connexion

with such insure

to be met

from general

revenue.

Five cents, ten cents and one dollar currency notes may be redeemed at face value from general

revenue.

Demonetiza-

tion of

currency notes issued under section 4.

3. (1) All assets of the Subsidiary Note Security Fund established by the Financial Secretary under section 3 of the Sub- sidiary Currency Notes Ordinance shall be transferred to the general revenue of Hong Kang

(2) All assets of the note security fund established by the Financial Secretary under section 4 of the Dollar Currency Notes Ordinance shall be transferred to the general revenue of Hong Kong.

4. (1) The Financial Secretary may issue in Hong Kong one cent, five cents and ten cents currency notes, which shall be legal tender for the payment of any amount not exceeding-

(d) one dollar in the case of oue cent notes; and

(b) two dollars in the case of the five cents notes and the

ten cents notes:

Vi

Provided that the total amount of the currency notes issued under this section which are in circulation shall not exceed ten million dollars.

(2) All one cent currency notes issued under section 2 of the Subsidiary Currency Notes Ordinance shall be deemed to have been issued under subsection (1) of this section.

5. (1) All moneys which are received as a result of the issue of any currency notes under section 4 shall be credited to the general revenue of Hong Kong.

(2) All expenses which are incurred in connexion with the issue of any currency notes under section 4 shall be paid from the general revenue of Hong Kong,

f The holder of any five cents currency note, ten cents currency note or one dollar currency note which, under section 2. has ceased to be legal tender in Hong Kong shall, on surrendering the currency note to the Accountant General after the commence- ment of this Ordinance, be paid from the general revenue of the Hong Kong au amount in legal tender equal to the face value of the surrendered currency note.

7. (1) The Financial Secretary may from time to time demonetize any currency note issued under section 4.

(2) Notice of the demonelization of any currency note by the Financial Secretary under subsection (1) shall be published in the Gazette and the currency note shall cease to be legal tender in Hong Kong from the date specified in the notice.

3

(3) The holder of any currency note demonetized by the Financial Secretary under subsection (1) shall, on surrendering the currency note to the Accountant General after the date specified in a notice published under subsection (2), be paid from the general revenue of Hong Kong an amount in legal tender equal to the face value of the demonetized currency note.

$. The total face value of all one cent, five cents and ten cents currency notes which-

(a) are issued under this Ordinance; and (b) are currency in circulation.

shall be published annually in the Gazette.

9. The Subsidiary Currency Notes Ordinance and the Dollar Currency Notes Ordinance are repealed.

Passed by the Hong Kong Legislative Council this 13th day of March, 1969.

Lava

Deputy Clerk of Councils.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

(Secretariat ECON 33/2321/48)

سمايا

Deputy Clerk of Councils.

Annual

publication of total face valuc of currency notes issued and in circula- Lion.

Repeal of the Subsidiary Currency Notes Ordinance

(Cap. 67)

and the Dollar Currency Notes Ordinance. (Cap. 392.)