CO537-(1262-1649) — Page 153

00117

Validation of Doubtful Notes.

Authority to issue certificates of indebtedness in respect of notes of the Hong Kong and Shanghai Banking Corporation validated.

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 Treasurer to issue certificates of indebtedness other than in accordance with section 5 of the Currency Ordinance, 1935.

114

Be it enacted by the Governor of Hong Kong,

with the advice and consent of the Legislative Council

thereof.

1.

This Ordinance may be cited as the Bank Notes

and Certificates of Indebtedness Ordinance, 1946.

2.

All Notes of a note-issuing Bank within the

meaning of Section 2 of the Currency Ordinance 1935

put into circulation between January 1st 1942 and

August 16th 1945, shall, notwithstanding any irregularity in the manner of the issue, be and be

deemed to have been at all times banknotes lawfully

issued within the meaning of section 3 of the Currency

Ordinance 1935, and subject to the provisions of clau se

3 hereof, the provisions of that Ordinance and any

amendments thereto shall apply to the notes aforesaid.

Notwithstanding anything contained in section

3.

•

5 of the Currency Ordinance, 1935, the Treasurer is

authorised to issue certificates of indebtedness to

the Hong Kong and Shanghai Banking Corporation in

respect of the 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 14th day of April, 1946,

and of each succeeding financial year thereafter until

the total amount of the certificates of indebtedness

issued

2

cms

Ref.:

CO 537/1369

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