CO882-(3-4) — Page 647

PUBLIC RECORD OFFICE

Reference:→

TILLC.O. 882

PUBLIC RECORD OFFICE, LONDON ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO

Commissioners to

jagua Government

11. From and after the

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day of

the Commissioners notes in exchange for shall, on the demand of any person, issue currency notes in exchange for the

amount thereof in silver rupees of India.

silver coin.

Commissioners to retain a reserve of one-half in silver coin of the notes in circulation.

Governor and Execu- tive Council to direct

investment of one- half of the value of notes in circulation.

Reserve in silver to

notes.

12. The Commissioners shall retain a reserve in silver coin of one-half at the least of the amount of currency notes issued and in circulation.

13. The Governor, with the advice of the Executive Council, shall also cause a sum, not exceeding the value of one-half of the currency notes issued and in circulation, to be invested in Indian Government securities, or such other Government securities as may from time to time be approved of by the Secretary of State for the Colonies: Provided that not more than one-half of such sum shall be invested in Indian Government securities.

14. The said reserve in silver coin and securities shall be appropriated and be set apart to anti-fy set apart to provide for the satisfaction and discharge of the said currency notes; and the said currency notes shall be held to have been issued on the security of the said coin and securities, as well as on the general credit of the Government of Ceylon.

How investments to be made.

Investments may be sold or varied if

directed by the Governor.

When Commissioners will be authorised to sell out securities.

How dividends and interest to be dealt with.

Depreciation Fand,

Account showing expenses to be pub- lished annually ta

15. All such investments shall, if made in England, be made in the joint names of the Crown Agents for the Colonies and of such other officers or persons as Her Majesty's Secretary of State aforesaid shall appoint as trustees on behalf of the Commissioners. Investments made in India in Indian Government securities shall be made in the names of the Commissioners.

16. Any portion of the aforesaid investments may, if directed by the Governor, be sold by the persons in whose names they have been made, and the proceeds of such sale applied to keep up the aforesaid reserve of silver coin, or in the purchase of other securities authorized by this Ordinance.

17. If at any time the specie held by the Commissioners as mentioned in section 12 should be reduced below one-half of the value of the notes in circulation, it shall not be necessary for the Commissioners (except by the special directions of the Governor) to sell and realise any of the said securities, unless and until the amount of specie in their hands shall be less than one- third of the notes in circulation at the time.

18. All dividends, interest, or other revenue to be derived from the said investments shall be paid to such person as shall be nominated in that behalf, and the said dividends, interest, or revenue shall form part of the Ordinary Revenues of the Colony, excepting the sun of one per centum which shall be appropriated annually on the whole amount of such investments, and shall form a fund to cover any eventual risk of depreciation in value of the investments aforesaid, and which for all the purposes of this Ordinance shall be termed a Depreciation Fund;" and such fund shall be payable to the Commissioners, to be by them invested in such manner as the Governor shall, with the sanction of the said Secretary of State approve: Provided always that the Governor may, with the sanction of the said Secretary of State, direct that the annual appropriations of one per centum on the interest yielded by the investments aforesaid shall be wholly or partially discontinued at any time or so long as it shall appear that the reason for such annual appropriations no longer exists.

19. An account showing the amount of the profits of the note circulation and of the charges and expenses incidental thereto shall be made and published

(dovernment Gazette. annually in the Government Gazette.

Account showing

amount of notes in

ei realation, &e, to be

published monthly in

Government Gazelle.

Penalty for soURÍER- faiting moten.

20. An abstract of the accounts of the Commissioners showing—

(a) The whole amount of currency notes in circulation;

(6) The amount of silver coin reserved; and

(c) The nominal value, and the price paid for the Government securities held by the Commissioners, shall be made up monthly by the Com- missioners, and published as soon as may be in the Governmens

Gazette.

21. Whosoever shall forge or counterfeit or alter, or aball offer, utter, dispose of or put off, knowing the same to be forged or counterfeited or altered, any

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currency note, or any word, letter, figures, mark, sign, signature, or facsimile upon or attached to any such note, shall be held guilty of an offence, and shall on conviction be liable to imprisonment with or without hard labour for any period not exceeding 20 years.

22. Whosoever without lawful authority or excuse (the proof whereof shall Fanality for possession lie on the person accused) shall have in his possession any such forged, of incomplete noves. counterfeited, or altered note, or any unfinished or incomplete note purporting

to be issued by the Commissioners shall be guilty of an offence, and be liable

to imprisonment not exceeding two years.

23. Whosoever without lawful authority of excuse (the proof whereof shall Panahy for possession

lie on the person accused) shall make, use, or knowingly have in his pos- of paper for notes. session any paper with any word, figure, device, or distinction peculiar to and appearing in the substance of the paper used for currency notes, or any frame, mould, or instrument for making such paper, or any material upon which the whole or any part of any note purporting to resemble a currency note shall have been engraved or made, shall be guilty of an offence, and shall be liable on conviction to imprisonment with or without hard labour for any period not exceeding two years.