CO129-284 - Acting Governor Major Gen Black - 1898 [7-8] — Page 312

No. 6 or 1898.

An Ordinance to amend The Hongkong and Shanghai Bank Ordinance Amendment Ordi- nance, 1882.

LS

WILSONE BLACK,

Officer Administering the Government.

[ 28th July, 1898.]

16012

REC 24 OCT 98)

13

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:--

1. This Ordinance may be cited as The Hongkong and Short title. Shanghai Bank Ordinances Amendment Ordinance, 1898.

2. Ordinance No. 21 of 1882 is hereby amended by Amendment repealing the section 13 thereby substituted for the original of Ordinance section 13 of Ordinance No. 5 of 1866, and inserting in lien 21 of 1882. thereof the following section:---

13.-(1) Subject to the provisions of sub-section (2) Limitation of

of this section, the total amount of the bills and issue of notes of the Company payable to bearer on demandi, Notes.

Reserve to actually in circulation, shall not at any time exceed be kept. the amount of the Capital of the Company actually Condition on paid up, and there shall he kept by each establi-l- which excess ment of the Company an amount of coin and bullion issue equal to one-third at least of such of the said bills permitted. and notes as were issued from such establishment and are for the time being in circulation."

(2.) Bills and notes of the Company payable to bearer on demand may be issued and be in actual circulation to an amount in excess of the Capital of the Com- pany actually paid up: Provided that there shall be previously deposited and kept at the Hend Office of the Company in Hongkong, to the satisfaction of the Colonial Secretary and the Colonial Treasurer, an amount of coin and bullion equal to the whole value

of such excess issue, actually in cireulation.

3. This Ordinace shall continue in force for a period Duration of

of one year from the coming into operation thereof.

Passed the Legislative Council of Hongkong, this 25th day of July, 1898.

J. G. T. BUCKLE, Clerk of Councils.

Assented to by His Excellency the Officer Administering the Government, the 28th day of July, 1998.

T. SERCOMBE SMITH,

Acting Colonial Secretary.

Ordinance.

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