CO129-369 - Acting Governor May Governor Sir Lugard - 1910 [10-11] — Page 111

A

་

A BILL

EXTITLED

со

34446

Rece ReGPIO NOV 10

No. 35-(8.10.10.-1.]

An Ordinance to provide for the issue by the Mercantile Bank of India Limited of Bills and Notes payable to Bearer on Demand.

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 Mercantile Bank Short title,

of India Note Issue Ordinance 1911.

2. In this Ordinance :--

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Company means the Mercantile Bank of India Li- mited whose chief office is at Threadneedle Street, London, England.

"Current coin" meaus coin which for the time being

is lawfully current in the Colony.

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"Notes means bills and notes payable to bearer on demand in current coin.

Secretary of State" means one of His Majesty's Prin- cipal Secretaries of State.

Definitions.

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3.-(1.) Subject to the provisions of this Ordinance, Power for it shall be lawful for the Company to make, issue, reissue Company to aud circulate notes in the Colony.

make and issue bills

(2.) Such notes shall not be issued for any other sum and notes than the sum of five dollars, or some multiple of such sum. tions of such

and condi.

(Provided the Company may issue and reissue a limited issue. number of notes for the value of one dollar subject to their unconditional withdrawal from circulation should the Governor-in-Council decide to issue notes of lower denomination than five dollars. The total value of such one dollar notes shall not exceed in value an amount to he fixed by the Governor-in-Council from time to time.)

(3.) Except as specified in Section 6 the total amount of such notes actually in cirenlation shall not at any time exceed the amount of the capital of the Company actually paid up.

(4.) The notes shall be in such forms and of such de- signs and printed from such plates and on such paper and be authenticated in such manner as may approved by the Secretary of State.

(5.) The plates shall be prepared and notes printed, issued and cancelled under such regulations as the Secre- tary of State may make for the purpose of preventing fraud and improper issue.

(6.) The Company shall pay all expenses which may be incurred by the Colonial Treasurer in giving effect to the provisions of this Ordinance.

(7.) Such uotes shall bo redeemable in current coin at the office of the Company in the Colony but shall not be legal tender.

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