CO129-388 - Governor Sir Lugard - 1912 [1-2] — Page 45

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Enclosure 2.

C U -2735

A3

RFG: 27 JAN 12

ATTORNEY GENERAL'S CHAMBERS,

Hongkong.....29th December, ....191/.

Report on Ordinance No. 65 of 191/ .

I have examined the accompanying Ordinance entilled

*As Ordinance to provide for the issue by the Mercantile Bank of

India Limited of Bills and Notes payable to Bearer on Demand."

id I am of opinion that the Ordinance is one which is not contrary to the Governor's Instructions,

This Ordinance provides for the issue by the Mercantile Bank of India,

mited. of Bills and Netes payable to Bearer on demand. Such notes are not

be issued for any other sum than the sum of five dollars or some multiple

I such sum, and except in cases of temporary emergency the total amount of

sch notes in sirculation is not at any time to exceed the paid-up capital

the Company. In addition the Company is compelled to provide a special

ad axelusively available for the redemption of the notes to the full value

case of cash deposits and with a margin of 5 per cent. against the Bank ere the deposit consists of securities. The terms of the Ordinance in its resent form received the approval of H. M. Secretary of State in his tele-

of the 6th. December, 1911.

#70

Attorney General