CO129-402 - Governor Sir May - 1913 [7-8] — Page 39

Report on a Bill entitled An Ordinance

to prohibit the circulation of Foreign

Notes.

37

:

1. The introduction of an Ordinance to prohibit the circulation of

Foreign Notes has been approved of by the Secretary of State for the

Colonies.

2.

3.

Section 1 of the Ordinance is formal.

Section 2 of the Ordinance defines Note as being any Promissory Note

made by a Banker payable to Bearer on demand and intended to circulate as

money and also any document by whomsoever issued a intended to represent

and circulate as money.

4.

By Section 3 the circulation of all kinds of Notes other than those

of the three Banks which are authorized to issue notes in the Colony is

prohibited.

5.

Section 4 provides a penalty for the unlawful circulation of notes;

defines what is meant by circulation and provides that the legitimate ex-

change of business shall not be interfered with by the law.

for

6. By Section 5 provision is made of the possible

addition of other

authorized notes being added to the issues which are at present authorized

for use in the Colony; the three Banks now authorized to issue notes

being mentioned in Section 3.

7. By Section 6 the date of coming into operation is fixed as 1st August

1913.

8

In my opinion this is an Ordinance to which His Excellency the Gover-

nor may properly assent in the name of His Majesty and on His Behalf.

Johna Buchnitt

Attorney General.

30.6.13