CO129-468 - Governor Sir Stubbs - 1921 [6-8] — Page 361

C.S.O. 8461/08.

A BILL

INTITULED

[No. 18 :—8.7.21.—1.]

An Ordinance to extend for a further period the powers granted by the Mercantile Bank Note Issue Ordinance, 1911, to the Mer- cantile Bank of India, Limited, to make, issue, re-issue and circulate notes in the Colony.

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

1. This Ordinance may be cited as the Mercantile Short title Bank Note Issue Ordinance, 1921, and shall be read and and construed as one with the Mercantile Bank Note Issue construction. Ordinances, 1911 and 1913, and the said Ordinances Ordinances and this Ordinance may be cited together as the No. 65 of

1911 and Mercantile Bank Note Issue Ordinances, 1911 to 1921. 4 of 1913.

powers

2. Notwithstanding anything contained in section 7 Extension of the Mercantile Bank Note Issue Ordinance, 1911, for further relating to the termination by effluxion of time of the period of the powers granted to the company by that Ordinance, but granted by subject in all other respects whatsoever to the provisions Ordinance of the Mercantile Bank Note Issue Ordinances, 1911 and No. 65 of 1913, it shall be lawful for the company to make, issue, 1921, s. 7. re-issue and circulate notes until and including the 13th day of August, 1929, after which date the company shall cease to issue or re-issue notes but shall redeem any notes which it shall have previously issued or re-issued.

Objects and Rensons.

The Mercantile Bank Note Issue Ordinance, 1911, Ordinance No. 65 of 1911, empowered the Mercantile Bank of India, Limited, to make, issue, re-issue and eirculate bank notes. This power was limited to a period of 10 years from the commencement of the Ordi- nance. It is now considered desirable to extend this perind which expires on the 28th December, 1921.

4th July, 1981,

J. H. KEMP.

Attorney General.

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