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C.S.O. 439/07.
A BILL
INTITULED
[No. 30-1.11.21,—2.]
An Ordinance to amend the Hongkong and
Shanghai Bank Ordinance, 1866,
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-
1-(1.) This Ordinance may be cited as the Hong- Short title. kong and Shanghai Bank Amendment Ordinance, 1921.
(2.) The Hongkong and Shanghai Bank Ordinance, Ordinattees 1866, hereinafter referred to as the principal Ordinance, Nos. 2 of and the Hongkong and Shanghai Bank Amendment 1966 and 21 Ordinance, 1914, and this Ordinance, may be cited together as the Hongkong and Shanghai Bank Ordi- nances, 1866 to 1921.
of 1914.
2. Section 13 of the principal Ordinance is repealed Repeal of and the following section is substituted therefor:
Limit of
wunt of issue of bills ail uutes.
Security
required in respect of ordinary note issac.
Security requirel In respect of exocks Botu issue.
Ordinance No. 2 of 1886,
13-(1.) The total amount of the bills and 13, and
notes of the company payable to bearer of new
substitution
on demand actually in circulation shall section. not at any time exceed the sum of 20,000,000 dollars.
(2.) The company shall at all times keep deposited, either with the Crown Agents or with trustees to be appointed by the Secretary of State, or partly with the Crown Agents and partly with such trustees, enin of denominations to be approved by the Secretary of State, or, at the option of the company, securities to be so approved, or, at the like option, partly such coin and partly such securi- ties, equal to two thirds of the said amount of 20,000,000 dollars, Buch coin or securities or such coin and securities to be held by the Crown Agents or by the said trustees, separately or jointly, as special funds exclusively available for the redemption of the bills and notes payable to bearer on demand issued by the company, and, in the event of the company becoming insolvent, to be applied accordingly so far as may be necessary, but without prejudice to the rights of the holders of such bills and notes to rank with other creditors of the company against the assets of the company.
(3.) Notwithstanding the restriction imposed by sub-section (1) of this sec- tion upon the total number of the bills and notes of the company payable to bearer on demand actually in circula- tion, 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 said sum of 20,000,000 dollars, if there has been specially deposited and is kept in the custody of the Colonial Secretary and the Colonial Treasurer an amount of coin, or bullion, or coin and bullion, equal to the whole value of such excess issue for the time being actually in circulation, to be held by the said Čolo-
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