CO129-515-14 Extension of powers granted to Merchantile Bank of India- Ltd.- to make- issue- re-issue and... 20-2-1929 - 18-1-1930 — Page 55

C.S.O. 8461/08.

A BILL

[No. 1-13.2.29.-3.]

INTITULED

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

Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows :—

1. This Ordinance may be cited as the Mercantile Short title Bank Note Issue Amendment Ordinance, 1929, and and

construction. shall be read and construed as one with the Mercantile Bank Note Issue Ordinance, 1911, and the said Ordi- Ordinance nance and this Ordinance may be cited together as the No. 65 of Mercantile Bank Note Issue Ordinances, 1911 and 1929.

1911.

2. Notwithstanding anything contained in section 7A Extension of the Mercantile Bank Note Issue Ordinance, 1911, for a further period of the relating to the termination by effluxion of time of the powers powers granted to the company by the said Ordinance, granted by but subject in all other respects whatsoever to the Ordinance provisions of the said Ordinance, it shall be lawful for No. 65 of the company to make, issue, re-issue and circulate 1911, s. 7A. notes until and including the 12th day of July, 1939, 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.

3. Nothing in this Ordinance shall affect or be Saving of deemed to affect the rights of His Majesty the King, rights of the His heirs or successors, or the rights of any body politic Crown and of or corporate or of any other person except such as are rights. mentioned in this Ordinance and those claiming by, from or under them.

certain other

Objects and Reasons.

The Mercantile Bank Note Issue Ordinance, 1911, Ordinance No. 65 of 1911, empowers the Mercantile Bank of India, Limited, to make, issue, re-issue and circulate bank notes. This power is limited so as to come to an end on the 13th August, 1929. It is now considered desirable to extend the duration of this power up to and including the 12th July, 1939.

10th January, 1929.