CO129-605-4 Government loans 12-7-1946 - 6-1-1948 — Page 85

Audit of

Hund.

Compulsory

87

Committee of which the Treasurer shall be ex officio Chairman and of which the other members shall be appointed by the Governor.

(2) There shall we paid or transferred into this rund all silver coins or silver bullion surrendered to the Treasurer under section 4 or under section 7 of this Ordinance. There shall be paid from the und the sums payable in respect of silver surrendered under section 7 of this Ordinance.

The

(3) The rund, or any part of it, may be held in Hong Kong currency or in an other currency or in gold or silver or may be invested by the Treasurer in securities approved by the Secretary of State} and the Treasurer may for the account of the und buy or sell such currency or old or silver or securities accordingly. Any such purchases or sales of currency shall be for im diate delivery. Treasurer may borrow for the account of the und either in Hong Kong or elsewhere on the security of any asset held by the und or of the general revenue of the Colony: Frovided that the aggregate amount of borrowings outstanding at any one time shall not exceed thirty million dollars or, if helù in foreign exchange, the equivalent at the current rate of exhange.

(4) The accounts of all transactions of the fund shall e audited at such times and in such manner as the Secretary of State may from time to time direct.

7. Every person holding, whether on his own account or on exchange of account of any other person any ritish Dollars, Mexican Dollars, ¡¡on{ British Kong subsidiary silver coin, or silver bullion exceeding in amount or Dollars, value ten dollars other than the silver coin and silver bullion referred

exioan to in section 4 shall surrender the same within one month of the Dollars

and Hong Kong sub- sidiary silver

coin and bullion

for Hong Kong.cur- renay.

commencement of this Ordinance to the Treasurer, who shell pay for the

coin in Hong Kong currency at its face value and for the bullion at the rate of one hundred and twenty eight cents per fine ounce.

Fenalties

>

8. Every person who contravenes any provision of this Qruinance shall be liable on summary conviction to imprisonment for any period not exoceding one year, to the forfeiture of the coins and bullion in question and to a fine not exceeding twice the value of such coins and bullion.

xemption.

9. Nothing in this Ordinance shall affect the holding of silver by any person under licence from the Treasurer and the Treasurer may by licence authorise any person to hold silver, in quantities covered by the Licence, which in the opinion of the Treasurer is reasonably necessary for such person's business.

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Passed/