212728-1934-Supplementary-Draft-Bills--Exchanges-Trustee-Defence-Contribution-Amendment-Births-and-Deaths-Registration — Page 2

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7. No prosecution for any offence against any provision Consent of

Attorney of this Ordinance shall be commenced without the consent General. of the Attorney General.

Onus of

8. In any prosecution under this Ordinance it shall not be necessary to prove intent to make gain or profit, or absence proof. of bonâ fide intention to make or receive delivery, but, upon proof of the making of any such contract as is specified in Section 2, such intent and absence of bonâ fide intention shall be presumed unless and until the contrary is proved to the satisfaction of the Court.

of brokers,

9. The provisions of this Ordinance shall not apply to Exemption any agent in the Colony whose dealings and operations are etc. confined to broking transactions on behalf of an exchange established outside the Colony.

transactions

10. The provisions of this Ordinance shall not apply Exemption to bona fide exchange transactions by or with any bank within of exchange the meaning of the Evidence Ordinance, 1889, or deemed to by and with be within the meaning of that Ordinance under section 334 of Banks. the Companies Ordinance, 1952.

Ordinance No. 2 of 1889. Ordinance No. 39 of 1932.

11. It shall be lawful for the Governor in Council to Powers of direct that the provisions of this Ordinance shall not apply Governor- to any individual person or company or business firm.

in-Council,

12. This Ordinance shall come into force on such date Commence- as may be fixed by Proclamation of the Governor.

ment.

Objects and Reasons.

1. The purpose of this Ordinance is to make illegal such concerns, which are generally known as "bucket shops", as the Chinese Produce Exchanges, a feature of the local market in 1921, and the Gold Bar Exchanges which have been operated recently in the Colony.

2. Section 2 is derived in the main from s. 1 of a Canadian Act of 1881 (51 Vict. c. 42) and forbids gambling in "futures" in respect of metals, currencies and commodities generally. It does not prohibit the buying or selling forward of stocks and shares.

3. Section 3 prohibits the opening and keeping of any place, and section 4 the advertising, etc., of facilities, for the purposes of such gambling in "futures".

4 Section 5 puts aiders and abettors on the same footing as principal offenders.

5. Section 6 prescribes the penalties for offences against the Ordinance.

6. Section 7 makes the consent of the Attorney General