218847-1935-Ordinances-passed-and-assented-to--Vol — Page 27

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THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 13, 1935.

HONG KONG.

No. 54 or 1935.

L.S.

I assent.

W. T. SOUTHORN,

Officer Administering the Government.

}

Short title.

Interpreta- tion.

Ordinance

No. 6 of 1929. Ordinance No. 65 of 1911. Ordinance

No. 11 of 1929.

Notes to be legal tender.

Notes to be local

currency,

6th December, 1935.

An Ordinance to make provision for the establishment and management of an Exchange Fund and to amend the law relating to Legal Tender in the Colony and to the Notes issued by certain banks.

[6th December, 1935.]

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 Currency Ordin- ance, 1935.

2. In this Ordinance-

"Foreign exchange" means all currencies other than Hong Kong currency and includes sterling and other Empire

currencies.

"Note-issuing bank' means the Chartered Bank of India, Australia and China, the Hongkong and Shanghai Banking Corporation and the Mercantile Bank of India Limited.

"Bank notes lawfully issued" means Notes issued in the Colony by any of the note-issuing banks (a) before the com- mencement of this Ordinance in accordance with the provisions of the Hongkong and Shanghai Bank Ordinance, 1929, the Mercantile Bank Note Issue Ordinances, 1911 and 1929, or the Charter of Incorporation of the Chartered Bank of India, Australia and China, or any Supplemental Charter of that bank, and (b) between the commencement of this Ordinance and the 13th day of July, 1939, in accordance with the above mentioned provisions as modified by this Ordinance.

3. As from the commencement of this Ordinance all bank notes lawfully issued shall be legal tender in the Colony to any amount and any liability, whether incurred before or after the commencement of this Ordinance, to pay silver currency may be discharged in such notes and in particular every bank note lawfully issued shall be deemed to be the currency of the Colony for the purpose of any promise to pay printed on any such note.