218847-1935-Ordinances-passed-and-assented-to--Vol — Page 29

1176

THE HONG KONG GOVERNMENT GAZETTE, DECEMBER 6, 1935.

Audit of Fund,

Compulsory exchange

of British

Dollars,

Mexican Dollars

and Hong Kong sub- sidiary silver coin and bullion for Hong Kong currency.

Penalties.

Exemption.

:

that the aggregate amount of borrowings outstanding at any one time shall not exceed thirty million dollars or, if held in foreign exchange, the equivalent at the current rate of exchange.

(4) The accounts of all transactions of the Fund shall be 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 account of any other person any British Dollars, Mexican Dollars, Hong Kong subsidiary silver coin, or silver bullion exceeding in amount or value ten dollars other than the silver coin and silver bullion referred to in section 4 shall surrender the same within one month of the commencement of this Ordinance to the Treasurer, who shail 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.

8. Every person who contravenes any provision of this Ordinance shall be liable on summary conviction to imprison- ment for any period not exceeding 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.

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.

Passed the Legislative Council of Hong Kong, this 5th day of December, 1935.

H. R. BUTTERS,

Deputy Clerk of Councils.

SCHEDULE.

FORM

HONG KONG.

Hong Kong Ordinance No. 54 of 1935.

Certificate of indebtedness for $..

[s. 5 (1).]

This certificate issued under the Currency Ordinance 1935 represents indebtedness of the Hong Kong Government without interest to

Bank for the amount of... dollars and is redeemable at any time at the option of the Colonial Treasurer.

HONG KONG,

193

Colonial Treasurer.