231735-1936-Supplementary-Draft-Bill--Currency-Amendment — Page 1

880

Draft Bill.

No. S. 270.-The following Bill is published for general information :-

Short title.

Amendment

of Ordinance No. 54 of 1935, s. 5 (5).

Amendments to Ordinance No. 54 of 1935, s. 6.

A BILL

INTITULED

No. 30:-2.9.36.-1.]

An Ordinance to amend the Currency Ordinanec, 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 Amend- ment Ordinance, 1936.

2. Sub-section (5) of section 5 of the Currency Ordinance, 1935, is amended by the deletion of the word "Nothing

at the commencement thereof and by the substitution therefor of the words:-

"Notwithstanding anything contained in the Ordinances or Charters relating to the note issuing banks, any security, which is required by the said Ordinances or Charters or otherwise to be held in silver coin or silver bullion against their Hong Kong notes, whether issued before or after the coming into operation of this Ordinance, may be held in certificates of indebtedness instead of silver coin or silver bullion. But nothing ".

3. Section 6 of the Currency Ordinance, 1935, is amended-

(i) by renumbering sub-sections (3) and (4) as sub- sections (4) and (5) thereof;

(ii) by inserting the following new sub-section after sub- section (2) thereof :-

(3) There shall be charged to the fund-

(a) expenses incidental to the purchase or sale of silver and its shipment to or from Hong Kong:-

(b) expenses incidental to the remuneration, cost of passages and superannuation in respect of officers employed in connexion with the management of the fund including any appropriate share of such expenses in respect of the services of officers of the Government so employed as part of their duties provided that the number of the appointments and the rates of emoluments of such staff have been approved by the Governor and the Secretary of State; and

(c) any incidental expenditure which the Governor may approve as necessary for the due performance of the duties laid upon the Treasurer and the Advisory Committee in con- nexion with the operation of the fund.