23215-1911-Supplementary-Bill-read-a-first-time--Mercantile-Bank-Note-Issue — Page 1

964

LEGISLATIVE COUNCIL.

No. S. 376.-The following Bill was read a first time at a Meeting of the Council held on the 21st December, 1911 :-

Short title,

Definitions.

Power for

Company to make and

issue bills

and notes

and condi. tions of such issue.

A

A BILL

ENTITLED

+

An Ordinance to provide 'for the issue by the Mercantile Bank of India Limited of Bills and Notes payable to Bearer on Demand.

BE it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as the Mercantile Bank Note Issue Ordinance, 1911.

2. In this Ordinance :-

44

Company

means the Mercantile Bank of India Li- mited whose chief oflice is at Threadneedle Street, London, England.

31

"Current coiu means coin which for the time being is lawfully current in the Colony.

"Notes" means bills and notes payable to bearer on demand in current coin.

3.-(1.) Subject to the provisions of this Ordinance, it shall be lawful for the Company to make, issue, reissue. and eirculate notes in the Colouy,

(2.) Such notes shall not be issued for any other sum than the sum of five dollars, or some multiple of such sum.

(3.) Except as specified in section 6 the total amount of such notes actually in circulation shall not at any time exceed the amount of the capital of the Company actually paid up.

If the Company issues notes in excess of the amount authorised by the provisions of this Ordinance, it and the manager of its office in the Colony shall each be liable on summary conviction to a fine not exceeding fifty dollars a day for every day during which such excess of any sum not execeding ten thousand dollars shall continue and to a further fine not excceding fifty dollars a day for every day during which such excess shall continue for every complete additional sum of ten thousand dollars in notes so issued in excess.

(4.) Such part of the books of the Company as may con- tain any entry relating to the notes issued or to be issued by the Company or relating to the amount of such notes in circulation from time to time, or any account, minute or memorandum, in the possession of the Company or of any person in its employ, the sight or inspection whereof may tend to insure the rendering or taking of true accounts for any period of the average amount of such notes in circula- tion or to test the truth of any such account, shall be open for the inspection and examination at all reasonable times of any person authorised in that behalf in writing signed by the Colonial Treasurer.

Every such authorised person shall be at liberty to take copies or extracts from any such book, account, minute or memorandum.

If the Company or any person in its employ keeping any such book, account, minute or memorandum or having the custody or possession thereof or power to produce the same shall on demand made by any such authorised person shew- ing if demanded his authority on that behalf, refuse to produce any such book; account, minute or memorandum to him for his inspection and examination or to permit him to inspect and examine the same or to take copies thereof or extracts therefrom the Company and such person in its employ shall each be liable on summary conviction to a fine not exceeding five hundred dollars.