23215-1911-Supplementary-Bill-read-a-first-time--Mercantile-Bank-Note-Issue — Page 3

Issue and reissue of

notes limited

to 10 years from date of Ordinance.

Saving as to existing and

future laws restricting note issue.

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7. The powers granted by this Ordinance to the Company to make, issue, reissue and circulate notes shall be limited for a period of ten years from the date of coming into force of this Ordinance; after the lapse of such period the Com- pany shall cease to issue or reissue notes but shall redeem any notes which it has previonely issued or reissued.

Provided however that if the Company shall fail to comply with the demand of the Colonial Treasurer referred to in section 5 (2) hereof or shall fail to comply with any of the other provisions of this Ordinance the power of the Company to make, issuo, reissue afd circulate notes shall immediately cease.

A

8. Nothing contained in this Ordinance shall exempt the Company from the operation of any existing or future law restricting or regulating the issue of notes in the Colony.

Objects and Reasons,

This Bill provides for the issue by the Mercantile Bank of India, Limited, of Bills and Notes payable to Bearer on demand. Such notes are Bot to be issued for any other sum than the sum of five dollars or some multiple of such sum, and except in cases of temporary emergency the total amount of such notes in circulation is not at any time to exceed the paid-up capital of the Company. In addition the Company is compelled to provide a special fund exclu- sively available for the redemption of the notes to the full value in case of cash deposits and with a margin of 5 per cent, against the Bank where the deposit consists of securi- ties.

C. G. ALABASTER,

Attorney General,

No. S. 377.-The following Bill, as amended in Committee of the Legislative Council on the 21st instant, is published for general information:-

A BILL

Short title.

Amends sec- tion 8 of Ordinance

No. 1 of 1903 as amended by section 4

No. 14 of

1908.

ENTITLED

An Ordinance to amend the Ordinance relating

to Public Health and Buildings.

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

1. This Ordinance may be cited as the Public Health and Buildings Amendment Ordinance, 1911.

2. Section 8 of the Public Health and Buildings Ordin- ance 1903 as amended by section 4 of the Public Health and Buildings Amendment Ordinance 1908 is hereby further amended by the deletion of the words "such per- sons as are included in the special and common Jury Lists, of Ordinance and also by such persous as are exempt from serving on juries on account of their professional avocations or on account of their being Members of Council or on account of infirmity or of their being over the age of sixty years and by the substitution therefor of the words "such per- sous as are included in either of the Jurors Lists referred to in section 7 (3) of the Jury Ordinance 1887 and also by the following persons exempted from serving as jurors, that is to say, unofficial members of the Executive or of the Legislative Council; barristers and solicitors on the roll of

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