232230-1936-Supplementary-Bills-read-a-first-time--Pensions-No-4-Amendment-Quarantine-and-Prevention-of-Disease-Lighting-Control-Wild-Animals-Protection-Currency-No-2-Amendment-Buildings-No-2-Amendment-Coronation-of-Souvenirs — Page 7

Short title.

Amendments of Ordinance No. 54 of 1935, s. 7.

1116

A BILL

INTITULED

No. 447.12.36.-1.]

An Ordinance to amend further the Currency Ordinance, 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 (No. 2) Amendment Ordinance, 1936.

2. Section 7 of the Currency Ordinance, 1935, is amended-

(i) by the deletion of the words "shall surrender the same within one month of the commencement of this Ordin- ance to the Treasurer, who shall" and by the substitution therefor of the words "shall surrender the same to the Treasurer, within one month of coming into possession of the same, or within such further period as the Treasurer may allow. The Treasurer shall";

(ii) by the addition of the following proviso at the end thereof :-

Provided that the Governor in Council may, by notification in the Gazette, suspend the operation of this section, in so far as it relates to Hong Kong subsidiary silver coin, and may by similar notification determine such suspension.

Objects and Reasons.

1. Section 7 of the principal Ordinance required the surrender of British Dollars, Mexican Dollars, Hong Kong subsidiary silver coin, and silver bullion, exceeding in amount or value ten dollars, within one month of the commencement of the Ordinance.

2. The effect of the first amendment in clause 2 of this Bill is to provide for such surrender within one month of coming into possession of the coins or bullion, or within such further period as the Treasurer may allow.

3. Banks and other institutions are daily coming into possession of more than ten dollars worth of such coins or bullion and it is convenient that they shall make their surrenders periodically by arrangement with the Treasurer.

4. The effect of the second amendment in clause 2 of this Bill is to enable the Governor in Council to suspend temporarily the obligation to surrender Hong Kong subsidiary silver coin.

5. A shortage of cupro-nickel subsidiary coins at times, such as the Chinese New Year, may necessitate the temporary re-issue and free circulation of Hong Kong silver subsidiary coins, which section 7 of the principal Ordinance at present prevents.

December, 1936.

C. G. ALABASTER,

Attorney General.