304037-1941-Ordinances-passed-and-assented-to--One-cent-Currency-Notes-No-10-of-1941 — Page 2

840

THE HONG KONG GOVERNMENT GAZETTE, MAY 30, 1941.

HONG KONG.

No. 10 OF 1941.

I assent.

L.S.

G. A. S. NORTHCOTE,

Governor.

Short title.

Power for Financial Secretary to issue and

re-issue one-

cent limited legal tender currency notes.

Note

Security Fund.

30th May, 1941.

An Ordinance to provide for the issue by the Financial Secretary of one-cent legal tender currency notes.

[30th May, 1941.]

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 One-cent Currency Notes Ordinance, 1941.

2. It shall be lawful for the Financial Secretary to issue and re-issue one-cent currency notes in the Colony, which shall be legal tender for the payment of any amount not exceeding one dollar.

3.--(1) The Financial Secretary shall establish a One- cent Note Security Fund into which he shall pay all moneys he receives for such currency notes. The Fund shall be held on deposit at one or more banks in the Colony and shall be available for withdrawal from circulation of such portion of the issue of the said currency notes as the Financial Secretary may from time to time deem it desirable to withdraw: pro- vided that a portion of the Fund may lie temporarily invested at the discretion of the Financial Secretary.

(2) All expenses incurred in the printing and delivery of currency notes and such other expenses as the Governor may deem necessary in connexion with the issue of such notes shall be charged to the general revenues of the Colony.

(3) Interest or dividends received on any moneys deposited or invested on behalf of the One-cent Note Security Fund shall be paid into the general revenues of the Colony.

Passed the Legislative Council of Hong Kong, this 29th day of May, 1941.

C. BRAMALL Burgess,

Deputy Clerk of Councils.