309952-1941-Supplementary-Draft-Bills--One-cent-Currency-Notes — Page 1

371

J

Draft Bills.

No. S. 228.-The following Bills are published for general information:

A BILL

[No. 10:-23.5.41.-2.]

INTITULED

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

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 Short title. Notes Ordinance, 1941.

2. It shall be lawful for the Financial Secretary to issue Power for and re-issue one-cent currency notes in the Colony, which Financial

Secretary to 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 OF dividends received ON Ov moneys deposited or invested on behalf of the One-cent Note Security Fund shall be paid into the general revenues of the Colony.

Objects and Reasons.

1. Owing to the shortage of one-cent copper coins and the delay in arrival of such coins on order it has been found necessary, as a temporary measure, to issue one-cent currency

notes.

2. This Bill follows generally the lines of Ordinance No. 42 of 1985, which authorized the issue of legal tender one- dollar notes and established a Fund for their redemption.

3. This Bill makes the new notes legal tender for the payment of any amount not exceeding one dollar.

issue and

Te-issue one

cent limited legal tender Currency notes.

Note

Security

Fund.

May, 1941.

C. G. ALABASTER,

Attorney General.