567400-1929-Supplementary-Bills-read-a-first-time---Mercantile-Bank-Note-Issue-Amendment — Page 1

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LEGISLATIVE COUNCIL.

No. S. 229.-The following Bills were read a first time at a meeting of the Council held on the 18th July, 1929 :-

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C.S.O. 8461/08.

Short title and

[No. 1-13.2.29.-3.]

A BILL

INTITULED

An Ordinance to extend for a further period the powers granted by the Mercantile Bank Note Issue Ordinance, 1911, to the Mercantile Bank of India, Limited, to make, issue, re- issue and circulate notes in the Colony.

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 Mercantile Bank Note Issue Amendment Ordinance, 1929, and construction. shall be read and construed as one with the Mercantile Ordinance Bank Note Issue Ordinance, 1911, and the said Ordi- No. 65 of nance and this Ordinance may be cited together as the 1911.

Mercantile Bank Note Issue Ordinances, 1911 and 1929.

Extension

for a further period of the

powers

granted by Ordinance No. 65 of 1911, s. 7A.

Saving of rights of the Crown and of

certain other rights.

2. Notwithstanding anything contained in section 7A of the Mercantile Bank Note Issue Ordinance, 1911, relating to the termination by effluxion of time of the powers granted to the company by the said Ordinance, but subject in all other respects whatsoever to the provisions of the said Ordinance, it shall be lawful for the company to make, issue, re-issue and circulate notes until and including the 12th day of July, 1939, after which date the company shall cease to issue or re-issue notes but shall redeem any notes which it shall have previously issued or re-issued.

3. Nothing in this Ordinance shall affect or be deemed to affect the rights of His Majesty the King, His heirs or successors, or the rights of any body politic or corporate or of any other person except such as are mentioned in this Ordinance and those claiming by, from or under them.

Objects and Reasons.

The Mercantile Bank Note Issue Ordinance, 1911, Ordinance No. 65 of 1911, empowers the Mercantile Bank of India, Limited, to make, issue, re-issue and circulate bank notes. This power is limited so as to come to an end on the 13th August, 1929. It is now considered desirable to extend the duration of this power up to and including the 12th July, 1939.

10th January, 1929.