577724-1938-Supplementary-Bills-read-a-first-time- — Page 6

883

A BILL

[No. 20:-13.10.38.—1.]

INTITULED

An Ordinance to amend the Dollar Currency Notes 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 Dollar Currency Short title. Notes Amendment Ordinance, 1938.

2. Section 4 of the Dollar Currency Notes Ordinance Amendment 1935, is amended-

(a) by renumbering the said section as sub-section (1) thereof;

(b) by the addition of the following sub-sections :

"(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 note security fund.

(3) Interest or dividends received on anv monevs deposited or invested on behalf of the note security fund shall be paid into the fund.

(4) If on the 31st day of December in any year the total moneys deposited on behalf of the fund and the market value of investments held to the credit of the fund together exceed the nominal value of the currency notes in circulation, the balance in excess of the nominal value of such notes shall be paid into the general revenues of the Colony."

of Ordinance No. 42 of 1935, s. 4.

of past

acts.

3. Anything heretofore done or omitted under the Validation provisions of the principal Ordinance which would have been validly and properly done or omitted if the provisions of this Ordinance had been incorporated therein is hereby validated for all purposes.

Objects and Reasons.

1. The fund established under section 4 of the Dollar Currency Notes Ordinance, No. 42 of 1935, has been credited with the amount of notes issued and interest earned by the fund, and debited with the cost of manufacture, freight and other expenses incidental to the issue of currency notes.