593252-1939-Ordinances-passedand-assented-to---Note-issuing-Banks-Extension-of-Powers--No-21-of-1939-Telecommunication-Amendment--No-23-of1939-Sterling-Salaries-Conversion-Amendment--No-24-of-1939-Naval-Volunteer-and-D — Page 2

THE HONG KONG GOVERNMENT GAZETTE, JUNE 30, 1939.

2. In this Ordinance-

Note-issuing bank” means the Chartered Bank of India, Australia and China, the Hongkong and Shanghai Bank- ing Corporation and the Mercantile Bank of India Limited.

Inter- pretation.

for a

powers

note-issuing banks.

3. It shall be lawful for each note-issuing bank, subject Extension (except as in this section provided) to the provisions of any farther Charter or Ordinance for the time being in force relating to period of such bank, to continue to make, issue, re-issue and circulate certain notes until and including the 12th day of July, 1940, not- of the withstanding anything contained in any such Charter or Ordinance relating to the termination by effluxion of time of powers granted to such bank. After that date each such bank shall cease to make, issue or re-issue notes but shall redeem any notes which it shall have previously issued or re-issued : Provided that the Legislative Council may by resolution extend the powers of any or all of the note-issuing banks to make, issue, re-issue and circulate notes after the said date for any period or periods not exceeding twelve months at any one time, and where any such resolution is passed the provisions of this section shall, as respects any bank to which it applies, have effect as if the last day of the period for which such powers are so extended were substituted for the 12th day of July, 1940.

or

rights of the Crown

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

No. 54 of

5. Section 2 of the Currency Ordinance, 1935, is Amendment amended by the addition after the word "Ordinance" at the of Ordinance end thereof of the words

or any subsequent date authorized 1935, s. 2. by or under the Note-issuing Banks Extension of Powers Ordinance, 1939 ".

Passed the Legislative Council of Hong Kong, this 29th day of June, 1939.

C. B. BURGESS,

Deputy Clerk of Councils.

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