CAP. 65]
[s. 4 cont.]
22 of 1950. Schedule.
Extension of certain powers of the note-issuing banks.
21 of 1939, s. 3.
Bank Notes Issue.
(2) This section shall not affect any right or privilege possessed by any bank under Royal Charter or Ordinance of issuing or reissuing within the Colony bills or notes payable to bearer on demand.
[4
(3) If any bank makes, issues or circulates within the Colony any bank notes payable to bearer on demand in contravention of the provisions of this section, it and its principal manager or agent in the Colony and each of the partners (if any) therein shall upon summary conviction be liable to a fine of five thousand dollars, and in the case of a second or subsequent conviction to imprisonment for three months and to a fine of five thousand dollars: Provided that if the offender be a body corporate it shall be liable on a second or subsequent conviction to a fine of ten thousand dollars.
[5
5. It shall be lawful for each note-issuing bank, subject to the provisions of any charter or Ordinance for the time being in force relating to such bank (except as in this section provided), to continue to make, issue, reissue and circulate notes, notwithstanding anything contained in any such charter or Ordinance relating to the termination by effluxion of time of powers granted to such bank, until G.N.A. 135/50, and including the 12th day of July, 1951, or such later date as may be fixed by resolution under the proviso to this section. After that date, or such later date, each such bank shall cease to make, issue or reissue notes but shall redeem any notes which it shall have previously issued or reissued. Provided that the Legislative Council may by resolution extend the powers of any or all of the note-issuing banks to make, issue or reissue and circulate notes after the said date for any period or periods not exceeding twelve months at any one time.
Saving.
6. Nothing in this Ordinance shall affect or be 21 of 1939, s. 4. 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 persons except such as are mentioned in this Ordinance and those claiming by, from or under them.
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CAP. 65]
[s. 4 cont.]
22 of 1950. Schedule.
Extension of certain powers of the note- issuing banks.
21 of 1939, s. 3.
Bank Notes Issue.
(2) This section shall not affect any right or privilege possessed by any bank under Royal Charter or Ordinance of issuing or reissuing within the Colony bills or notes payable to bearer on demand.
[4
(3) If any bank makes, issues or circulates within the Colony any bank notes payable to bearer on demand in contravention of the provisions of this section, it and its principal manager or agent in the Colony and each of the partners (if any) therein shall upon summary conviction be liable to a fine of five thousand dollars, and in the case of a second or subsequent conviction to imprisonment for three months and to a fine of five thousand dollars: Provided that if the offender be a body corporate it shall be liable on a second or subsequent conviction to a fine of ten thousand dollars.
[5
5. It shall be lawful for each note-issuing bank, subject to the provisions of any charter or Ordinance for the time being in force relating to such bank (except as in this section provided), to continue to make, issue, reissue and circulate notes, notwithstanding anything contained in any such charter or Ordinance relating to the termination by effluxion of time of powers granted to such bank, until G.N.A. 135/50. and including the 12th day of July, 1951, or such later date as may be fixed by resolution under the proviso to this section. After that date, or such later date, cach such bank shall cease to make, issue or reissue notes but shall redeem any notes which it shall have previously issued or reissued Provided that the Legislative Council may by resolution extend the powers of any or all of the note- 'issuing banks to make, issue or reissue and circulate notes after the said date for any period or periods not exceeding twelve months at any one time.
Saving.
6. Nothing in this Ordinance shall affect or be 21 of 1939, s. 4. 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 persons except such as are mentioned in this Ordinance and those claiming by, from or under them.
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