1950_EXCHANGE_FUND_ORDINANCE — Page 1

Exchange Fund.

CHAPTER 66,

EXCHANGE FUND ORDINANCE.

[CAP. 66

To make provision for the establishment and management 54 of 1935

of an exchange fund.

44 of 1936 57 of 1936

9 of 1937

[6th December, 1935.]

21 of 1939

12 of 1946

4 of 1951

1.

This Ordinance may be cited as the Exchange Short title. Fund Ordinance.

2. In this Ordinance—

Interpretation.

"bank notes lawfully issued" means notes issued in the Colony by any of the note-issuing banks in accordance with the provisions of The Hongkong and Shanghai Banking Corporation Ordinance, the Mercantile Bank (Cap. 70.) Note Issue Ordinance, and the charter of incorpora- (Cap. 71.) tion of The Chartered Bank of India, Australia and China or any supplemental charter of that bank, or issued in accordance with the above-mentioned pro-

visions as modified by the Currency Ordinance, 1935, (54 of 1935.) or the Bank Notes Issue Ordinance;

"foreign exchange" means all currencies other than Hong Kong currency and includes sterling and other

Commonwealth currencies;

"note-issuing bank" means The Chartered Bank of India,

Australia and China, The Hongkong and Shanghai Banking Corporation and the Mercantile Bank of India Limited.

(Cap. 65.)

control and management of Exchange

3. (1) There shall be established a fund to be called Establishment "the Exchange Fund" which shall be under the control of the Financial Secretary and shall be used for the purpose Fund. of regulating the exchange value of the currency of Hong Kong. The control of the Financial Secretary shall be exercised in consultation with an Exchange Fund Advisory Committee of which the Financial Secretary shall be ex officio chairman and of which the other members shall be appointed by the Governor.

[6(1)

(2) The Fund, or any part of it, may be held in Hong 44 of 1936. s. 3. Kong currency or in any other currency or in gold or silver or may be invested by the Financial Secretary in

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