BANK NOTES ISSUE ORDINANCE

BANK NOTES ISSUE ORDINANCE

CHAPTER 65.

BANK NOTES ISSUE.

To regulate the issue of bank notes and to Provide for
certain notes being legal tender and for purposes
ancillary thereto.

[20th March, 1895.]

1. This Ordinance may be cited as the Bank Notes

Issue Ordinance.

2. In this Ordinance-

'bank' includes any person, partnership, or company
carrying on the business of banking within the
Colony; [2
'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 Note Issue Ordinance, and the charter of
incorporation of The Chartered Bank of India, Australia and
China, or any suppleiviental charter of that bank, or issued in
accordance with the above-mentioned provisions as modified by
the Currency Ordinance, 1935, or by this Ordinance;
'note-issuing bank' means The Chartered Bank of India, Adstralia aiid
China, The Hongkong and Shanghai



Banking Corporation, and the Mercantile Bank of India Limited.

3. As from the 6thday of December, 1935, all bank notes lawfully
issued shall be legal tender in the Colony to any amount and any
liability to pay silver currency may be discharged in such notes and in
particular every bank note lawfully issued shall be deemed to be the
currency of the Colony for the purpose of any promise to pay printed
on such note.

4. (1) It shall not be lawful for any bank to make, issue, or circulate
within the Colony bank notes payable to bearer on demand, except
with the sanction of the Secre-

tary of State signified through the Governor. [3





(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

(j) 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 Prid 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.

6. 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 persons except such as are mentioned in this
Ordinance and those claiming by, from or under them.
Originally 2 of 1895 Fraser 2 of 1895 54 of 1935 21 of 1939 2 of 1946 22 of 1950 Short title. Interpretation. 54 of 19325, s. 2. (Cap. 70.) (Cap. 71.) (54 of 1935). 21 of 1939, s. 2. Notes to be legal tender and the currency of the Colony. 54 of 1935, s. 3. Issue of bank notes. [s. 4 cont.] 22 of 1950, Schedule. Extension of certain powers of the note-issuing banks. 21 of 1939, s. 3. G.N.A. 135/50. Saving. 21 of 1939, s. 4.

Originally 2 of 1895 Fraser 2 of 1895 54 of 1935 21 of 1939 2 of 1946 22 of 1950 Short title. Interpretation. 54 of 19325, s. 2. (Cap. 70.) (Cap. 71.) (54 of 1935). 21 of 1939, s. 2. Notes to be legal tender and the currency of the Colony. 54 of 1935, s. 3. Issue of bank notes. [s. 4 cont.] 22 of 1950, Schedule. Extension of certain powers of the note-issuing banks. 21 of 1939, s. 3. G.N.A. 135/50. Saving. 21 of 1939, s. 4.

https://oelawhk.lib.hku.hk/items/show/1758

1950

v2

65

2