DOLLAR AND SUBSIDIARY CURRENCY NOTES ORDINANCE

DOLLAR AND SUBSIDIARY CURRENCY NOTES ORDINANCE

LAWS OF HONG KONG

DOLLAR AND SUBSIDIARY CURRENCY NOTES
ORDINANCE

CHAPTER 67





CHAPTER 67.

DOLLAR AND SUBSIDIARY
CURRENCY NOTES.

To provide for the demonetization of five cent, ten cent and one dollar
currency notes and for the consolidation of the law in respect of
the issue of limited legal tender currency notes.

[Ist September, 1969.1

1. This Ordinance may be cited as the Dollar and Subsidiary
Currency Notes Ordinance.

2. (1) All five cents and ten cents currency notes issued by the
Financial Secretary under section 2 of the repealed Subsidiary Currency
Notes Ordinance 1941 shall cease to be legal tender in Hong Kong from
the commencement of this Ordinance.

(2) All one dollar currency notes issued by the Financial Secretary
under section 2 of the repealed Dollar Currency Notes Ordinance 1935
shall cease to be legal tender in Hong Kong from the commencement of
this Ordinance.

3. (1) All assets of the Subsidiary Note Security Fund established
by the Financial Secretary under section 3 of the repealed Subsidiary
Currency Notes Ordinance 1941 shall be transferred to the general
revenue of Hong Kong.

(2) All assets of the note security fund established by the Financial
Secretary under section 4 of the repealed Dollar Currency Notes
Ordinance 1935 shall be transferred to the general revenue of Hong
Kong.

4. (1) The Financial Secretary may issue in Hong Kong one cent,
five cents and ten cents currency notes, which shall be legal tender for
the payment of any amount not exceeding

(a) one dollar in the case of one cent notes; and

(b)two dollars in the case of the five cents notes and the ten
cents notes:

Provided that the total amount of the currency notes issued under
this section which are in circulation shall not exceed ten million dollars.

(2) All one cent currency notes issued under section 2 of the
repealed Subsidiary Currency Notes Ordinance 1941 shall be deemed to
have been issued under subsection (1) of this section.





5. (1) All moneys which are received as a result of the issue of any
currency notes under section 4 shall be credited to the general revenue
of Hong Kong.

(2) All expenses which are incurred in connexion with the issue of
any currency notes under section 4 shall be paid from the general
revenue of Hong Kong.

6. The holder of any five cents currency note, ten cents currency
note or one dollar currency note which, under section 2, has ceased to be
legal tender in Hong Kong shall on surrendering the currency note to the
Accountant General after the commencement of this Ordinance, be paid
from the general revenue of Hong Kong an amount in legal tender equal
to the face value of the surrendered currency note.

7. (1) The Financial Secretary may from time to time demonetize any
currency note issued under section 4.

(2) Notice of the demonetization of any currency note by the
Financial Secretary under subsection (1) shall be published in the
Gazette and the currency note shall cease to be legal tender in Hong
Kong from the date specified in the notice.

(3) The holder of any currency note demonetized by the Financial
Secretary under subsection (1) shall, on surrendering the currency note
to the Accountant General after the date specified in a notice published
under subsection (2), be paid from the general revenue of Hong Kong an
amount in legal tender equal to the face value of the demonetized
currency note.

& The total face value of all one cent, five cents and ten cents
currency notes which

(a) are issued under this Ordinance; and

(b) are currency in circulation,

shall be published annually in the Gazette.
Originally 11 of 1969. Short title. Five cents, ten cents and one dollar currency notes cease to be legal tender. (21 of 1941.) (42 of 1935.) Assets of the note security funds to be transferred to the general revenue. (21 of 1941.) (42 of 1935.) Financial Secretary may issue one cent, five cents and ten cents currency notes. (21 of 1941.) Revenue from the issue of notes to be credited to general revenue and expenses in connexion with such issue to be met from general revenue. Five cents, ten cents and one dollar currency notes may be redeemed at face value from general revenue. Demonetization of currency notes issued under section 4. Annual publication of total face value of currency notes issued and in circulation.

Originally 11 of 1969. Short title. Five cents, ten cents and one dollar currency notes cease to be legal tender. (21 of 1941.) (42 of 1935.) Assets of the note security funds to be transferred to the general revenue. (21 of 1941.) (42 of 1935.) Financial Secretary may issue one cent, five cents and ten cents currency notes. (21 of 1941.) Revenue from the issue of notes to be credited to general revenue and expenses in connexion with such issue to be met from general revenue. Five cents, ten cents and one dollar currency notes may be redeemed at face value from general revenue. Demonetization of currency notes issued under section 4. Annual publication of total face value of currency notes issued and in circulation.

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