Dollar And Subsidiary Currency Notes Ordinance


Published: 1997-06-30

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Cap 67 - DOLLAR AND SUBSIDIARY CURRENCY NOTES ORDINANCE 1

Chapter: 67 DOLLAR AND SUBSIDIARY CURRENCY NOTES
ORDINANCE

Gazette Number Version Date


Long title 30/06/1997


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.


[1 September 1969]


(Originally 11 of 1969)

Section: 1 Short title 30/06/1997


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

Section: 2 Five cents, ten cents and one dollar currency notes cease to

be legal tender
30/06/1997



(1) All five cents and ten cents currency notes issued by the Financial Secretary under section 2 of the repealed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 (21 of 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(2) All one dollar currency notes issued by the Financial Secretary under section 2 of the repealed Dollar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 (42 of 1935) shall cease to be legal tender in Hong Kong from the commencement of
this Ordinance.

Section: 3 Assets of the note security funds to be transferred to the

general revenue
30/06/1997



(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the repealed Subsidiary Currency Notes Ordinance 1941 (21 of 1941) shall be transferred to the general revenue of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(2) All assets of the note security fund established by the Financial Secretary under section 4 of the repealed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 (42 of 1935) shall be transferred to the general revenue of Hong Kong.

Section: 4 Financial Secretary may issue one cent, five cents and ten

cents currency notes
30/06/1997



(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(2) All one cent currency notes issued under section 2 of the repealed Subsidiary Currency Notes Ordinance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 (21 of 1941) shall be deemed to have been issued under subsection (1) of this section.

Section: 5 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

30/06/1997



(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



Cap 67 - DOLLAR AND SUBSIDIARY CURRENCY NOTES ORDINANCE 2

paid from the general revenue of Hong Kong.

Section: 6 Five cents, ten cents and one dollar currency notes may be

redeemed at face value from general revenue
30/06/1997



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 Director of
Accounting Services 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.

(Amended L.N. 16 of 1977; L.N. 453 of 1993)

Section: 7 Demonetization of currency notes issued under section 4 30/06/1997


(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 Director of Accounting Services 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. (Amended L.N. 16 of 1977; L.N. 453 of 1993)

Section: 8 Annual publication of total face value of currency notes

issued and in circulation
30/06/1997



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.

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