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]
(Format changes—E.R. 5 of 2021)
This Ordinance may be cited as the Dollar and Subsidiary Currency Notes Ordinance.
All five cents and ten cents currency notes issued by the Financial Secretary under section 2 of the repealed Subsidiary Currency Notes Ordinance 1941 (21 of 1941) shall cease to be legal tender in Hong Kong from the commencement* of this Ordinance.
All one dollar currency notes issued by the Financial Secretary under section 2 of the repealed Dollar Currency Notes Ordinance 1935 (42 of 1935) shall cease to be legal tender in Hong Kong from the commencement of this Ordinance.
All assets of the Subsidiary Note Security Fund established by the Financial Secretary under section 3 of the repealed Subsidiary Currency Notes Ordinance 1941 (21 of 1941) shall be transferred to the general revenue of Hong Kong.
All assets of the note security fund established by the Financial Secretary under section 4 of the repealed Dollar Currency Notes Ordinance 1935 (42 of 1935) shall be transferred to the general revenue of Hong Kong.
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—
one dollar in the case of one cent notes; and
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.
All one cent currency notes issued under section 2 of the repealed Subsidiary Currency Notes Ordinance 1941 (21 of 1941) shall be deemed to have been issued under subsection (1) of this section.
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.
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.
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)
The Financial Secretary may from time to time demonetize any currency note issued under section 4.
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.
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)
The total face value of all one cent, five cents and ten cents currency notes which—
are issued under this Ordinance; and
are currency in circulation,
shall be published annually in the Gazette.