ABSTRACT OF PAPER CURRENCY BILL.

New Zealander, Volume 3, Issue 122, 31 July 1847, Page 3

ABSTRACT OF PAPER CURRENCY BILL.

Title. Preamble. I. BANK OP ISSUE, & MANAGER THEREOF. 1. Bank of Issue to be established. 2. Manager, and other Officers to be appointed. 3. Tenure of Ofjice. 4. Oath of Office. 5., Security to be given. 6. Sureties may withdraw from liability.

11. BUSINESS OF THE BANK. 7. Business of the Bank. 8. To be carried on at Auckland, Wellington, &o. 9. Hours of Business. 10. Notes to be payable in Cash. 11. Notes not to be issued except in exchange for oash. 12. Nor except from certain offices. 13. A\l Notes to bear signature of Manager. I 14. No Notes to be for less than £1, nor for fractional part of a £1. 15. Notes to be Legal Tender for sums above £2. 1 6. Bearer entitled to Cash for Notes on demand. 17. Notes may be demanded for Cash. 18. Manager responsible for cash and notes. 19. Payment of Notes of Bank chargeable on general revenue. 20. Cash received for Notes how to be disposed of. 2 1 . Notes when deemed to be in circulation. 22. Interest how to be applied. 23. Manager to transfer Cash from his own custody, under warrant of Governor only. 24. Penalty. 25. Manager to keep books of account. 26. And to make weekly returns, - 27. To be signed by Manager. 28. And to transmit copies of warrants of Governor to Colonial Treasurer. 29. Penalty. 30. Colonial Treasurer to make and publish monthly returns. 31. And to publish general statement. 32. Penalty. 33. Spare Cash to be deposited for safe custody. 34. Penalty. 35. Books kept by Manager to be subject to inspection. 36. Penalty for refusing inspection. 37. Power to Governor to make rules. 111. PRIVATE PAPER MONEY, &c, PROHIBITED. 38. The use of Private Paper Money prohibited. 39. Penalty. 40. Negotiable Paper for less than 20 shillings foid. 41. Penalty for issuing such paper. 42. Negotiable Paper above 20s. and under £5, to be in certain form. 43. Otherwise to be void. 44. Penalty for use of such Paper. 45. Checks upon Bankers not to be affected. IV. MISCELLANEOUS PROVISIONS. 46. Penalties how recoverable. 47. Commencement of Ordinance. 48. Interpretation. Schedule.