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China (Currency Stabilisation) Act 1939

As Enacted Cited in Amendments 1 Related
Vincent
JurisdictionUK Non-devolved
Citation1939 c. 14


China (Currency Stabilisation) Act, 1939

(2 & 3 Geo. 6.) CHAPTER 14.

An Act to facilitate the establishment of a fund to check undue fluctuations in the sterling value of the Chinese dollar.

[29th March 1939]

Whereas it is proposed to establish a fund for the purpose of checking undue fluctuations in the sterling value of the Chinese dollar:

And whereas it is expedient, for the protection of British commercial and financial interests, to facilitate the establishment of the said fund:

Be it therefore enacted by the King's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follow:—

S-1 Powers of Treasury.

1 Powers of Treasury.

(1) The Treasury may reimburse, to any bank incorporated under the law of the United Kingdom or Hong Kong, any amount by which the sums received by the bank on the winding-up of the said fund are shown to the satisfaction of the Treasury to fall short of the amount of the contribution made by the bank to the said fund:

Provided that the aggregate amount reimbursed under this subsection shall not exceed five million pounds.

(2) The Treasury may guarantee the payment to any such bank as aforesaid of interest on the amount of the contribution made by the bank to the said fund.

(3) Any sums required by the Treasury for the purpose of subsection (1) of this section, or for the fulfilment of any such guarantee, shall be charged on and issued out of the Consolidated Fund of the United Kingdom or the growing produce thereof and, as soon as may be after any sum is so issued, the Treasury shall lay before Parliament an account thereof.

(4) Any sums receivable by the Treasury on the winding-up of the said fund shall be paid into the Exchequer.

S-2 Short title.

2 Short title.

2. This Act may be cited as theChina (Currency...

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