### Dollar and Subsidiary Currency Notes Ordinance 《壹圓紙幣及輔助紙幣條例》

6. Five cents, ten cents and one dollar currency notes may be redeemed at face value from general revenue
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) Editorial Note:
* Commencement date: 1 September 1969.

7. Demonetization of currency notes issued under section 4
(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)

8. Annual publication of total face value of currency notes issued and in circulation
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.

### Exchange Fund Ordinance 《外匯基金條例》

1. Short title
This Ordinance may be cited as the Exchange Fund Ordinance.
(Amended 20 of 1948 s. 4)

2. Interpretation
In this Ordinance, unless the context otherwise requires—
authorized institution (認可機構) means a bank, a restricted licence bank or a deposit-taking company licensed or registered under the Banking Ordinance (Cap. 155); (Added 12 of 1995 s. 2)
foreign exchange (外匯) means all freely convertible currencies other than Hong Kong currency; (Replaced 12 of 1995 s. 2)
freely convertible (可自由兌換) with respect to a currency means that it may be traded on the international foreign exchange markets; (Added 12 of 1995 s. 2)

legal tender notes (法定貨幣紙幣)—
(a) means—
(i) currency notes issued in Hong Kong by the Financial Secretary pursuant to section 3(1) of the Legal Tender Notes Issue Ordinance (Cap. 65); and
(ii) bank notes issued in Hong Kong by a note-issuing bank in accordance with the terms and conditions (if any) to which its authorization (or deemed authorization) under section 3(2) of that Ordinance is subject; and
(b) includes any bank notes which were legal tender pursuant to that Ordinance as in force immediately before the commencement* of the Bank Notes Issue (Amendment) Ordinance 1995 (98 of 1995); (Added 98 of 1995 s. 6)

Monetary Authority (金融管理專員) means the Monetary Authority appointed under section 5A; (Added 82 of 1992 s. 2)
note-issuing bank (發鈔銀行) has the meaning assigned to it by section 2 of the Legal Tender Notes Issue Ordinance (Cap. 65). (Replaced 98 of 1995 s. 6)
(Amended 98 of 1995 s. 6) Editorial Note:
* Commencement date: 3 June 1996.

### Exchange Fund Ordinance 《外匯基金條例》

3A. Power to require accounts to be opened, maintained and operated
(1) The Financial Secretary may by notice in writing served on an authorized institution require that institution to open an account with the Monetary Authority for the account of the Exchange Fund and to maintain and operate such account on such terms and conditions as he considers appropriate having regard to the purposes for which the Exchange Fund is required to be or may be used under section 3(1) and (1A).
(2) The Financial Secretary may at any time by notice in writing served on an authorized institution add to or vary the terms or conditions imposed on it under subsection (1), in any manner which is not inconsistent with the fulfillment of the purposes for which the Exchange Fund is required to be or may be used under section 3(1) or (1A).
(3) Any authorized institution aggrieved by any requirement imposed on it under subsection (1) or by any addition or variation made under subsection (2) may appeal to the Chief Executive in Council against such requirement, addition or variation. (Amended 68 of 1999 s. 3)
(4) The Chief Executive in Council may determine an appeal under this section by confirming, varying or reversing the requirement, addition or variation against which the appeal was lodged. (Amended 68 of 1999 s. 3)
(5) A notice under this section may be served on an authorized institution by leaving it at or sending it by post to its principal place of business in Hong Kong.
(Added 12 of 1995 s. 4)

### Exchange Fund Ordinance 《外匯基金條例》

5. Preservation of limits on note issue
Nothing in this Ordinance shall empower any note-issuing bank to issue notes in excess of any maximum limit laid down in any Ordinance or charter governing the issue of such notes, and in issuing certificates under section 4 the Financial Secretary shall take into account such maximum limits.
(Replaced 4 of 1951 Schedule. Amended 7 of 1978 s. 3; 12 of 1995 s. 6)

5A. Appointment of Monetary Authority
(1) The Financial Secretary shall appoint a person to be the Monetary Authority on such terms and conditions as he thinks fit.
(2) The Monetary Authority shall—
(a) assist the Financial Secretary in the performance of his functions under this Ordinance;
(b) perform such functions as the Financial Secretary may direct; and
(c) perform functions imposed on or assigned to the Monetary Authority by any other Ordinance.
(3) The Financial Secretary may appoint, on such terms and conditions as he thinks fit, persons to assist the Monetary Authority in the performance of the functions of the Monetary Authority specified in subsection (2).
(4) Notwithstanding subsection (2)(b) and (c), the Monetary Authority and persons appointed to assist him under subsection (3) shall be regarded, for all purposes, as employed in connection with the purposes of the Fund.
(5) In this section, functions (職能) includes powers and duties. (Amended E.R. 4 of 2019)
(Added 82 of 1992 s. 4)

5B. Delegation to Monetary Authority
(1) The Financial Secretary may delegate to the Monetary Authority the powers and duties conferred or imposed on the Financial Secretary under this Ordinance.
(2) A delegation or a subdelegation under this section—
(a) shall not preclude the Financial Secretary from exercising the power or performing the duty;
(b) may be conditional, qualified or limited as the Financial Secretary thinks fit;
(c) may be to a person performing the functions of the Monetary Authority for the time being; and
(d) may be amended by the Financial Secretary.
(3) The Financial Secretary may include in a delegation under this section power to subdelegate the powers and duties delegated on such terms and to such person or to any person of a class or description, as may be specified by him.
(Added 82 of 1992 s. 4)