XI. That any person over the age of twelve years may be entitled to lodge money in the said bank, according to the provisions of this Ordinance; and such minor may draw the whole, or any part of the principal or interest of the money so deposited, as a person of full age might do; and his or her receipt for such money shall be a sufficient acquittance to such cashier. XII. That receipts from the cashier for money deposited at interest in the said bank may be transferred from one person to another, by the indorsation of the holders thereof; and the cashier is hereby authorized to pay so much money, with the interest as may be due and payable thereon to the party in whose possession the said receipt may be at the time of presentation for payment. No. 1. Ord. No. 9, 1860. Persons over twelve years of age may deposit money. Deposits how transferred. XIII. That it shall be lawful for the cashier of the bank, in Cashier to granting receipts for moneys there deposited for a fixed period, at grant receipts interest, to grant the same transferable: Provided, however, that transferable. no transfer or assignment of money held in virtue of such receipt shall be valid and binding for the purposes of this Ordinance unless the same be duly notified to the cashier of the bank, and an acknowledgment of such transfer made by him in writing on the face of such receipt or assignment thereof. XIV. Repealed by Ordinance No. 25 of 1860. XV. That upon all sums lodged in the said bank upon interest, there shall be allowed and paid interest at the rate of four per cent. per annum, and such interest may be carried to the credit of the depositors. XVI. That upon all sums loaned from the said bank, interest at the rate of six per cent. per annum shall be charged, payable in advance: Provided that the Directors shall not loan any sum money from such bank, except on such security as they may think sufficient. of XVII. That the entire profits arising from such bank shall be paid quarterly to the Receiver-General and Treasurer of the colony, in aid of the general revenue of these islands. XVIII. That it shall be the duty of the cashier to provide a fit and proper book, for recording the names of applicants for money, according to the form to this Ordinance annexed, marked A. XIX. That it shall not be lawful for the said cashier to loan any money without the consent of three Directors, to be signified and attested by their signatures in the book before mentioned; and whenever it is proposed to loan such money for a period longer than six months, the consent of all the Directors shall be necessary. XX. That it shall be lawful for the Directors of the said bank to loan money to the Treasurer of the colony for short periods, on obtaining his certificate therefor; and whenever from time to time there may be in the office of the Receiver-General and Treasurer of these islands any surplus revenue for which there may be no immediate employment, and it shall appear to the President in Council that such money might, with advantage to the public, be placed at interest in the said bank, it shall and may be lawful for the Receiver-General and Treasurer to lodge such sum or sums of money in the said bank as may be fixed on by the President and Council as aforesaid, upon interest, for such length of time as may by the said President in Council be thought advisable, and such money so lodged shall have the same rate of interest, and be subject Interest on deposits to be calculated yearly at four per cent. Sums may be the Bank at Profits of the paid into the Book to be provided to enter the names of applicants for loans No loan except by consent of three Directors : if for more than six months, consent of all necessary. Directors may loan money to the Treasurer, and by consent of President and Council, public money may be lodged in the Bank, at interest. No. 1. Ord. No. 9, 1860. Land, &c., offered as security for a loan, to be valued. Loan not to third the value Securities having money in Bank, to be debited with default. Cashier may attach money due from the Treasury. Recovery of notes and bonds. to the same provisions as are by this Ordinance provided in cases of money lodged in the said bank by private individuals. XXI. That in all cases where land, or salt pond, or any property is offered as a security for such loan, it shall be the duty of such cashier to have such land or property impartially valued by two or more persons, to be appointed by the said Directors for that purpose, who shall first be sworn to act impartially; and it shall be the duty of the cashier to enter the appraised value of such land, salt pond, or property in the book aforesaid, as in the said form marked A is particularly described. XXII. That in no case shall it be lawful to advance upon such security as is last mentioned money to a greater extent than onethird of the appraised value of such property, land, or salt pond. XXIII. That whenever the Directors of the said bank shall agree to accept land or salt pond, as security for money lent, it shall be the duty of the cashier of the said bank, before paying such loan out of the bank, to obtain possession of the original titledeeds for such land or salt pond, and to make a memorandum, specifying the date and period for which money is agreed to be lent, the amount of the loan, and the description and boundaries of the said land or salt pond, in such manner as may be sufficient to ascertain the same, and such memorandum shall be entered in a book according to the form in the Schedule hereto annexed marked B; and such memorandum duly made, as aforesaid, shall have in law the full force and effect of a mortgage duly recorded; which book shall be open to the public free of any charge: Provided, however, that it shall be the duty of the cashier to cancel the security in such book, and to return the title-deeds aforesaid whenever the sum of money for which such security was given, with interest and expenses attending such security, shall have been fully satisfied and paid. XXIV. Repealed by Ordinance No. 25 of 1860. XXV. That in all cases where bonds or notes of hand shall not be paid to the said bank when due, it shall be lawful for the cashier to debit the securities or indorsers of such bond or notes with the amount thereof, if such security or indorser should happen to have any money deposited in the said bank. XXVI. That it shall and may be lawful for the cashier of the bank to attach money in the Public Treasury, due to any individual, who may be indebted to the said bank, to the extent of debt, and a receipt from such cashier to the Receiver-General shall be a sufficient discharge to him for the payment of the sum of money named therein. XXVII. That it shall and may be lawful for the cashier of the said bank, by order of the Directors, to deposit with the Prothonotary of the Supreme Court any bond or note remaining due and unpaid at any time on or after the day following the day on which the same may have respectively become due to the said bank; and such bond or note so deposited shall have full force and effect in law to bind and affect the property of the drawer of such note, or the persons who have entered into such bond, as any judgment from the Supreme Court would have, and shall be entered up by such Prothonotary as such: Provided, however, that the due execution of such bond or note be ascertained by the oath of some credible wintess, deposing to the same before such Prothonotary; and pro No. 1. vided also that the Directors of the said bank may at their discretion renew any loan for such period not exceeding Six months upon such security as they may think fit. XXVIII. That on entering up any such judgment, the said Prothonotary shall give the cashier a certificate thereof, and the Provost Marshal of these islands, on production of such certificate to him, shall file the same, and proceed to levy on the goods and chattels, lands, and tenements of the parties, who in the said certificate are stated to be indebted to the said bank; and upon such levy made, shall proceed in all respects as if he were executing a writ of fieri facias from the Supreme Court. XXIX. That the said Prothonotary shall keep a separate record of judgment entered up by virtue of this Ordinance, and for his trouble shall be entitled to have and receive the following as costs : On all sums of and under £20 On all sums over and above £20 8. d. 12 6 16 8 Which shall be indorsed on his certificate aforesaid as costs in the case, and shall be made and levied by the Provost Marshal as aforesaid. XXX. Definition of the word President. Ord. No. 9, 1860. How levy to be made. Fee on Judg ment entered up under this Ordinance. No. 2.-ORDINANCE No. 25 of 1860. No. 2. 1860. An Ordinance to amend Ordinance No. 9 of 1860, to Establish and Ord. No. 25, Regulate a Public Bank for the Turks and Caicos Islands. (Passed 14th Dec., 1860. Confirmed 25th July, 1861.) WH HEREAS it is expedient that the 14th section of Ordi- for these islands, which authorizes the payment of moneys out of the said bank by the cashier thereof, should be amended; May it, To whom pay out of the said bank the whole or any part of any money de- deposited. II. Repeals 14th section of Ordinance No. 9 of 1860. No. 2. Ord. No. 25, 1860. III. Repeals so much of section 21 of Ordinance No. 9 of 1860 as relates to merchandise being accepted as security for a loan. IV. And whereas the 24th section of the aforesaid Ordinance which authorizes loans to persons having deposits in the said bank is likely to be inoperative, and it is expedient to repeal the same; Be it further ordained, that the 24 section of Ordinance No. 9 of 1860 be repealed, and the same is hereby repealed accordingly. No. 1. Act 2 Vic. c. 4. PREAMBLE. CLASS III. CURRENCY. No. 1.-2 Vic. ch. 4. An Act to declare British Sterling Money to be the Money of Account throughout the Bahama Islands. (Assented to the 29th of Nov., 1838.) WH HEREAS inconveniences have arisen, and are still likely to arise, from the difference between the current value of the several foreign coins in circulation in the colony and the sterling value at which such coins are respectively received and paid at the several custom houses and army departments of the colony, for remedy whereof it has become expedient to alter the currency of the colony, and to establish in lieu thereof British sterling money British sterling as the money of account; May it, &c., That from and after the money made the current money of the Colony. commencement of this Act British sterling money shall be the money of account throughout the Bahama Islands; and that all receipts and payments, and all gifts, grants, contracts, bargains, sales, agreements, and stipulations, and all written bonds, bills, notes, drafts, acceptances, acknowledgments, undertakings, or securities for money, and all transactions, dealings, matters, and things whatsoever relating to money, or involving or implying the payment of money, or the liability to pay any money which shall be had, made, done, executed, or entered into within these islands, shall be had, made, done, executed, and entered into in sterling money, such sterling money becoming the currency and lawful money of the said Bahama Islands, and not according to any currency or as money hath been heretofore valued in the said islands, or in any other manner than in such sterling money; and that all such receipts, payments, gifts, grants, contracts, bargains, sales, agreements, stipulations, bonds, bills, notes, drafts, acceptances, acknowledgments, undertakings, securities, transactions, dealings, matters, and things shall be deemed, construed, and taken to be had, made, executed, done, and entered into according to such sterling money, and in reference to the sterling value of the various coins in circulation within these islands at the time of the making, executing, doing, or entering into any such receipts, payments, gifts, grants, contracts, bargains, sales, agreements, stipulations, bonds, bills, notes, drafts, acceptances, acknowledgments, securities, transactions, dealings, matters and things aforesaid, unless the contrary be proved to have been the intention of the parties, any law, usage, or custom in force within these islands at any time before the passing of this Act to the contrary notwithstanding Provided always, nevertheless, that all debts, agree ments, contracts, bargains, sales, and money engagements, and securities, of whatever nature the same may be, contracted prior to the commencement of this Act, in what then was and had been the currency of these islands, shall be convertible into the sterling denomination by virtue of this Act, at and after the rate of four shillings and twopence sterling for every eight shillings of the said currency, of which any such debt or other money engagement as aforesaid may consist, agreeably to the Schedule hereunto annexed, and shall be paid and liquidated accordingly. II. That this Act shall commence and take effect from and after the twenty-fourth day of December next. SCHEDULE. Bahama Currency. £40 at 4s. 2d. Sterling. Silver Dollars. Schedule. No. 2.-8 Vic. ch. 49. An Act further to Reduce the Value within these Islands of a certain Foreign Coin called a Peseta. (14th May, 1845.) WE No. 2. Act 8 Vic. c. 49. HEREAS an Act was passed in the ninth year of the reign PREAMBLE, of His late Majesty King George the Fourth, to ascertain and regulate the value, within these islands, of a certain foreign coin, called a peseta, which, having obtained currency in these islands at a rate exceeding its intrinsic value, had gradually displaced the other current coin of the colony, to the great detriment of trade and the injury of the people of these islands; And whereas, in consequence of the recent reduction in the current value of the said peseta in the neighbouring island of Cuba, and the lesser rate at which the said peseta obtains currency in the United States of America, the said coin is being again introduced in considerable quantities into these islands, and there is reason to fear that unless the current value of the said peseta, limited by the Act above mentioned at one-fifth part of a dollar, equivalent to tenpence sterling money of Great Britain, be further reduced, evil consequences similar to those which rendered necessary the passing of the said Act will, in a short period, be again experienced; We, &c., That from and after the passing of this Act, that the said Reduction of peseta shall be taken, received, and paid at, in, and out of the Public Treasury, and all other public departments of the colony, at the rate or value of ninepence sterling money of Great Britain, now the lawful currency and money of account of these islands, and shall be a legal tender at that rate only, and no other within the Bahama Islands, anything in the before-mentioned Act, or any other Act of Assembly of these islands to the contrary notwithstanding: Provided, however, that nothing herein contained shall be understood or construed to interfere with your Majesty's royal prerogative of regulating and settling the rate and value of the aforesaid, and any the coins in these islands, in such manner, and according to such other rate, as your Majesty, by your royal proclamation for that purpose, or by your royal instructions to your President Peseta coin from 10d. to 9d. each. This Act not to interfere with the Royal prerogative. |