86
21. Part XIX reproduces the existing provisions on unincorporated banks. 22. Part XX reproduces the existing provisions relating to investigations of banks and deposit-taking companies.
23. Part XXI reproduces (with modifications) the existing miscellaneous provi- sions together with existing provisions which are more appropriately inserted into this Part. Clause 141 and the Fifth Schedule to the Bill provide for amendments to other legislation consequentially required upon the coming into operation of the Bill.
24. The First Schedule to the Bill reproduces the First Schedule to the Deposit-taking Companies Ordinance. The Second Schedule sets out all fees payable under the Bill. No new fees are created.
25. The penalty provisions throughout the Bill are unchanged from the penalty provisions in the existing legislation. Where a new provision has been inserted which requires a penalty, the level of penalty has been based on an existing provision a contravention of which is considered to be of a similar magnitude to a contravention of the new provision.
26. In order to satisfactorily implement his widened duties under the Bill, particularly in view of his discretionary powers, it is estimated that the Commis- sioner's office will require an additional 28 posts in 1986-87 and another 16 posts in 1987-88. The annual staff costs will thus be increased by $6.6 million in the first year of the Bill's operation and $10.1 million in subsequent years. The Bill will not generate any new income.
PART I: PRELIMINARY
C1. 1-NEW
Bill
87
BANKING BILL
COMPARATIVE Table
Cl. 2(1) "authorized institution"-NEW
"capital to risk assets ratio"-NEW
CI. 2(2) Cl. 2(3)
Banking Ordinance
(Cap. 155.)
Deposit-taking Companies Ordinance (Cap. 328.)
"company"-MODIFIED
s. 2(1)
"controller"--NEW
"deposit”—MODIFIED
s. 2(1)
"liquidity ratio”—NEW
s. 2(2)
s. 2(1A)
s. 3
s. 57
Cl. 2(4)—NEW
Cl. 3(1)
and (2) MODIFIED
Cl. 3(3), (4) & (5)
PART II:
APPOINTMENTS, FUNCTIONS OF COMMISSIONER, REPORTS BY COMMISSIONER AND POWER OF GOVERNOR TO GIVE DIRECTIONS
CI. 4
s. 3
Cl. 5-MODIFIED
s. 3
ss. 4 & 5
Cl. 6
s. 4
C1. 7-NEW
Cl. 8
CI. 9-NEW
C1. 10-MODIFIED
s. 4A
s. 4B
s. 3B
PART III:
BANKING BUSINESS AND BUSINESS OF TAKING DEPOSITS TO BE CARRIED ON BY AUTHORIZED INSTITUTIONS ONLY
Cl. 11
Cl. 12(1), (2) & (3)
Cl. 12(4)
Cl. 12(5) & (6)
Cl. 12(7)
CI. 12(8)
Cl. 13
Cl. 14(1), (2), (3), (4), (5) & (6)
Cl. 14(7)
SS, 5 & 61(1)
s. 6(1), (1A) & (ID)
s. 5A(2)
s. 6(1E) & (2)
$. 26
s. 6(3)
s. 35
s. 8
s. 26