HONG KONG
LEGAL REPORT
THE BANKING (AMENDMENT) ORDINANCE 1987
(No. 64 of 1987)
Enclosure No. Z
This Ordinance makes amendments to the Banking Ordinance arising from a review of its operation since its enactment in 1986. The major amendments are as follows -
(a) section 2(b) amends the definition of
(b)
(c)
2.
"deposit" in section 2 of the principal Ordinance to exclude from that definition any loan of money upon terms involving the issue by an authorized institution of debentures or other securities in respect of which a prospectus has been registered under the Companies Ordinance;
section 11 amends section 41 of the principal Ordinance to permit a person other than a registered deposit-taking company to apply for the transfer of a deposit-taking licence; and
sections 21(c) and 22(d) amend sections 83 and 84, respectively, of the principal Ordinance to enable the Commissioner of Banking to permit an authorized institution to grant specified financial facilities to specified persons without complying with the limits otherwise applicable to such facilities.
Before the Deputy to the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.
12
November 1987.
ATTORNEY GENERAL'S CHAMBERS,
HONG KONG.
ни
b
Law Draftsman.