C492
Amendment of section 13.
Amendment of section 18.
Amendment of section 19.
(Cap. 66.)
4.
BANKING (AMENDMENT) BILL 1987
(m) the Exchange Fund established by the Exchange Fund
Ordinance.".
Section 13 of the principal Ordinance is amended by deleting subsection (1) and substituting the following-
"(1) The Financial Secretary may, by notice in the Gazette, exempt any person or class of persons from section 12(1) and, if the Financial Secretary thinks fit, in that notice also exempt that person or class of persons from section 92(1) in respect of the business of taking deposits. to which the exemption from section 12(1) relates.".
5.
Section 18(1) of the principal Ordinance is amended-
(a) by inserting after "$100,000,000" the following-
"or an equivalent amount in any other approved currency”; and
(b) by inserting after "appearing in the" the following--
6.
"most recent audited".
Section 19(2) of the principal Ordinance is amended by deleting
"upon the grant" and substituting the following-
Amendment of section 21.
7.
"within 14 days after the grant".
Section 21 of the principal Ordinance is amended-
(a) in subsection (2)(a), by inserting after "other" the following-
"approved"; and
(b) in subsection (3)(a) and (b), by inserting after "appearing in the" in
both places the following-
Amendment of section 23.
8.
"most recent audited".
Section 23(2) of the principal Ordinance is amended-
(a) in paragraph (a), by deleting "at 1 April 1976, within 14 days after the anniversary of such date" and substituting the following-
"on 1 April 1976, on 1 April in each year"; and
(b) in paragraph (b), by deleting "within 14 days after" and sub-
stituting the following—
Amendment of section 24.
9.
Amendment of section 26.
"upon".
Section 24 of the principal Ordinance is amended-
(a) in subsection (3)(a) and (b), by inserting after "other" in both.
places the following—
"approved"; and
(b) in subsection (4)(a) and (b) by inserting after "appearing in the" in
both places the following
"most recent audited”.
10. Section 26(2) of the principal Ordinance is amended by deleting "within 14 days after" and substituting the following-
"upon".