BANKING (AMENDMENT) BILL 1987
11. Section 41(2) of the principal Ordinance is amended-- (a) in paragraph (b), by deleting “and”; and
(b) by deleting paragraph (c) and substituting the following—
"(c) sections 24 to 26 inclusive shall apply to an application
by a registered deposit-taking company for the transfer of a deposit-taking licence as if that application were an application for the grant of a deposit-taking licence under section 24(1); and
(d) sections 24 to 26 inclusive shall apply to an application by a person other than a registered deposit-taking com- pany for the transfer of a deposit-taking licence as if-
(i) that person were a registered deposit-taking com- pany; and
(ii) that application were an application for the grant of a deposit-taking licence under section 24(1).”.
12. Section 56 of the principal Ordinance is amended- (a) in subsection (1), by inserting after "authorized institution" the
following-
“and, in the case of an authorized institution incorporated in Hong Kong, any local branch, overseas branch, overseas representative office or subsidiary, whether local or overseas, of such institution";
(b) in the proviso to subsection (1), by inserting after “institution” the
following-
", local branch, overseas branch, overseas representative office or subsidiary, as the case may be";
(c) in subsection (2), by deleting "contravenes this section" and sub-
stituting the following-
", without reasonable excuse, contravenes this section (which contravention shall include a contravention by any of the institution's local branches, overseas branches, overseas representative offices or subsidiaries)”; and
(d) in subsection (3), by inserting after "authorized institution" the
following
"or any local branch, overseas branch, overseas representa- tive office or subsidiary of the institution".
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Amendment of section 41.
Amendment of section 56.
13. Section 63(3)(b) of the principal Ordinance is amended by deleting Amendment of "section 60(4)" and substituting the following--
"section 60(3)".
section 63.
14. Section 69 of the principal Ordinance is repealed and replaced by Repeal and the following-
"Amalgama- tion, etc. requires approval.
69. (1) An authorized institution incorporated in Hong Kong shall not, in the case of an authorized institution which is a bank or licensed deposit-taking company, without the prior approval in writing of the Financial Secretary, and
replacement of section 69.