C496
Amendment of section 75.
16.
(a)
Amendment of section 77.
Amendment of section 78.
BANKING (AMENDMENT) BILL 1987
Commissioner under subsection (1) to be or continue to act as a director or secretary, as the case may be, of that institu tion.".
Section 75 of the principal Ordinance is amended-
in subsection (1)-
(i) by deleting "published reserve out of the published" and substituting the following
"reserve out of the";
(ii) in paragraph (a), by deleting "published"; and
(iii) in paragraph (b), by deleting "published reserve is not less than $200,000,000" and substituting the following-
"reserve is not less than $200,000,000 or an equivalent amount in any other approved currency";
(b) in subsection (2)(b)-
(i) in sub-paragraph (i), by inserting after "$20,000,000" the following-
"or an equivalent amount in any other approved currency"; and
(ii) in sub-paragraph (ii), by inserting after "$150,000,000" the following-
"or an equivalent amount in any other approved currency"; and
(c) in subsection (3)—
(i) by inserting after "No deposit-taking company" the follow- ing-
"incorporated in Hong Kong";
(ii) in paragraph (a), by inserting after "$20,000,000" the following-
"or an equivalent amount in any other approved currency"; and
(iii) in paragraph (b), by inserting after "$150,000,000" the following-
"or an equivalent amount in any other approved currency".
17. Section 77(1) of the principal Ordinance is amended by inserting after "$100,000,000" the following-
"or an equivalent amount in any other approved currency".
18. Section 78 of the principal Ordinance is amended-
(a)
in subsection (1), by deleting "published reserves after such distribution will be not less than $200,000,000" and substituting the following-
"reserves after such distribution will be not less than $200,000,000 or an equivalent amount in any other approved currency"; and