DRAFT
DRAFT SPEECH BY HON DAVID K P LI, JP
LEGISLATIVE COUNCIL
-
22ND JUNE, 1988
سال
RAINIER INTERNATIONAL BANK (TRANSFER OF HONG KONG UNDERTAKING) BILL 1988
He said:
Sir,
The Bill which I introduce today is, I believe, technical in nature and uncontroversial. I am pleased to report the Bill has been approved by the Government and has been advertised the requisite number of times in the Chinese and English press and in the Government Gazette.
cap 1, therefore, move that the Bill be read a second time.
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It is necessary to have this private Bill to assist implementation of a conditional sale and purchase agreement dated 27 April 1988 made between Rainier International Bank and The Daiwa Bank Limited for the acquisition by The Daiwa Bank Limited of the Hong Kong undertaking of Rainier International Bank's nine Hong Kong branches.
Under Hong Kong law, an agreement to sell a banking business would be extremely difficult to implement without enabling legislation. For example, the individual agreement of each of over 30,000 current and deposit account holders would be required. The Bill clarifies a number of such matters and affords certainty to the bank and its customers in Hong Kong.
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Members may be reassured that no stamp duty will be saved by this Bill. Both Rainier International Bank and The Daiwa Bank Limited will ensure that the stamp duty position under this. Bill shall be precisely the same as if no legislation had been passed.
Sir,
Sir, I believe this, Bill to be uncontroversial and welcome in
the. that it shows Hong Kong to be most responsible in affording certainty of operation to financial institutions and customers alike. move that debate on this Bill be adjourned.
I, therefore,
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Question on adjournment proposed, put and agreed to.