COMPANIES (AMENDMENT) BILL 1988
Enclosure No.4
C3
A BILL
To
Amend the Companies Ordinance.
Enacted by the Governor of Hong Kong, with the advice and consent
of the Legislative Council thereof.
1. This Ordinance may be cited as the Companies (Amendment) Short title. Ordinance 1988.
2. Section 2(1) of the principal Ordinance is amended by inserting Amendment of after the definition of "articles" the following-
(Cap. 155.)
3.
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"authorized financial institution” means a bank or deposit- taking company licensed or registered under the Banking Ordinance;".
section 2.
(Cap. 32.)
Section 161B of the principal Ordinance is amended by inserting, Amendment of after subsection (4), the following-
"(4A) Except as provided in subsections (4B) and (4C), this section shall not require the inclusion in accounts prepared by a company which is, or is the holding company of, an authorized financial institution of particulars of any loan made to any person by the authorized institution or of any guarantee entered into or security provided by the authorized financial institution in connection with a loan made to any person if, but only if, either of the following conditions is satisfied-
(a) the amount of the loan or the amount guaranteed or secured is not greater, and the terms of the transaction are not more favourable in the case of that person than that or those which
section 161B.