1988-06-01 12:00 AGC
律政司署 香港金鐘道六十六號 金鐘道政府合署四樓
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22
ATTORNEY GENERAL'S CHAMBERS
QUEENSWAY GOVERNMENT OFFICES 4/F 66 QUEENSWAY
HỒNG KÔNG
MKC 702/3
RECEIVED IN REGISTRY
- 1 JUL 1988
1 June 1988
Foreign & Commonwealth Office
Hong Kong Department
London
Dear Mr.
Fyotman,
My Man
Rainier International Bank
(Transfer of Hong Kong Undertaking) Bill 1988
My comments on the two matters raised in paragraph
2 of your telegram under reply are as follows
2.
(A)
(B)
די
Clause 4 of the Bill transfers the "H undertaking" which is defined as mear bus ness of the nine Hong Kong branches and all existing property and liabilitie Rainier of whatsoever nature pertaining t or which are derived therefrom
+
It
This
is no materially different from clause 4 of the Deutsche Bank (Merger) Bill, which transferred (inter alia) "that part of DB Asia ... which is derived from the Hong Kong business of DB Asia". The fact that both clauses deal with a business derived from Hong Kong is considered
to create a sufficient nexus with Hong Kong to make the legislation intra vires.
The Commissioner of Banking is satisfied that. there are sufficient safeguards.
The meaning of "Edge Act Corportion" is explained in the attached letter from Linklaters and Paines to Monetary Affairs Branch dated 24 May 1988.
3.
I have been authorized by the Commissioner of Banking to inform you that he is satisfied that the Bill is deviable and that he has no prudential anxieties about the
tutions. The preambular paragraphs appear to
equately established. The Commissioner wishes
however, that his support of the Bill
hi
me
is
underta
The Cor
be giv
ľ
on formal approval of the transfer of the being given by the Japanese Ministry of Finance. ssioner is confident that this approval will
an
If wriLOT
be supported.
assurance has already been received.
is not forthcoming the Bill will not