Exempted loans Schedule 1
Legislative Council may
amend
MONEY LENDERS (AMENDMENT) BILL 1988
(b) unless sooner revoked under paragraph (a), shall remain in force for a period of 3 years, or such lesser period as may be specified by the Registrar after consultation with the Financial Secretary, com- mencing on the date on which the exemption is so granted or, if the exemption specifies a later date, that later date, and that exemption may be renewed from time to time by further applications made under subsection (1).
33C. Where any person specified in Part 1 of Schedule 1 makes a loan and thereafter ceases, for any reason, to be a person so specified, that loan shall, notwithstanding any other provision of this Ordinance, be deemed to be a loan specified in Part 2 of Schedule 1.
33D. The Legislative Council may by resolution amend Schedule 1.".
Schedule 1
1.
32. Section 35(2) and (3) is repealed.
33. The First Schedule is repealed and the following substituted-
"SCHEDULE 1 [ss. 2, 24, 25, 33, 33C & 33D]
Repeal and saving
First Schedule substituted
PART 1
EXEMPTED PERSONS
Any subsidiary of an authorized institution within the meaning of the Banking (Cap. 155) Ordinance.
2.
A co-operative society registered under the Co-operative Societies Ordinance.
(Cap. 33)
3.
4.
A credit union registered under the Credit Unions Ordinance and the Credit Union League of Hong Kong incorporated under Part XI of that Ordinance. A trade union registered under the Trade Unions Ordinance.
(Cap. 119)
5.
An insurer, within the meaning of the Insurance Companies Ordinance, au- thorized under that Ordinance to carry on a class, or classes, of insurance business specified in Part 2 of the First Schedule to that Ordinance.
(Cap. 332) (Cap. 41)
6.
The Hong Kong Building and Loan Agency Limited.
7.
The University and Polytechnic Grants Committee.
8.
A bank which is—
(a) incorporated or established outside Hong Kong;
(b) recognized as a bank by a banking supervisory authority—
(i) of the country, territory, state or province of its incorporation or establishment; and
(ii) declared in writing, by the Commissioner of Banking within the meaning of the Banking Ordinance, to be a banking supervisory authority (Cap. 155) in respect of which he is of the opinion that it exercises adequate prudential supervision for the purposes of this paragraph; and
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