Explanatory Memorandum
The name of The Hongkong and Shanghai Banking Corporation
Limited before 6 October 1989 was "The Hongkong and Shanghai Banking
Corporation". The purpose of this Bill is to amend the Bank Notes
Issue Ordinance
(a) to provide that any bank notes bearing the former name,
whether issued before, on or after that date, shall be
deemed to be bank notes lawfully issued and legal tender
for the purposes of that Ordinance. (New section 5(a) and
(b) at clause 2);
(b)
(c)
2.
to provide that section 14 of The Hongkong and Shanghai
Banking Corporation Limited Ordinance (Cap. 70), which.
specifies when a bill of exchange or promissory note is
deemed to have been made, accepted or indorsed on behalf of
The Hongkong and Shanghai Banking Corporation Limited,
shall apply to bank notes bearing the former name. (New
section 5(c) at clause 2); and
to provide that section 93 of the Companies Ordinance (Cap.
32) which, inter alia, requires a company to mention its
name in all promissory notes signed by or on its behalf,
shall not apply to bank notes issued by a note-issuing
bank. (New section 5A at clause 2).
Clause 1(2) provides that the Bill shall be deemed to have
come into operation on 6 October 1989, the date on which the change
of name occurred.
3.
The Bill has no Public Service staffing or public
expenditure implications.