A.
Determination of rights to require the issue of shares, to nominate directors or to exercise control
Section 5 is amended by adding after subsection (2)
" (3)
Subsection (1) ceased to have effect on the
commencement of the Hang Lung Bank (Acquisition) (Amendment)
Ordinance 1990 (
of 1990).
(4) Section 23 of the Interpretation and General Clauses
Ordinance (Cap. 1) applies to subsection (3) as if that
subsection had repealed subsection (1).".
5. Sections repealed
Sections 7, 10, 11 and 12 are repealed.
6.
Power to make regulations
Section 9(1)(b) is repealed.
Explanatory Memorandum
The purpose of this Bill is to repeal certain provisions of the
Hang Lung Bank (Acquisition) Ordinance consequent upon the sale by
the Government of the shares in the Bank.
2.
Clause 3 amends section 4 so that it ceases to have effect.
That section formerly provided for the continued use by the Bank or
any of its subsidiaries of property being used by it in the carrying
on of its business.
3.
Clause 4 amends section 5 so that it ceases to have effect.
That section formerly terminated rights to acquire shares in, appoint
a director of, and exercise powers of control or direction of, the
Bank or any subsidiary.