M (91) 43
CONFIDENTIAL
608
INTERESTS DECLARED
Mr HO as a member of the Housing Authority.
Mr HUI - as a member of the Housing Authority.
IN ATTENDANCE
CONTA
Mr N.C.L. SHIPMAN Deputy Director (Housing)
Mr Y.G. LIM
Senior Assistant Director (Housing)
A534
OTHER BUSINESS
BANK OF CREDIT AND COMMERCE (HK) LTD. (BCC)
The
that it was
Financial
Secretary informed Members
likely that the Hong Kong Chinese Bank
would in the next few days, agree terms under which
they would purchase BCC. This would be a conditional
as
the
Commissioner
of
Banking,
the
agreement
Legislative Council and this Council's approval would
be
required for certain action to enable the rescue to
effected and depositors and other creditors would
need to give their consent. An application to proceed
be
on
this
to
basis was expected
be submitted to the
court on 21 or 22 November 1991. It was agreed that
the Legislative Council should be briefed immediately
after the court hearing and prior to the release of a
press statement.