JEVACIARIHI PRESS UFFICE
+ 852 868 5212
P.05
def
all Assessment
DY
the
considered might be
Special Managers of what they
achieved for the depositors under
a liquidation of BCCHK and BCCFI and how long this might
take and also the advice of Jardine Fleming on the
financial implications and their opinion of the
of the scheme
as compared with a liquidation from the depositors' point
of view.
Approval of the depositors, in order to be
legally binding, required a majority in number representing
3/4ths in value of the depositors present and voting,
either in person or by proxy, at the meeting.
allangement
Mr Gleeson cautioned that the proposed scheme
was conditional, amongst others things,
on the grant of a new banking licence to the new banking
d regulatory matter for the Commissioner
wwmyaný •
of
That was
Banking and ultimately the Executive Council under
the provisions of the Banking Ordinance.
DEL SUSE ΟΙ Ine S170 and complexity of the bank
and the logistical and other problems involved, legislation
would be required to transfer the agreed assets and
liabilities 1:0 the new bank. He believed that in this
area the Government was anxious to help in every way
possible but said that in the end this must be a matter
for the legislature.