9.
Consequential Amendments
Overseas Trust Bank (Compensation of Registered Holders of Shares) Regulations
Regulations repealed
The Overseas Trust Bank (Compensation of Registered Holders of
Shares) Regulations (Cap. 379 sub. leg.) are repealed.
Explanatory Memorandum
The purpose of this Bill is to repeal certain provisions of the
Overseas Trust Bank (Acquisition) Ordinance consequent upon the sale
by the Government of the shares in the Overseas Trust Bank (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 of direction
of, the Bank or any subsidiary.
4.
Clause 5 repeals section 8 (1) and (2) which empowered the
Government to give guarantee in respect of any liability of the
Bank. Any guarantee given prior to such repeal will cease to have
effect.
5.
Clause 6 amends section 9 by repealing the provisions relating
to the compensation of persons who, immediately before the
acquisition of the Bank by the Government, were registered as
holding shares in the Bank.