Clauses 7 and 8 repeal the following sections -
(a) section 3, which vested all shares in the Bank in the
(b)
(c)
(d)
Financial Secretary Incorporated;
section 6(1) and (2), which empowered the Financial
Secretary to bring legal proceedings in respect of
certain transactions made prior to the acquisition of
the Bank by the Government;
section 7, which provided that, upon commencement of
the principal Ordinance, directors of the Bank and
its subsidiaries ceased to be such directors, and
which provided for the appointment of other person as
chairman and directors;
section 10(1)(b), which empowered the Governor in
Council to make regulations providing for the
management, control and operation of the Bank and its
subsidiaries;
(e)
section 11, which empowered the Governor to give
directions to the directors; and
(f)
section 12, which provided that the principal
Ordinance was to prevail over specified Ordinances
and instruments.
Clause 9 repeals subsidiary legislation that is now spent.