GOVERMENT HOUSE HONG KONG..
FRI 12 NOV 93 18:25
PG.14
CONFIDENTIAL
(13)
(b)
The term "Crown Agents"
should be deleted from all
provisions in cap. 72 (see
paras.7(b) and (c)
the Treasury will
authorized agent
agent is
above). The Secretary for
determine on policy whether an
needed to substitute the place of Crown Agents in the
Ordinance, and what further legislative amendments
are required when Hong Kong can no longer take
advantage of the provisions of the Colonial Stock
Acts, 1877 to 1948.
(c)
The term "Crown Agents" should be deleted from Caps.
75 and 77 respectively (see paras.7 (d) and (e)
above). The Policy Branches concerned will be asked
comment on whether the financial arrangements
prescribed by Caps: 75 ·and ~77 should be retained
to
after 1997.
(d)
Financial Services
Tentatively, the Secretary for
proposes to amend s.11(2) of Cap. 70 to read
"The bank shall at all times keep deposited
with trustees appointed by the Financial
Secretary securities, approved by the Financial
Secretary, not less in value than the said sum
of $60 million."
Since Cap. 70 is a private ordinance,
the final
decision will rest with the Hong kong and Shanghai
Bank after it clears such decision
Covernment.
CONFIDENTIAL
with the