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THE HONGKONG GOVERNMENT GAZETTE, MARCH 7, 1919.
LS
HONGKONG.
No. 2 of 1919.
I assent to this Ordinance.
CLAUD SEVERN,
Officer Administering the Government.
7th March, 1919.
Short title.
Interpreta- tion.
8 & 9 Geo. 5,
c. 31, s. 13.
Duration,
Restrictions
in carrying
on banking business for the benefit of or under the control of certain persons.
8 & 9 Geo. 5, c. 31, s. 2(1),
An Ordinance to prohibit the carrying on of banking business for the benefit of or under the control of certain persons.
[7th March, 1919.]
Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:
1. This Ordinance may be cited as the Banking Business (Prohibited Control) Ordinance, 1919.
2. In this Ordinance :-
46
Corporation under prohibited control' means
any corporation-
(a) where the majority of the directors or the persons occupying the posi- tion of directors, by whatever name called, are prohibited persons; or (b) where the majority of the voting power is in the hands of persons who are prohibited persons, or who exercise their voting powers directly or indirectly on behalf of prohibited persons; or
(c) where the control is by any means whatever in the hands of prohibited persons; or
(d) where the executive is an enemy controlled corporation, or where the majority of the executive are appointed by, an enemy controlled corporation, within the meaning of . · paragraphs (a), (b) or (c) of this clause.
"Prohibited person" includes every person who is or at any time has been a subject of any state which on the 31st day of December, 1917, was at war with His Majesty.
3. This Ordinance shall continue in force only during. the continuance of the present war and for a period of five years after the termination thereof.
4.-(1.) No banking business shall be carried on within the Colony-
(a) by a corporation which is a corporation under prohibited control within the meaning of this Ordinance; or
(b) by a firm or individual, if the business is one which is carried on wholly or mainly for the benefit of or under the control of prohibited persons.
(4).