As to this case of any restrictive Banking legislation in the Parts settlements, the earlier clauses of the proposed Ordinance, a draft of which accompanied Your despatch alluded to, would render it unnecessary.
Finance however.
The Hong Kong.
Order in Council.
DRAFT.
MINUTE.
Mr. Wingfield.
Mr. Bramston.
Mr. Meade.
Mr. Herbert.
Mr. Courtney.
Lord Kimberley.
109
The form from which the Hong Kong Bank derives its powers of corporate actions, only empowers it to establish a branch in Hong Kong with the assent of the L.C. of the Treasury. It was necessary to obtain that assent which has now been formally given.
When the above condition is fulfilled, the legal status of the Corporation to perform its functions appears to be complete – Commissioner excepted.
It is already exercised.