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licence should only be required for the
establishment of new banks.
Subsections (2) and (2) of this
section purport to control the activities of
banks which set up new branches elsewhere
than in the Colony.
The Hong Kong
Legislature has no power to enact laws
having application outside Hong Kong,
and the provisions of these two subsections
which relate to branches established
elsewhere than in the Colony must be deleted.
I agree entirely with the criticisms
previously made of subsection (3) of Section 353,
and we can bring to their notice Section 5(1)
of the Palestine Ordinance 27 of 1937, though,
of course, these provisions do not deal with
the same matter.
New Section 355(2). I do not quite see
why members of the Advisory Committee should
be absolutely protected from all liability
in respect of their statements, especially
since, as understand it, this Committee
will be composed partly of ordinary bankers.
I suggest the protection should be afforded
only for statements made in good faith.
*
With regard to the suggestion that it should
be provided that the statements should be
treated as confidential, I am not clear
that this is necessary since the Ordinance
does not provide, so far as I can see, for
making statements to the Advisory Committee.
It is the Advisory Committee which gives advice
to other persons, including the examiner,
and the examiner by Section 356(6) is to