53
minor benefits (e.g. the right to appoint a receiver for
the collection of rent). At present there are five credit
banks which in effect are carrying on the business of
mortgage companies. Four of these companies are subject to
the Banking Ordinance while the fifth is working aimost
exclusively with its own capital. It has been decided that
there is no urgent need for the repo. of the Credit Banks
Ordinance and that the present situation does not call for
increased control over mortgage companies in general.
31.
Building Societies Ordinance :
A draft ordinance has been prepared but in view of
the political situation and the absence of demand for
Legislation of this nature et present, no further action has
been taken.
32.
Land Legislation :
Conditions continue to be unsuitable for a drastic
revision of and legislation and no action has been teken on
Mr. Horwill's recommend:tions.
Moneylenders Orain:nce :
33.
A Moneylenders Ordin nce on the lines of the English
Act is under consideration by the Law Officers.
34.
Government and Bank Guarantees :
A Chief Secretary's circular has been issued to all
departments giving standing instructions regarding the
acceptance of bank guarantees. Limits have been fixed and
departments are required to submit to the Examiner of
Banks a half-yearly return of outstanding guarantees.
The