Addition of new section 4LA.
Amendment of section 42.
Amendment
of section 43.
Amendment
of section 44.
Amendment
of section 46.
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(b) deleting "at any time" in both places where those words
occur in paragraph (c);
(c) inserting the following in paragraph (c) after "which" in
the second place where it occurs therein-
"is being or'; and
(d) deleting "Financial Secretary act." and substituting the
following
"Commissioner, act”.
42. The principal Ordinance is amended by adding the following new section after section 41-
"Exccution of instru ment under scal
41A. Notwithstanding anything contained in the articles of association or regulations of any bank incorporated in the Colony with respect to the execution of instruments under its seal, but without prejudice to anything in such articles or regulations not inconsistent herewith, the seal of the bank shall not be affixed to any instrument except in the pres- ence of a director of the bank and of one other person being either a director or an officer of the bank duly authorized in that behalf, and that director and such other person shall sign every instrument to which the seal of the company is so affixed in their presence.".
43. Section 42 of the principal Ordinance is amended by deleting "Financial Secretary" and substituting the following-
"Governor in Council".
44. Section 43 of the principal Ordinance is amended by- deleting “Financial Secretary," in subsection (1) and sub- stituting the following-
(a)
"Governor in Council'; and
(b) deleting "Financial Secretary" in subsection (2) and sub-
stituting the following-
"Commissioner or the Governor in Council".
45. Section 44 of the principal Ordinance is amended by deleting "Financial Secretary" in subsection (3) and substituting the following
"Accountant General”.
46. Section 46 of the principal Ordinance is amended by- (a) deleting "(6)" in paragraph (a) and substituting the
following-
“(4)"; and
23
(b) deleting paragraph (b) and substituting the fallowing-
"(b) sections 18, 19, 19A, 20, 21, 22, 23, 24, 25, 26,
27, 28, 29, 30, 31 and 32,".
47. Section 49 of the principal Ordinance is amended by- (a) deleting "Financial Secretary” in subsection (2) and sub-
stituting the following-
"Governor in Council"; and
(b) deleting “Financial Secretary” in subsection (3) and sub-
stituting the following-
"Commissioner”.
48. Section 52 of the principal Ordinance is repealed and replaced by the following-
"Indemnity.
52. No liability shall be incurred by (a) any public officer:
(b) any person authorized or employed by the
Commissioner under section 4A;
(c) any person appointed under paragraph (ii) of subsection (1) of section 13 to advise a bank in the proper conduct of its busi-
ness, or
(d) any person who has assumed control of the business of a bank pursuant to a direction of the Commissioner under paragraph (ii) of subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsection (1) of section 14,
as a result of anything done by kim bona fide in the exercise of any power, or the performance of any function or duty, conferred or imposed by or under this Ordinance.".
49. Section 53 of the principal Ordinance is amended by-
(d) deleting "section 16" in subsection (1) and substituting
the following
"section 4A"; and
(b) inserting the following in subsection (2) before "investiga-
tion**
"inspection or".
Amendment
of section 49.
Repeal and replacement of section $1
Amendment of section 53.