12
cent of the deposit liabilities of the bank in the form aforesaid any reduction made pursuant to subsection (2A) in respect of balances payable on demand and money at call shall be deemed to have been made in such specified liquid assets of the bank as are set out in paragraphs (a), (2a), (5), (c), (d) and (e) of subsection (6)";
(d) by deleting "Financial Secretary" in subsection (4) and
substituting the following-
"Commissioner":
(e) by deleting "save that there shall be included the amounts by which balances payable on demand to other banks in the Colony and money at call owing to other banks in the Colony exceed balances payable on demand at other banks in the Colony and money at call with other banks in the Colony" in paragraph (a) of subsection (5); (A) in subsection (6), by-
O inserting the following new paragraph after para- graph (4)
"(c) notes and coins in any currency which is freely remittable to the bank in the Colony:*:
(i) deleting paragraph (5) and substituting the following-
"(6) refined gold in the form of coin or bars situated in the Colony, and refined gold in the form of coin or bars situated outside the Colony if the gold, or money into which it can be converted, is freely remittable to the bank in the Colony from the place where such gold is situated;"; (iii) deleting paragraph (c) and substituting the following-
"(c) the total balance of money payable on demand at other banks in the Colony and money at call with other banks in the Colony;":
(iv) deleting paragraph (d) and substituting the following
"(d) balances of money payable on demand at any bank outside the Colony and money at call with any bank outside the Colony, which are or is freely remittable to the bank in the Colony and held in a form approved by the Commissioner.":
13
(v) inserting the following new paragraphs after para- graph (e)--
"(ee) money at short notice at other banks in the
Colony;
(eee) money at short notice at any bank outside the Colony, which is freely remittable to the bank in the Colony and held in a form approved by the Commissioner;""; and
(vi) deleting “a branch of the bank within the Colony" in paragraphs (e), (f) and (g) and substituting the follow- ing in each ca$C-
"the bank in the Colony";
(g) deleting subsection (8); and
(k) inserting the following new subsection after subsec-
tion (9)
"(10) For the purposes of this section, the value of any specified liquid asset specified in paragraph (h) or (0) of subsection (6) shall be not more than the current market value of such asset.”.
22. Section 19 of the principal Ordinance is amended by (a) deleting subsection (1) and substituting the following-
*(1) Subject to the provisions of subsection (2), every bank shall, before any dividend is declared, transfer to dos published reserve out of the published profits of each year, after due provision has been made for taxation-
(2) a sum equal to not less than one-third of
such published profits; or
(b) such lesser sum, if any, as may be neces- sary so that the aggregate of the bank's paid up capital and its published reserve is not less than twenty million dollars."; and
(b) deleting "Financial Secretary” in subsection (2) and sub-
stituting the following-
"Commissione".
23. The principal Ordinance is amended by adding the following new section after section 19–
"Maio-
kenance of adequate provision
for bad and doubtful
debus.
19A. Every bank shall-
(a) maintain a provision for its bad and doubt-
ful debts, if any; and
(b) before any profit or loss is declared, ensure
that such provision is adequate.”.
Amendment of section 19.
Addition of new section 19A.