16
17
Amendment
of section 24.
Amendment
of section 25.
Repeat and replacement of section 26.
Amendment
of section 11.
Amendment
of section 28.
(b) inserting the following aftor "advances" in paragraph (d)
of the proviso-
"or loans".
27. Section 24 of the principal Ordinance is amended by inserting the following in subsection (3) after “advances”-
14+
P
unsecured loans",
28. Section 25 of the principal Ordinance is amended by- (a) inserting the following after “unsecured advances"-
unsecured loans"; and
(6) inserting the following after "such advances”-
*. loans".
29. Section 26 of the principal Ordinance is repealed and replaced by the following-
"Bank not
to engage
in trade
or bave interest in commercial or industrial concern.
26. (1) A bank shall not-
(a)
engage, whether on its own account or ad agent for another person, in any wholesale, retail, import or export trade: or
(b) save as permitted by section 27 or 28 and save to the extent of such interest as a bank may acquire in the course of the satisfaction of debts due to it, have a direct interest in any commercial, agricultural, industrial or other undertaking.
(2) Any interest in any commercial, agricultural, industrial or other undertaking acquired by a bank in the course of the satisfaction of a debt due to it shall be disposed of at the earliest suitable oppor- tunity and in any event not later than eighteen months after it was acquired or within such longer period as the Commissioner may allow in any particular case.”.
30. Section 27 of the principal Ordinance is amended by deleting "Financial Secretary" in subsection (2) and substituting the following-
"Commissioner”.
31. Section 28 of the principal Ordinance is amended by deloting "Financial Secretary" în subsections (2) and (3) and sub stituting the following in each case-
“Commissioner".
32. Section 32 of the principal Ordinance is amended by- (a) inserting the following in subscotion (1) after “advance”.
**, loan"*: and
4
(b) dekting subsection (2) and substituting the following-
"(2) For the purposes of sections 27. 28 and 29, "value" means-
Cap. 293
(c) in the case of shares in a company other than a trust company regis- tered under Part VIII of the Trustee Ordinance, the total of the qurrent book value and the amount for the time being remaining un- paid on the stares; and
(6) in any other case, the current book
value.".
33. Section 33 of the principal Ordinance is amended-
in subsection (1)—
(a)
() by deleting "Financial Secretary" and substituting the following-
"Commissioner"; and
(0) by deleting "by a statutory declaration made": (b) by inserting the following in subsection (2) after "bank"
in the first place where it occurs therein-
"incorporated under the Companies Ordinance or by any other Ordinance"; and
(c) by deleting subsection (3) and substituting the following-
"(3) A bank aggrieved by a decision of the Financial Secretary refusing his approval for the purposes of subsection (2) may appeal by way of petition to the Governor in Council.".
34. Section 34 of the principal Ordinance is amended by deleting "the Financial Secretary through”.
35. Section 35 of the principal Ordinance is amended by deleting "Financial Secretary" in subsection (2) and substituting the following-
"Commissioner".
36. Section 36 of the principal Ordinance is repealed and replaced by the following-
"Auditors.
36. (1) Every bank shall appoint annually an auditor.
Amendment
of section 32.
Amendment
of section 33.
Amendment
of section 34.
Amendment
of section 35.
Repeal and replacement of section 36.