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TUESDAY, SEPTEMBER 27,
1923
+1 NOW BELIEVE THE ONLY SATISFACTORY COURSE FOR THE GOVERNMENT IS TO TAKE OVER THE HANG LUNG BANK. IT WOULD IN MY OPINION BE WRONG TO ADVANCE PUBLIC MONEY DIRECTLY TO AN INSTITUTION WHICH THE GOVERNMENT CANNOT CONTROL AND IN WHICH IT IN ITS PRESENT OWNERSHIP WE DO NOT HAVE CONFIDENCE, HE SAID.
IN STATING THAT THE BANK WOULD OPEN FOR BUSINESS TOMORROW IF THE BILL WAS APPROVED BY THE COUNCIL, SIR JOHN SAID HE KNEW THAT THE STAFF WOULD RESPOND ACCORDINGLY AND GIVE THEIR FULL SUPPORT TO THE NEW MANAGEMENT.
+EXISTING DIRECTORS WILL CEASE TO HOLD OFFICE, HE ADDED,
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UNOFFICIALS SUPPORT BILL
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THE HANG LUNG BANK (ACQUISITION) BILL 1983 REFLECTED THE GOVERNMENT'S CONCERN AND WILLINGNESS TO TAKE SWIFT ACTION AND
EASURES TO PROTECT THOSE WHO, IN GOOD FAITH, PLACED THEIR MONEY IN BANKS HERE, THE SENIOR UNOFFICIAL MEMBER OF THE LEGISLATIVE COUNCIL, THE HON ROGER LOBO SAID IN THE COUNCIL THIS (TUESDAY) EVENING.
+IN SUPPORTING THE MEASURES PROPOSED, I WOULD BE FAILING IN MY DUTY IF I DID NOT CONDEMN THE MANAGEMENT WEAKNESS WHICH HAS MADE NECESSARY THIS CORRECTIVE ACTION,+ MR LOBO SAID IN SUPPORT OF THE BILL.
THE BILL WAS MOVED BY THE FINANCIAL SECRETARY THROUGH THREE READINGS AND THE COMMITTEE STAGE AT ITS SPECIAL MEETING THIS EVENING.
+1 RISE TO SUPPORT THIS BILL AND THE MEASURES PROPOSED BY MY FRIEND, THE FINANCIAL SECRETARY.
+WE ARE ASSEMBLED HERE IN THIS CHAMBER TO ACT WITHOUT DELAY TO PROTECT THE INTERESTS OF THE DEPOSITORS,+ MR LOBO SAID.
THE FINANCIAL SECRETARY, HE SAID, HAD JUST GIVEN A CLEAR ACCOUNT OF THE EVENTS LEADING TO THE INTRODUCTION OF THE BILL.
+SIR, WITH THESE REMARKS | SUPPORT THE MOTION, MR LOBO SAID.
NEW LEGCO MEMBERS MAKE AFFIRMATION OF ALLEGIANCE
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THREE NEW UNOFFICIAL MEMBERS OF THE LEGISLATIVE COUNCIL MADE THEIR AFFIRMATION OR TOOK THEIR OATH OF ALLEGIANCE AT ITS SPECIAL MEETING THIS (TUESDAY) EVENING.
THEY WERE MRS RITA FAN, MRS PAULINE NG AND MR POON WING-CHEUNG.