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I
PHILY, MAY 1, 1987
BEFORE RETURNING TO HONG KONG, SIR DAVID WILL VISIT VIENNA AND ADDRESS THE AUSTRIA HONG KONG SOCIETY AND THE INSTITUTE FOR INTERNATIONAL ECONOMIC RELATIONS ON MAY 7 ON THE TOPIC +HONG KONG I FOUNDATIONS FOR THE FUTURE.
NOTE TO EDITORS:
SIR DAVID WILL DEPART HONGKONG FOR THE CONFERENCE ON SUNDAY AY 3) BY FLIGHT CX 289, ETD 10.40 PH, AND IS SCHEDULED TO RETURN TO HONGKONG ON MAY 11 ON BOARD FLIGHT SR 431 ETA 9.50 AM.
A PHOTOGRAPHIC FACILITY HAS BEEN ARRANGED FOR MEMBERS OF THE MEDIA TO COVER SIR DAVID'S DEPARTURE. THOSE WISHING TO USE THE FACILITY ARE REQUESTED TO ASSEMBLE AT THE AIRPORT PRESS ROOM IN THE ARRIVAL HALL AT 9.30 PM ON SUNDAY. GIS REPRESENTATIVES WILL BE ON HAND TO ASSIST.
FUND MANAGEMENT POWER GRANTED
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THE FINANCIAL SECRETARY HAS GRANTED AN EXEMPTION TO JARDINE MATHESON AND COMPANY TO ENABLE IT TO MANAGE THE FUNDS OF COMPANIES ASSOCIATED WITH IT.
THE EXEMPTION, PUBLISHED IN THE GAZETTE TODAY (FRIDAY), WAS GRANTED UNDER SECTION 13 OF THE BANKING ORDINANCE.
A GOVERNMENT SPOKESMAN EXPLAINED THAT SECTION 12 OF THE BANK ING ORDINANCE RESTRICTS THE BUSINESS OF TAKING DEPOSITS IN HONG KONG TO BANKS AND DEPOSIT-TAKING COMPANIES, BUT SECTION 13 EMPOWERS THE FINANCIAL SECRETARY TO EXEMPT ANY PERSON FROM SECTIR 12 SUBJECT TO ANY CONDITIONS AS HE MAY IMPOSE.
ACCORDING TO THE GAZETTE NOTICE, JARDINE MATHESON AND COMPANY MAY TAKE DEPOSITS FROM COMPANIES AS SPECIFICALLY APPROVED BY THE COMMISSIONER OF BANKING OR FROM EMPLOYEES OF SUCH COMPANIES.
THE SPOKESMAN SAID THAT THE EXEMPTION WAS TO ENABLE THE COMPANY TO MANAGE THE FUNDS OF COMPANIES ASSOCIATED WITH IT WHICH TECHNICALLY AMOUNTS TO THE BUSINESS OF TAKING DEPOSITS
+ IT IS, HOWEVER, NOT TAKING DEPOSITS FROM THE GENERAL PUBLIC WHICH THE BANKING ORDINANCE AIMS TO REGULATE, HE ADDED.
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