25 -
Mr President, the opportunity is also taken to make a number of minor amendments to the Road Traffic Ordinance relating to vehicle registration marks, the powers of traffic wardens, and the authority to vary the fees charged by vehicle testing centres and vehicle emission testing centres.
Thank you, Mr President.
End/Wednesday, February 22, 1995
Banking (Amendment) Bill 1995
Following is the speech by the Acting Secretary for Financial Services, Mrs Lessie Wei, in moving the second reading of the Banking (Amendment) Bill 1995 in the Legislative Council today (Wednesday):
Mr President,
I move that the Banking (Amendment) Bill 1995 be read a second time.
The two main objectives of the Bill are -
(a)
(b)
to establish the Monetary Authority as the licensing authority of all three types of authorised institutions under the Banking Ordinance; and
to clarify the scope, objectives, duties and powers of a Manager appointed under the Ordinance to take control of an authorised institution. There are also other amendments to effect a number of changes designed to improve the working of the Ordinance.
Presently banks, restricted licence banks and deposit-taking companies are authorised by the Governor in Council, the Financial Secretary and the Monetary Authority respectively. Powers to revoke and suspend also rests with the respective designated authorities, except that the Ordinance does not provide for the suspension of a licensed bank.
After a review of the provisions, we conclude that the Ordinance should be amended -