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The present two-year term of the chairmanship of the Committee will be shortened to one year. We agree with the Hong Kong Association of Banks that a two-year term is probably too long given the increasing demands placed on the chairman bank. Furthermore, a shorter tenure would mean that a continuing member would only have to wait for two years before serving as the Chairman, instead of the present four years.
As regards the rotation sequence of the chairman banks, the Bill enables the incumbent bank, the Standard Chartered Bank, which has an original term ending in 1996, to serve a one-year term until the end of 1995, to be followed by the Bank of China in 1996 and the Hongkong and Shanghai Banking Corporation in the following year. The three banks will normally rotate in that sequence thereafter.
Besides provisions on chairmanship, the Bill also seeks to introduce a number of other amendments to the Ordinance, including provisions to cater for the introduction of a new inter-bank payment system and changes to the authority for some of the powers exercisable by the Governor in Council with a view to ensuring consistency with amendments already proposed to the Banking Ordinance recently, and to relieve the burden on the Governor in Council of considering matters which do not involve major policy issues.
Mr President, the Bill contains a number of useful amendments necessary to enhance further the stature of the banking system in Hong Kong and to cater for developments in the banking sector.
End/Wednesday, June 7, 1995
Interpretation and General Clauses Ordinance
Following is the speech by the Secretary for Planning, Environment and Lands, Mr Bowen Leung, in moving the motion of the Interpretation and General Clauses. Ordinance in the Legislative Council today (Wednesday):
Mr President.
I move the motion standing in my name in the Order Paper.