1967-HKRS28-8-34_Part02 — Page 22

Amendment

of section 2. (Cap. 1553

3

(4) Paragraph (a) of subsection (6) of the new section 20 inserted in the principal Ordinance by section 24 of this Ordinance shall not come into operation until the lat day of November 1967, and until that day the expression "assets within the Colony" sball. for the purposes of paragraph (b) of subsection (1) and paragraph (b) of subsection (2) of the said new section 20, have the meaning that it has for the purposes of paragraph (b) of subsection (1) of section & of the principal Ordinance.

2.

Section 2 of the principal Ordinance is amended by- (a) inserting the following definitions in subsection (1), in the appropriate place having regard to the initial letter of each of them –

AL

"auditor" means a person whose name appears for the time being on Part I or Part II of the authorized list of auditors kept by the Registrar of Companies under section 131 of the Com- panies Ordinance;";

"branch", in relation to a bank, includes a mobile branch of the bank and a branch established and maintained for a limited period only;"; "depositor" means a person who has an account at a bank, whether the account is a current account, a deposit account, a savings account or any other account;":

money at call" means money payable within not more than twenty-four hours of a demand there- for, but does not include money payable o demand;":

"money at short notice" means money, other than money at call, payable within not more than seven days of a demand therefor:"; and

(b) inserting the following new subsection after subsection

(1)

*(LA) Without prejudice to any other meaning which "insolvent" may have, a bank stall, for the purposes of this Ordinance, be deemed to be insol- vent if either it has ceased to pay its debts in the ordinary course of business or it cannot pay its debts as they become due.".

3.

The principal Ordinance is amended by deleting the beading to Part II and substituting the following-

4.

(a)

"APPOINTMENTS, GENERAL DUTIES OF COMMISSIONER AND

POWER OF Governor TO GIVE DIRECTIONS.".

Section 3 of the principal Ordinance is amended-

in subsection (1), by-

(1) deleting in Council"; and

(i) inserting the following after "banking business"

"and of advising the Governor in Council in any case where the advice of the Committee is sought under subsection (2) of section 14":

(b) in subsection (2), by-

(i) inserting the following after “Financial Secretary”-

"the Commissioner"; and

(ii) deleting "seven" and substituting the following-

"nine"; and

(c) in subsection (3), by inserting the following after

"Advisory Committee”-

"appointed by the Governor",

5. The principal Ordinance is amended by adding the following new sections after section 4-

"Contais- Sener may Copley assistants.

Power of Governor to giva directions.

4A. The Commissioner may authorize or employ any person to assist him in the exercise of his func- tions and duties under this Ordinance, either generally or in any particular case.

48. (1) The Governor may give to the Financial Secretary and the Commissioner such directions as he thinks fit with respect to the exercise or performance of their respective powers, functions and duties under this Ordinance, either generally or in any particular

case.

(2) The Financial Secretary and the Commis- sioner shall, in the exercise or performance of their respective powers, functions and duties under this Ordinance, comply with any directions given by the Governor under subsection (1).".

Amendment

of heading to Part II,

Amendment

of section 3.

Addition of new sections 4A and 43.