1967-HKRS28-8-34_Part02 — Page 23

Amendment

of section 5.

Amendment

6. Section 5 of the principal Ordinance is amended by delet ing "Financial Secretary" and substituting the following-

7.

of section 6.

Amendment

"Governor in Council".

Section 6 of the principal Ordinance is amended by— (a) deleting "Financial Secretary" in subsection (1) and sub-

stituting the following-

"Governor in Council";

(b) deleting paragraph (a) of subsection (2) and substituting

the following-

"(a) a copy of the charter, Ordinance (other than the Companies Ordinance), statutes, memorandum of association and articles of association, or other instrument, under which the company is or is to be incorporated, which shall-

(i) be verified in such manner as the Com missioner or the Governor in Council may require; and

(i) if it is not written in the English language, be accompanied by a translation thereof certified to the satisfaction of the Com- missioner as a Irae and correct translation; and";

(c) deleting "Financial Secretary" in paragraph (b) of sub-

section (2) and substituting the following-

“Commissioner or the Governor in Council"; and

(c) deleting “Financial Secretary" in subsection (3) and sub-

stituting the following-

#.

of Section 7,

"Governor in Council".

Section 7 of the principal Ordinance is amended by-

(a) deleting "Financial Secretary" în subsection (1) and sub-

stituting the following-

"Governor in Council"; and

(6) deleting subsections (2) and (3) and substituting the

following-

"(2) Without prejudice to the provi sions of section 12A, there shall be deemed

C. 345

to be attached to every licence granted under subsection (1) to a bank incorporated in the Colony under the Companies Ordin. ance or by any other Ordinance, whether the licence was granted before the com- mencement of the Banking (Amendment) Ordinance 1967 or is granted thereafter, a condition that the bank shall not establish any branch thereof outside the Colony without the approval of the Commissioner.

(3) Any bank aggrieved by the refusal of the Commissioner to give his approval for the purposes of the condition deemed by subsection (2) to be attached to a bank's licence may appeal by way of petition to the Governor in Council.”.

9. Section 8 of the principal Ordinance is amended by- (a) deleting "No" in subsection (1) and substituting the

following-

"Save as provided in subsection (1A), no”;

(b) deleting "five" in paragraphs (a) and (b) of subsection

(1) and substituting the following in each case-

"ten"; and

(c) inserting the following new subsection after subsection

(1)-

*(1A) The Governor in Council may, if he thinks fit, grant a licence to a company which is owned wholly by the government of any country notwithstanding that the capital of the company does not comply with paragraph (n) of subsection (1).”.

10. Section 9 of the principal Ordinance is repealed and replaced by the following—

"Revocation of licence.

9. licence-

The Governor in Council may revoke a

(a) if he is satisfied that the holder of the

licence

(1) has ceased to transact banking busi- ness in the Colony; or

Amendment of section 8.

Repeal and replacement

of section 9.