1969-HKRS28-8-36_Part02 — Page 10

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(c) adding the following new subsection-

"(2) For the purposes of subsection (1)—

(2) any advances, loans or credit facilities granted or permitted to be outstanding to. and any financial guarantees given and any other liabilities incurred on behalf of, a business or undertaking of which any one person is the sole proprietor shall be deemed to be granted or permitted to be outstanding to or given or incurred on behalf of, as the case may be, that one person;

Amendment of section 24.

3.

Amendment of Part VIII.

Period allowed for com- pliance with section 1.

(b) a person shall not be deemed to be able to control or influence a group of companies by reason only that he is a director of any other company in the group.”.

Section 24 of the principal Ordinance is amended- (a) in subsection (3), by inserting after "credit facilities" in

paragraph (a) the following-

"including unsecured irrevocable documentary letters of credit":

(b) by adding after subsection (6) the following new sub-

section-

4.

"(7) For the purposes of subsections (2) and (4), a facility granted to or on behalf of any firm. partnership or private company which a director of a bank or a relative of a director of a bank is able to control, or to or on behalf of a business or under- taking of which a director of a bank or a relative of a director of a bank is the sole proprietor, shall be deemed to be granted to or on behalf of such director or relative of a director."".

Part VIII of the principal Ordinance is amended by delet- ing the words "on summary conviction" wherever they occur and substituting the following-

"on conviction on indictment".

5. Subject to section 46 of the principal Ordinance, any bank which, prior to the commencement of this Ordinance entered into any business or transaction which has become incompatible with section 24 of the principal Ordinance as amended by section 3 of this Ordinance sball, within two months after the commence- ment of this Ordinance, submit a full and accurate statement of

such business or transaction to the Commissioner and shall liquidate such business or transaction within six months after the commencement of this Ordinance or such longer period as the Commissioner may specify in any particular case.

Pussed by the Hong Kong Legislative Council this 18th day of June, 1960.

مسعليك

Deputy Clerk of Councils.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

Deputy Clerk of Councils.