1974-HKRS28-16-22_Part06 — Page 25

Amendment

of Banking Ordinance. (Cap. US$.)

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(b) any expenses incurred in connexion with any issue of share

capital or debentures:

(c) any sums paid by way of commission in respect of any shares

or debentures;

(d) any sums allowed by way of discount in respect of any deben-

tures; and

(e) the amount of the discount allowed on any issue of shares at a

discount.

4.

(1) Fixed assets, current assets and assets that are neither fixed nor current shall be separately identified.

(2) The method or methods used to arrive at the amount of the fixed assets shall be stated.

5. There shall be shown under a separate beading the aggregate amount of any outstanding loans made under the authority of provisos (b) and (c) to subsection (1) of section 48.

感 Where any liability of the company is secured otherwise than by operation of law on any assets of the company, the fact that that liability is so secured shall be stated, but it shall not be necessary to specify the assets on which the liability is secured.".

23. The Banking Ordinance is amended-

(a) by deleting section 36 and substituting the following--

"Audit.

(Cup. 31.1

36. (1) Every bank which is a company, and its auditors, shall comply with the provisions of the Companies Ordinance with respect to the audit of a company's accounts, whether or not the bank is in- corporated under that Ordinance.

(2) The Commissioner may appoint another auditor to act with the auditor appointed by a bank in accordance with the Companies Ordinance or, in the case of an unincorporated bank, section 44A.";

(6) in section 37-

(i) by deleting. in subsection (1)(a), "or auditors made pursuant to paragraph (b) of subsection (3) of section 36" and substituting the following-

"made pursuant to section 141 of the Companies Ordinance or section 44A of this Ordinance”; and

(ii) by deleting, in subsection (3), "a general meeting of the shareholders of the company pursuant to para-

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graph (6) of subsection (4) of section 36" and substituting the following-

"the company in general meeting in accordance with subsection (1) of section 129p of the Companies Ordinance";

(c) by inserting the following new section after section 44—

44A, (1) Every unincorporated bank shall ap- point annually an auditor.

"Auditor.

(2) The duties of the auditor so appointed shall be--

(a) to carry out for the year in respect of which he is appointed an audit of the accounts of the bank:

(b) to make a report to the directors of the bank on the audited accounts, the balance sheet and the profit and loss account of the bank; and

(c) in every such report to state-

(i) whether or not all the information and explanations which were in the opinion of the auditor necessary for the purposes of the audit bave been obtained;

(ii) whether or not, according to the best of the information and explanations given to him, the balance sheet and profit and loss account referred to in the report give in his opinion a true and fair view of the state of the affairs of the bank at the date of the balance sheet, and of the profit or loss for its financial year, regard being had, inter alia, to the provisions of this Ordinance;

(iii) whether or not in bis opinion proper books of account have been kept by the bank so far as appears from the audit of the accounts; and

(iv) whether or not in his opinion proper returns, adequate for the purposes of the audit, have been received by him from branches of the bank not visited."; and