1975-HKRS28-16-23_Part04 — Page 67

Amendment of pection 13.

4.

Amendment od Bection 2.

Amendment ol Kalon 53.

2

Section 18 of the principal Ordinance is amended- (a) by deleting subsection (2) and substituting the following-

"(2) The minimum holding of specified liquid assets to be maintained by a bank in any calendar month shall be not less than 25 per cent of the deposit Nabilities of the bank during that month.":

(6) in subsection (3) by deleting at the close of business on the last

business day of the preceding calendar month";

(c) by deleting subsection (4) and substituting the following-

*(4) For the purposes of subsection (2), the specified liquid assets and deposit liabilitica shall be the arithmetical means of, respectively, the amounts of specified liquid assets held by, and the deposit liabilities of, the bank according to the bank's books at the close of business on every such week day during the month as the Commissioner may specify:

Provided that if any such specified weekday is a public holiday the specified liquid assets and deposit liabilities as al the close of business on the last working day preceding that specified weekday shall be taken for the purposed of such calculation.";

(d) in subsection (6)—

(i) in paragraph (e) by deleting “, the currency of which is freely remittable to the bank in the Colony" and substituting the follow- ing-

"If such treasury bills issued by the Government of any other country are specified by the Financial Secretary and published in the Gazelle";

(i) in paragraph (b) by inserting after "Government" the follow- ing

#

or the Government of any other country,"; and

(i) in paragraph (7) by deleting the Goverment of the United Kingdom or the Government of any other country" and substituting the following--

"or the Government of the United Kingdom"; and

(e) in subsection (7)-

(i) by deleting "Governor in Council and substituting the following

"Financial Secretary"; and

(10) by inserting after "order" the following—

"raise or".

5. Section 23 of the principal Ordinance is amended in subsection (1) by inserting after paragraph (a) of the proviso the following new paragraph-

"(aa) transactions to the extent to which they are covered by a form

of quarantee acceptable to the Commissioner:”

Section $3 of the principal Ordinance is amended-

(a) in subsection (1), by deleting "or his executor or the authorized representative of such person or executor" in paragraph (5); and

(6) in subsection (1A)-

7.

() by deleting "and" at the end of paragraph (c);

(0) by deleting the comms at the end of paragraph (d) and sub- stituting the following-

"; and"; and

(i) by inserting after paragraph (4) the following new para- graph-

"(e) any person employed by or assisting a person to whom this subsection applies by virtue of paragraph (6), (c) or

Section 60 of the principal Ordinance is amended by deleting "five" Amcadment of and substituting the following--

#.

""Afty".

Acco 60.

wapiga 53.

Section 63 of the principal Ordinance is amended by deleting "shall Amendment of be guilty of an offence and shall be liable on conviction on indictment to a fine of two thousand dollars for every day during which the offence con- limuça" and substituting the following —

"shall be guilty of an offence and shall-

(0) in the case of a continuing offence, be liable on conviction on indictment to a fine of two thousand dollars for every day during which the offence continues; and

(i) in the case of an offence which is oot a continuing offence, be liable on conviction on indictment to a fine of Sfty thousand dollars.".

Passed by the Hong Kong Legislative Council this 3rd day of December, 1975,

Clerk in the Legislative Councii.

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

интест

Clerk to the Legistative Council.