Addition of new pection 244.
9.
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The principal Ordinance is amended by adding after section 24 the following section-
"Malmom holding of *podBed
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24A. (1) A registered deposit-taking company shal maintain at all times a minimum holding of specified liquid assets, free from cacombrances, in accordance with the pro- visions of this section.
(2) The minimum bolding of specified liquid assets to be maintained by a registered deposit-taking company is any calendar mouth shall be not less than such percentag of the deposit liabilities of the company during that month as shall be specified by the Financial Secretary and notified in the Gazette.
(3) For the purpose of subsection (2), the specified liquid assets of a registered deposit-taking company shall be the specified liquid assets of that company within the mean- ing of subsection (7) reduced by an amount equivalent to such company's total liabilities in respect of→
(a) balances of money payable on demand;
(b) money at call due; and
(c) money at short notice duc,
to any licensed bank or other registered deposit-taking com pany in Hong Kong.
(4) The minimum holding of specified liquid asse requited in pursuance of subsection (2) shall include no Iess than the equivalent of such percentage of the deposi liabilities of the company as shall be specified by the Financial Secretary and notified in the Gazette in the form of such specified liquid assets as are set out in paragraphu (a), (b), (c), (d), (e) and (f) of subsection (7), and in determin ing whether the minimum holding includes not less than the equivalent of the specified percentage figure of the depor labilities of the company in the form aforesaid any reduction made pursuant to sublection (3) in respect of balances d moncy payable on demand and money at call shall be deemed to have been made in such specified liquid assi of the company as are set out in paragraphs (@), (5), (3) (d), (e) and (f) of subsection (7).
(9) For the purposes of subsection (2), the specified liquid assets and deposit liabilities shall be the arithmetial means of, respectively, the amounts of specified liquid asset held by, and the dopesil liabilities of, the company accord ing to the company's books at the close of business on EVETY such weekday during the month as the Commissioner naby specify:
Provided that if any such specified weekday is a public holiday the specified liquid assets and deposit liabilities as a the close of business on the last working day preceding that specified weekday shall be taken for the purposes of noch calculation.
(6) For the purposes of computing the minimum belê, ing of specified liquid assets to be held by a registered deposit-taking company--
(a) the deposit liabilities of a registered deposit-taking company shall be deemed to be its gross demand and time liabilities, excluding amounts owing to any bank or other registered deposit-taking company;
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(b) in the case of a registered deposit-taking company operating in Hong Kong and also elsewhere, the offices and branches of the company situated in Hong Kong shall be deemed collectively to be a separate deposit-taking company carrying on busi- ness in Hong Kong:
(c) all the deposit liabilities of a registered deposit- taking company owed through any of the offices or branches in Hong Kong of the company operating in Hong Kong and also clsewhere shall be regarded as if they constituted liabilities of that separate deposit-taking company, and all the assets held by or to the credit of any of the offices or branches shall be regarded as if they were assets of that separate deposit-taking company,
For the purposes of this section, "specified liquid means all or any of the following-
( notes and coins which are legal tender in Hong
Koog
(b) potes and coins in any currency which is freely remittable to the registered deposit-taking company in Hong Kong;
(c) refined gold in the form of coin or bars situated in Hong Kong, and refined gold in the form of coin or bars situated outside Hong Kong if the gold, or money into which it can be converted, is freely remittable to the registered deposit-taking company in Hong Kong from the place where such gold is situated:
(d) the total balance of money payable on demand at any licensed bank or other registered deposit-taking company in Hong Kong and money at call with any licensed bank or other registered deposit-taking company in Hoog Koog:
(e) balances of money payable on demand at say bank outside Hong Kong and money at call with any bank outside Hong Kong, which are or is freely remittable to the registered deposit-taking company in Hong Kong and beld in a form approved by the Commissioner;
( treasury bills, maturing within 93 days, issued by the Government or by the Government of the United Kingdom or by the Government of any other country if such treasury bills issued by the Goverment of any other country are specifled by the Financial Secretary under section 18(6)(c) of the Banking Ordinance:
(g) money at short notice at any licensed bank or other registered deposit-taking company in Hong Kong:
(k) money at short notice at any bank outside Hong Kong, which is freely remittable to the registered deposit-taking company in Hong Kong and held in a form approved by the Commissioner;
(0) bills of exchange discountable in a currency which
is freely remittable to the registered deposit-taking company in Hong Kong:
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