Arsdmthc vf Martin 3,
Amendment of Westlun 18.
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3. Section 3(2) of the principal Ordinance is amended by deleting "10" and substituting the following-
"12".
4. Section 18 of the principal Ordinance is ammended-
(a) by deleting subsection (2A) and substituting the following-
"(ZA) For the purpose of subsection (7), the specified liquid assets of a bank shall be the specified liquid assets of that bank within the meaning of subsection (6) reduced by an amount equivalent to such bank's total liabilities in respect of-
(a) balances payable on demand:)!! (b) money at call due; and │
(c) money at short notice due,
to other banks or any registered deposit-taking company in Hong Kong,
(28) Where the abilities of a bank during any month do not include any deposit liabilities, the minimum holding of specified liquid assets to be maintained in that month by the bank shall be not less than no amount equivalent to the bank's liabilities during that month in respect of
(a) balances payable on demand.
(b) money at call due; and
(c) money at short notice due,
to other banks or any registered deposit-taking company in Hong Kong and in respect of amounts referred to in para- graphs (o) and (6), auch specifled liquid assets shall be held in any form set out in paragraphs (2), (ma), (6), (2), (d), (da). (46) and (e) of subsection (6)";
(b) in subsection (3) by inserting after "Id", wherever it occurs, the
following-
(da), (db)";
(c) by deleting subsection (4) and substituting the following—
"(0) For the purposes of subsections (2), (2A), (28) and (). the assets and liabilities of a book shall be the arith- metical means of, respectively, the amounts of the assets held by, and the liabilities of, the bank according to the bank's books at the close of business on every such weekday during the month as the Commissioner may specify:
Provided that if any such specified weekday is a public holiday the assets and liabilities as at the close of business on the last working day preceding that specified weekday shall be taken for the purposes of such calculation.":
(d) in subsection (5)(a) by inserting after "banks" the following-
"or any registered deposit-taking company”;
(e) in subsection (6)→
(i) by deleting paragraph (c) and substituting the following-
"(c) the total balance of money payable on demand at, and money at call with, other banks or any registered deposit- taking company in Hong Kong!";
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( by inserting after paragraph (4) the following- "(da) certificates of deposit which are-
(i) issued outside Hong Kong by any bank approved by the Commissioner for the purposes of this section in any foreign currency freely remittable to the bank in Hong Kong; and
(ii) marketable in # mander Latisfactory to the Commissioner;
(db) such money market instruments ** the Financial Secretary may specify by notice in the Gazette;";
(ii) by deleting paragraphs (se) and (eee) and substituting the following-
"(ca) money at short notice at other banks or any registered
deposit-taking company in Hong Kong:
(eb) money at short notice at any bank outside Hong Kong, which is freely remittable to the bank in Hong Kong and beld in a "form approved by the Commissioner; (ec) such money market instruments, other than art instrument specified under paragraph (48), as the Financial Secretary may specify by notice in the Gazerre;";
(iv) in paragraph (f) by inserting after "exchange" the following-
*payable at usance outside Hong Kong and", and
(v) by deleting paragraph (g) and substituting the following-
"(g) billa of exchange payable after sight outside Hong Kong in a curtency freely remittable to the bank in Hong Kong:"; and
(0 by deleting subsection (10) and substituting the following-
"(10) For the purposes of this section, the value of any specified liquid asset shall be not more than the market value of such assel",
The principal Ordinance is amended by deleting “the Colony", Substitution of wherever it occurs, and substituting the following-
“Hang KonE"
Passed by the Hong Kong Legislative Council this 28th day of November 1979.
Clerk to the Legislative Gouncil.
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.
Clerk 06 the Legislagý/ Council.
"Hood Koor" Four "be Colony" In Cap. 155.
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