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calendar month shall be not less than an amount equivalent to the aggregate of the following-
14
(a) such percentage as the Financial Secretary may specify by notice in the Gazette of the deposit Jiabilities of the company during that month in respect of deposits repayable within 7 days or at 7 days' notice or less, and time deposits in respect of which the depositor may, whether by virtue of any written or oral agreement or by custom, obtaïo repayment before malurily; and
(b) such percentage as the Financial Secretary may so specify of its deposit liabilities during that month in respect of time deposits other than those referred to in paragraph (a)".
(b) by inserting after subsection (3) the following-
"(3A) Where the liabilities of a registered deposit-taking company during any month do not include any deposii liabilities, the minimum holding of specified liquid assets to be maintamed in that month by the company shall be not less than an amount equivalent to the company's liabilities during that month in respect of—
(a) balances payable on demand;
(6)
money at call due; and
(c) money at short notice due.
to any licensed bank or other registered deposit-taking com- pany in Hong Kong; and in respect of amounts referred to in paragrapha (a) and (b), such specified liquid assets shall be held in any form set out in paragraphs (ā), (5), (c), (d), (e). (ea). (ed) and ( of subsection (7)":
(c) in subsection (4)–
(1) by deleting "the deposit liabilities of the company”, wherever it occurs, and substituting the following-
"such holding";
(ii) by inserting after "(e)", wherever it occurs, the following-
(a), (b)";
(a) by deleting subsection (5) and substituling the following—
"(5) For the purposes of subsections (2). (3). (3A) and (4), the assets and liabilities of a registered deposit-taking company shall be the arithmetical means of, respectively, the amounts of the assets held by, and the liabilities of the company according to the company'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 en the last working day preceding that specified weekday shall be taken for the purposes of such calculation.";
(e) in subsection (7)—
(i) by inserting after paragraph (e) the following-
"(ed) certificates of deposit which are-
D) issued outside Hong Kong by any bank approved by the Commissioner for the purposes of this section in
(Cap. 135)
(Cxp. 155.)
any foreign currency freely remittable to the registered deposit-taking company in Hong Kong; and
(ii) marketable in a manner satisfactory to the Com- missioner:
(ed) such money market instruments as the Financial Secre
tary may specify under section 18(6)(25) of the Banking Ordinance."
(ii) by inserting after paragraph (4) the following-
“Ora) such money market instruments as the Financial Seere. tary may specify under section 18(6)(ec) of the Banking Ordinance;";
(ili) in paragraph (f) by inserting after "exchange" the follow- ing
"payable at usance outside Hong Kong and"; and
(iv) by deleting paragraph (f) and substituting the following- "O bills of exchange payable after sight outside Hong Kong in a currency freely remittable to the registered deposit- taking company in Hong Kong:"; and
( by deleting subsection (9) and substituting the following-
"(9) For the purposes of this section, the value of any specified liquid asset shall be not more than the market valus of such asset.".
Passed by the Hong Kong Legislative Council this 28th day of November 1979.
Clerk
the Legidalive Council,
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 bEN.
Clerk
the Legislative Council.
No comments yet.
Private notes are available after approval.