Membership of Association.
Committee.
(c) the procedure for election of members of the Committee as
provided in section 8(1)(b)
(d) the procedure for election of members of the Consultative Council
as provided in section NIKA);
(e) entrance fees and subscriptions for membership of the Associa-
tion:
() control of funds of the Association;
(g) the keeping of proper accounts of the Association and records
in relation thereto and the preparation of annual accounts;
(4) the appointment of auditors and the audit of the accounts of
the Association:
( the enforcement of the provisious of section 21(4) or of any
by-laws made hereunder,
(2) (4) A by-law ander subsection (1) may be made only by an affirmative vote of not less than two-thirds of the members present and voting at a meeting of the Association convened for that purpose and notified in accordance with paragraph (b). (b) Notice of such meeting and of the resolutions to be proposed thereat shall be delivered, or sent by registered post or recorded delivery, to every member at its registered office or principal place of business in Hong Kong not less than 21 days before the date fixed for the meeting, but the non-receipt of such a notice by any member shall not invalidate the proceedings thereal
(0) By-laws made under subsection (1)
(a) shall be subject to, and shall not derogate from, any other
Inw;
(b) shall be subject to the approval of the Governor in Council.
PART III
Membership of THE Association, Committee AND CONSULTATIVE COUNCIL
7. (1) Every licensed bank which is so required by a condition altached to its licence shall become a member of the Association and sball, subject to this section, remain a member of the Association unless expelled under section 21(14); and membership of the Association sball be restricted to licensed banks.
(2) A member which ceases to be a licensed bank shall ipso facto cease to be a member of the Association.
(3) A member shall not be expelled from membership of the Associa- tion without the prior approval of the Governor in Council.
&.
comprise
(1) There shall be a Committee of the Association which shall
(4) 3 continuing members which shall be
(D) the Bank of China;
(ii) The Chartered Bank;
(i) The Hongkong and Shanghai Banking Corporation:
(b) 9 elected members which shall be elected in accordance with the by-laws of the Association and which shall be, and be clected,-
() as to 4 members, by those members whose place of incor- poration is Hong Kong or which are licensed under section 42 of the Banking Ordinance;
(ii) as to 3 members, by those members whose place of incor- poration is outside Hong Kong
(2) The 3 continuing members referred to in subsection (1)α) shall, subject to subsection (3), hold office in perpetuity.
(3) Any member of the Committee which ceases for any reason to be a member of the Association shall fpso facto cease to be a member of the Committee.
(4) There shall be a Chairman and Vice-Chairman of the Committee and these offices shall be held alternately by The Chartered Bank and The Hongkong and Shangbai Banking Corporation.
(5) The periods of office for the Chairman and the Vice-Chairman shall in cach case be two years:
Provided that The Chartered Bank shall hold office as Chairman and The Hongkong and Shanghai Banking Corporation shall hold office an Vice-Chairman until 31 December 1980 and with effect from 1 January 1981 The Hongkong and Shanghai Banking Corporation and The Chartered Bank shall hold office as Chairman and Vice-Chairman respectively.
(Cp 1330
Cadoci
7. (1) There shall be a Consultative Council of the Association which Comutative shall comprise
(a) the 3 continuing members; and
(6) the number of elected members provided for in the Schedule Schestur.
which members shall be elected in accordance with the by-laws of the Association and which shall be, and be elected by, members incorporated or, in the case of unincorporated members. baving their principal place of business, in various regions of the world" as provided in The Schedule.
(2) The Chairman and the Vice Chairman for the time being of the Commillee pursuant to section 8(4) and (5) shall ex officio be the Chairmaa and the Vice-Chairman respectively of the Consultative Council,
(3) The Governor in Council may, by order published in the Gazette, amend the Schedule.
Scheduße,
(0) Where the Schedule is amended pursuant to subsection (3) any Schedule, variation in the number of elected members required, or the regions from which such member ure to be elected, shall take effect from the date of the next following meeting to eleet members of the Consultative Council
10. (1) Every member of the Association shall designate in writing Daggated in a manner acceptable to the Committee a full time employee of that repec VI member holding à managerial post who shall as representative of that member-
(a) attend and vote al meetings;
(b) hold office;
(c) execute documents,
and otherwise act for and on behalf of the member for the purposes of this Ordinance and by-laws made hereunder.
of members.
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