CO129-503-5 Hong Kong and Shanghai Bank Ordinance- 1927 3-12-1926 - 31-12-1927 — Page 13

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this subsection should end at the words "Exchange brokers"

in line 4 and that the remainder of that subsection should

be deleted. If this is agreed, then there must be inserted immediately before the words "Axchange brokers" the word "or".

All the provisions contained in the first four lines of that

subsection would appear to be strictly within the province

of a banking establishment in the Far East, although it is

possible that none of the businesses as mentioned in the

amended subsection would ever be promoted or undertaken

directly by the Corporation. The subsection as originally

drawn is practically in the form of Precedent 159 (9) on

Page 510 of Palmer's Company Precedents Vol.1 (13th Ed)

dealing with "General Financial Companies". If, however, the

Secretary of State still is of the opinion that this

subsection amended as above is too wide, the Bank is agree-

able to omit the same.

With regard to subsection (8) this was presumably

provided by Counsel for the Corporation so as to cover all

eventualities, but the Corporation would be satisfied if

this subsection was allowed to remain with the deletion of

the words "forma", "promote", "subsidise" in the first line.

It is submitted with deference that there would be than no

possible objection to this subsection, as the same would be

then strictly in accordance with modern banking business.

The Corporation agrees to the omission of subsect-

ion (12).

We shall be obliged if you will forward the above

to the Secretary of State accordingly.

I have, &c.,

(Sd.) A. Ü. HYNES,

Chief Manager.