CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 49

C. O.

49

Mr.

Mr.

Mr.

Sir H. Moore.

Sir G. Tomlinson.

Sir C. Bottomley.

Sir J. Shuckburgh.

Permt. U.S. of S.

Parly. U.S. of S.

Secretary of State.

DRAFT.

business after the commencement of the

Ordinance.

Section 353(2) and (3). These

sub-sections purport to control the

activities of banks which set up new

branches elsewhere than in the Colony.

The Hong Kong Legislature has no power

to enact laws having application outside

Hong Kong, and the provisions of these

two sub-sections which relate to

branches established elsewhere than in

the Colony must be deleted.

Section 353(3). The absolute

power given to the Governor in Council

to cancel a licence without cause stated

is undesirable.

The grounds on which a

licence can be cancelled should be

FURTHER ACTION.

-

stated in the Ordinance and it is for

consideration whether the Governor in

Council or the Courts is the proper

authority. It is suggested that the

Court is if the grounds involve

considerations

(*2132—150) Wt. 43270-82–15,000 4/38 T.S. 695