CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 54

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irrespective of withdrawals, must not

be greater than $200.

It might be preferable that

the maximum limit on total deposits

should be prescribed by rules made under

the Ordinance, and if necessary altered

from time to time by the Governor in

Council, as recommended in paragraph 32

of the Report of the Departmental

Committee, copies of which were sent

57

to Hong Kong in circular despatch

of the 3rd of August, 1955.

The position should presumably

be that deposits should not be accepted

above the limit of $5,000. Interest

which is earned on a deposit and accumulates

so that the deposit exceeds that sum

should not be regarded as earning interest

when in excess of the limit, i.e. annual

interest should not accrue on any sum

above 5,000. It will presumably not

be necessary to force a depositor to

withdraw any excess so caused over the

maximum.