CO129-561-6 Companies Amendment Ordinance draft bill- correspondence 18-1-1937 - 6-7-1938 — Page 62

862

MOIN

TELEPHONE NO.:-SHEPHERD'S BUSH 2000.

Eosz Bank

'pp

Sir,

Post Office Savings Bank,

London, W. 14.

RECEIVED Nth August 1937.

21 AUG 1937

C. O. REQY

In reply to your letter 53600/37 of the 29th of July addressed

4 to the Postmaster General enclosing a copy of a Bill which it is proposed

to introduce into the Legislative Council of Hong Kong amending further the Companies Ordinance 1932, the matter has been passed to the Director of Savings and, in his absence on leave, I am replying.

The Bill has been perused with interest and this Department has naturally concentrated attention on the reference to Savings Bank Companies.

**

The safeguarding of the word "savings" in the title of a Company is noted with approval as there is no similar provision in our Companies Act 1929 and this Department, in conjunction with other interested bodies, has made representations to the Board of Trade to secure the safeguarding of the title "Savings Bank" in any future legislation amending the Companies Act.

It is observed that a Committee was appointed to consider the question of the legislation, of which the amending Act forwarded, is the result, but it is not known whether they considered the establishment of a Post Office Savings Bank under the direct control of the Post Office of the Colony or of a Savings Bank under the direct control of the Colonial Treasury with, as a corollary, the full guarantee of the Colony for repayment of deposits with interest. The British Post Office Savings Bank is in a difficulty in commenting on the proposed legislation because our conditions are so different from those envisaged for the Savings Bank Companies in the Colony and we, of course, have the full security of the State for the repayment of deposits. I am enclosing a copy of the Statutory Regulations of the Post Office Savings Bank with its amending Regulations which may be found of interest in connexion with the inquiry.

I have the following comments to make on points of detail.

Section 361.