CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 19

19

(2643-150) Wt. 16318-94

15,000 7/38 T.S. 695

(*3070-150) Wt. 26563-2 20,000 10/38 T.S. 695

C. O.

Mr.

Mr.

Mr.

Mr. A. J. Dawe.

Sir H. Moore.

Sir G. Tomlinson.

Sir J. Shuckburgh.

Permt. U.S. of S.

Parly. U.S. of S.

Secretary of State.

DRAFT.

finand Que Jun (6)

be so drafted as to apply to any company

the title of which includes the "Bank"

or "Banking" or which in the opinion of

the Governor after consultation with the

Examiner of Banks or of the Banking

Advisory Committee, carries on or purporte

to carry on banking business. I would

suggest that it would be better to

transfer the section to Part XV of the

Ordinance.

2.

The new legislation will extend

considerably the statuory regulation of

banks and, in approving this Bill, I

have accepted the local recommendation

that in all the circumstances it is

FURTHER ACTION.

desirable for Hong Kong to have an

Examiner of Banks.

Where this principle has been

accepted elsewhere (e.g. in Canada, U.S.A.

and, more recently, in Palestine) it has

been regarded as necessary that Examiners

of Banks should have had substantial and

sound practical experience in banking.

In