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operation" qualify the words "no banking
company incorporated outside the Colony"
as well as the words "formed and registered
in the Colony". A licence should, it
is suggested, only be required when a
company starts a banking business after
the commencement of the Ordinance.
Section 353(2) and (3). The se
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 establishød 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
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