CO129-567-10 Companies Amendment Ordinance- draft bill 15-9-1938 - 28-9-1938 — Page 39

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SUGGESTED REVISED DRAFT FOR

PARAGRAPHS 2 & 3 OF COLONIAL OFFICE DESPATCH

to

39

2.

The new legislation will extend considerably the

statutory regulation of banks and, in approving this Bill, I have

accepted the local recommendation that in all the circumstances

it is desirable for Hongkong 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 view of the complications of banking business and

circumstances in Hongkong, and the peculiar international

relations of the Colony, it seems to me essential that the same

rule should be adopted there, and I regard the selection of a

suitably qualified Examiner as a matter of the first importance

in the application of this legislation.

I shall be glad to learn, in the light of the above

suggestions, what recommendations you would wish to make as to

terms of service and the precise scope of the Examiner's duties

and responsibilities.

14th October 1938.