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WEDNESDAY, NOVEDER 5, 1975
THE BILL ALSO PROPOSES THE SETTING UP OF A DEPOSIT-TAKING COMPANIES ADVISORY COMMITTEE, WITH FUNCTION SIMILAR TO THOSE OF THE BANKING ADVISORY COMMITTEE UNDER THE BANKING ORDINANCE.
IT IS ALSO PROPOSED THAT ONLY LICENSED BANKS AND REGISTERED DEPOSIT-TAKING COMPANIES SHOULD BE ALLOWED TO ADVERTISE IN HONG KONG FOR DEPOSITS. THIS IS MAINLY DIRECTED AGAINST THE SOLICITING CF DEPOSITS BY 'OVERSEAS CONCERNS WHICH ARE NOT OTHERWISE. SUBJECT TO SUPERVISION HERE.
PROVISIONS ARE ALSO MADE AGAINST THE SOLICITING OF DEPOSITS BY FRAUDULENT, RECKLESS OR NEGLIGENT MISINTERPRETATION.
DEDATE ON THE BILL WAS ADJOURNED.
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