XN000022-1980-11-28 — Page 4

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FRIDAY, NOVEMBER 28, 1980

HONG KONG ASSOCIATION OF BANKS BILL PUBLISHED

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A BILL SEEKING TO INCORPORATE THE HONG KONG ASSOCIATION OF BANKS IS PUBLISHED IN THE GOVERNMENT GAZETTE TODAY.

THE ASSOCIATION WILL TAKE OVER THE FUNCTIONS OF THE EXCHANGE BANKS' ASSOCIATION, AN UNINCORPORATED ASSOCIATION FORMED IN 1897.

A GOVERNMENT SPOKESMAN SAID THE BILL, THE HONG KONG ASSOCIATION OF BANKS BILL 1980, HAD BEEN FORESHADOWED IN THE FINANCIAL SECRETARY'S 1980 BUDGET SPEECH (PARAGRAPH 317).

THE SPOKESMAN SAID THE EXCHANGE BANKS' ASSOCIATION HAD AN IMPORTANT ROLE TO PLAY IN THE MONETARY SYSTEM IN HONG KONG, BUT ITS CONSTITUTION HAD TO BE REVISED TO REFLECT THE INTERESTS OF ALL MEMBERS OF WHAT IS NOW A VERY DIVERSE BANKING INDUSTRY.

IT WAS ALSO APPROPRIATE, HE SAID, TO GIVE TO THE GOVERNMENT THE TYPE OF FORMAL INVOLVEMENT WHICH IT HAD LACKED UP TO NOW, BOTH IN ENSURING THAT THE NEW CONSTITUTION OF THE ASSOCIATION CONTINUED TO BE UP-DATED TO REFLECT FUTURE CHANGES IN THE BANKING INDUSTRY, AND IN THE FORMULATION BY THE ASSOCIATION OF RULES RELATING TO THE CONDUCT OF BANKING BUSINESS.

THE SPOKESMAN SAID THAT ON ENACTMENT IT WAS PROPOSED TO REQUIRE EVERY LICENSED BANK IN HONG KONG TO BE A MEMBER OF THE NEW ASSOCIATION A CONDITION TO THIS EFFECT WOULD BE ATTACHED TO EACH BANK'S LICENCE UNDER POWERS SET OUT IN THE BANKING ORDINANCE.

THE FINANCIAL SECRETARY WILL MOVE THE SECOND READING OF THE BILL IN THE LEGISLATIVE COUNCIL NEXT WEDNESDAY (DECEMBER 3).

PLAN TO DEVELOP NORTHWEST AND NORTHEAST NEW TERRITORIES MUCH NEEDED ****

SECRETARY FOR THE NEW TERRITORIES, MR DAVID AKERS-JONES, TODAY STRESSED THE NEED TO PLAN PROGRESSIVELY TO DEVELOP THE NORTHWEST AND NORTHEAST AREAS OF THE NEW TERRITORIES WITH URBAN - AND SUBURBAN

DEVELOPMENT.

MR AKERS-JONES WAS SPEAKING AT THE 30TH ANNUAL DINNER OF THE ROYAL INSTITUTION OF CHARTERED SURVEYORS.

+UNLESS WE CAN PRODUCE A PLAN FOR THE ORDERLY DEVELOPMENT OF ALL THE RURAL FLAT LANDS IN THE NORTHWEST AND NORTHEAST OF THE NEW TERRITORIES, GRADUALLY, AS THE TOWNS OF TUEN MUN, YUEN LONG, FANLING AND TAI PO DEVELOP, THE RURAL FLAT LANDS IN-BETWEEN WILL BECOME MORE AND DENSELY POPULATED AND COVERED WITH DISORDERLY DEVELOPMENT OF ALL KINDS SUCH AS SURROUND THE UNDEVELOPED AREA OF KOWLOON AND TSUEN WAN.

/+THE THOUGHT