XN000022-1981-04-10 — Page 6

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FRIDAY, APRIL 10, 1981

PUBLIC MEETINGS IN THESE AREAS WILL STILL HAVE TO BE NOTIFIED BUT IT IS INTENDED THAT THEY COULD BE HELD MORE OR LESS AS

A MATTER OF ROUTINE ON COMPLETION OF THE NORMAL BOOK INGS PROCEDURES FOR THE USE OF THESE GROUNDS.

LION, DRAGON AND UNICORN DANCES AND ATTENDANT MARTIAL ARTS DISPLAYS HELD IN PUBLIC PLACES WILL NOT BE LICENSED UNDER THE PUBLIC ORDER ORDINANCE FROM MAY 8- UNDER THE SUMMARY OFFENCES (AMENDMENT) ORDINANCE 1981, WHICH HAS ALSO BEEN PASSED BY THE LEGISLATIVE COUNCIL, ORGANISERS WILL INSTEAD BE REQUIRED TO OBTAIN A PERMIT FROM THE COMMISSIONER OF POLICE.

THE SPOKESMAN ADDED THAT BECAUSE OF THE GREATER LIKELIHOOD OF DISRUPTION AND INCONVENIENCE TO THE GENERAL PUBLIC FROM GROUPS MOVING ON THE HIGHWAY, PUBLIC PROCESSIONS WOULD STILL HAVE TO BE LICENSED.

THE ONLY EXCEPTIONS ARE PUBLIC PROCESSIONS WHICH DO NOT TAKE PLACE ON A PUBLIC HIGHWAY OR THOROUGHFARE, OR IN A PUBLIC PARK, AND THOSE WHICH CONSIST OF NO MORE THAN 20 PEOPLE.

APPLICATION FORMS FOR A LICENCE, OBTAINABLE FROM ANY POLICE STATION OR THE LICENSING OFFICE AT POLICE HEADQUARTERS, MUST BE SUBMITTED AT LEAST SEVEN DAYS IN ADVANCE.

PROPOSALS TO REVISE DEFINITION OF BANK ING BUSINESS

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TWO BILLS ARE PUBLISHED IN THE GOVERNMENT GAZETTE TODAY (FRIDAY) CONTAINING DETAILS OF PROPOSALS TO REVISE THE DEFINITION OF BANKING BUSINESS AND TO DRAW A CLEAR DISTINCTION BETWEEN BANKS AND DEPOSIT-TAK ING COMPANIES, AS REFERRED TO IN THE FINANCIAL SECRETARY'S 1981 BUDGET SPEECH,

THEY ARE THE BANKING (AMENDMENT) BILL 1981 AND THE DEPOSIT- TAKING COMPANIES (AMENDMENT) (NO. 2) BILL 1981.

THE BILLS SEEK TO CREATE A NEW CLASS OF DEPOSIT-TAK ING INSTITUTION, SO THAT THE BUSINESS OF TAKING DEPOSITS WOULD IN FUTURE BE CARRIED OUT BY THREE DISTINCTIVE CATEGORIES OF INSTITUTIONS.

THE FIRST IS LICENSED BANKS, WHICH TAKE DEPOSITS OF ANY MATURITY IN THE COURSE OF THE IR RETAIL AND WHOLESALE BANK ING BUSINESS, BUT WITH SUCH DEPOSITS SUBJECT TO THE INTEREST RATE AGREEMENT.

THERE WOULD BE NO CHANGE IN THE PRESENT SYSTEM OF LICENSING BANKS NOR IN THE FUNCTIONS UNDERTAKEN BY BANKS.

THE PROPOSED LEGISLATION REDEF INES BANKING BUSINESS AS RECEIVING FROM THE GENERAL PUBLIC ANY DEPOSITS DUE IN LESS THAN THREE MONTHS, OR PAYING OR COLLECTING CHEQUES, OR BOTH.

WHILE THE