XN000022-1981-05-13 — Page 8

WEDNESDAY, MAY 13, 1981

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+SECTION 23 OF THE PRINCIPAL ORDINANCE PLACES A LIMIT OF 25 PER CENT OF A BANK'S PAID-UP CAPITAL AND RESERVES ON LOANS AND OTHER FACILITIES GRANTED TO ANY ONE CUSTOMER, SUBJECT TO CERTAIN EXCEPTIONS, WHICH INCLUDE TRANSACTIONS WITH ANOTHER BANK.

+CLAUSE 26 OF THE BILL SEEKS TO TIGHTEN UP THE CONTROL ON THE USE OF THE WORD 'BANK' BY ANYONE OTHER THAN A LICENSED BANK.

+CLAUSE 15 OF THE BILL SEEKS TO SHORTEN FROM 21 DAYS TO 14 DAYS THE PERIOD WITHIN WHICH LICENSED BANKS HAVE TO SUBMIT THE IR MONTHLY AND QUARTERLY RETURNS TO THE COMMISSIONER OF BANKING.

+CLAUSE 7 SEEKS TO AMEND THE PROVISIONS OF THE PRINCIPAL ORDINANCE RELATING TO THE MAINTENANCE OF A MINIMUM HOLDING OF LIQUID ASSETS.

+CLAUSES 19 TO 27 SET OUT REVISED PENALTIES FOR DIFFERENT OFFENCES UNDER THE PRINCIPAL ORDINANCE.

+THE PURPOSE HERE IS TO UPDATE THE PENALTIES SINCE THEY WERE LAST REVISED WHICH, IN MANY CASES, WAS IN 1969 - AND TO BRING THEM INTO LINE WITH THE PENALTIES FOR COMPARABLE OFFENCES UNDER THE DEPOS IT-TAK ING COMPANIES ORDINANCE.

+THE REMAINING CLAUSES OF THE BILL SET OUT A NUMBER OF MINOR AMENDMENTS TO THE PRINCIPAL ORDINANCE, AND PROPOSE THE REPEAL OF CERTAIN SPENT PROVISONS.

+CLAUSE 1 STATES THAT THIS AMENDMENT ORDINANCE SHALL COME INTO OPERATION ON A DAY TO BE APPOINTED BY THE GOVERNOR IT IS INTENDED THAT THIS SHOULD BE ON THE SAME DAY AS THAT APPOINTED FOR THE COMMENCEMENT OF THE BANKING (AMENDMENT) ORDINANCE 1981, + SIR PHILIP SAID.

DEBATE ON THIS MOTION WAS ADJOURNED.

STAMP DUTY BILL CALLED 'SENSIBLE AND PROGRESSIVE'

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THE STAMP DUTY BILL WHICH IS DESIGNED TO CONSOLIDATE AND AMEND THE LAW RELATING TO STAMP DUTY WAS GIVEN A SECOND READING TODAY (WEDNESDAY).

TWO UNOFFICIALS COMMENTED ON THE BILLI

THE HON PETER C. WONG DESCRIBED THE BILL AS A SENSIBLE AND PROGRESSIVE MEASURE DESIGNED TO FACILITATE THE COLLECTION OF STAMP REVENUE AND THE REMOVAL OF ANOMAL IES+.

+IN ENGLAND