XN000022-1985-09-06 — Page 15

FRIDAY, SEPTEMBER 6, 1985

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NEW BANK GETS LICENCE

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A NEW BANK, FORMED BY MERGING TWO WHOLLY-OWNED SUBSIDIARY BANKS OF THE ROYAL BANK OF SCOTLAND GROUP, HAS BEEN GRANTED A LICENCE TO CONDUCT BUSINESS IN HONG KONG.

THE TWO SUBSIDIARY BANKS ARE THE WILLIAMS AND GLYN'S BANK AND THE ROYAL BANK OF SCOTLAND, A LICENSED BANK IN HONG KONG SINCE DECEMBER 1978.

WHEN THE NEW BANK, CALLED RBSG PLC, RECEIVES ITS LICENCE, THE EXISTING LICENCE GRANTED TO THE ROYAL BANK OF SCOTLAND WILL BE REVOKED. ONE CONDITION OF THE NEW LICENCE WILL BE A REQUIREMENT FOR THE ROYAL BANK OF SCOTLAND'S HONG KONG UNDERTAKINGS TO BE TRANSFERRED TO RBSG PLC.

A GOVERNMENT SPOKESMAN POINTED OUT THAT A ROYAL BANK OF SCOTLAND ORDINANCE 1985 WAS PASSED BY THE LEGISLATIVE COUNCIL ON JULY 24, 1985 TO PROVIDE FOR THIS TRANSFER.

HOWEVER, SINCE THE BANKING ORDINANCE DOES NOT PROVIDE FOR THE TRANSFER OF BANK ING LICENCES, A BANK IS REQUIRED TO APPLY FOR A FRESH LICENCE WHEN IT REORGANISES AND CHANGES ITS NAME, HE SAID.

GOOD RESPONSE TO GRANT APPLICATION SCHEME

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THERE HAS BEEN ENTHUSIASTIC RESPONSE TO THE GRANT APPLICATION SCHEME (GAS) OF THE COUNCIL FOR THE PERFORMING ARTS, A COUNCIL SPOKESMAN SAID TODAY (FRIDAY).

A TOTAL OF 29 APPLICATIONS FOR GRANTS WERE RECEIVED FROM 23 LOCAL PERFORMING ARTISTS AND ARTS ORGANISATIONS WHEN APPLICATION CLOSED ON AUGUST 31.

+THE APPLICANTS REPRESENT A BROAD CROSS-SECTION OF THE LOCAL PERFORMING ARTS MILIEU, WITH A FAIR SPREAD OF APPLICATIONS FROM EXPONENTS OF BOTH WESTERN AND TRADITIONAL CHINESE ART FORMS, WITH PARTICULAR INTEREST BEING SHOWN BY LOCAL THEATRE ORGANISATIONS AND MUSICIANS, HE SAID.

UNDER THE GAS 1985, THE FIRST YEAR OF OPERATION, SUCCESSFUL APPLICANTS WILL BE AWARDED A GRANT TO ALLOW THEM TO UNDERTAKE

UNDER CURRENT COUNCIL SPECIFIC PROJECTS OR TO PURCHASE EQUIPMENT. POLICY, CONSIDERATION WOULD BE GIVEN TO THOSE APPLICANTS WHO PRODUCE WORK OF PROFESSIONAL STANDARD.

GRANT APPLICATIONS WOULD BE ASSESSED BY THE COUNCIL OVER THE NEXT FEW WEEKS, AND APPLICANTS COULD EXPECT RESULTS OF THE COUNCIL'S DELIBERATIONS BEFORE THE END OF NEXT MONTH, THE SPOKESMAN ADDED.

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