TNAG-0872-FCO40-1082-Legislation-for-employment-in-Hong-Kong-1979 — Page 34

A48

Ord. No. 16/79

APPROPRIATION

Passed by the Hong Kong Legislative Council this 25th day of April 1979.

STEPHEN S. P. Tam,

Clerk to the Legislative Council.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

STEPHEN S. P. Tam, Clerk to the Legislative Council.

EXCHANGE FUND (AMENDMENT)

Ord. No. 17/79

A49

HONG KONG

No. 17 OF 1979

I assent.

L.S.

MURRAY MACLEHOSE,

Governor.

26th April, 1979.

An Ordinance to amend the Exchange Fund Ordinance.

[1st May, 1979]

Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.

1.

This Ordinance may be cited as the Exchange Fund (Amend- Short title and ment) Ordinance 1979 and shall come into operation on 1 May 1979.

commencement.

2.

The long title to the principal Ordinance is amended by in- Amendment of serting after "exchange fund' the following-

"and as to the employment of its assets in Hong Kong”.

of long title. (Cap. 66.)

3. The principal Ordinance is amended by adding, after section 4, Addition of the following section-

"Section 18(2A)

4A. (1) Subsection (2A) of section 18 of the Bank- ing Ordinance shall apply to funds held by a bank in applied to short Hong Kong for the account of the Fund-

of Banking

Ordinance

term bank

deposits of Fund.

(Cap. 155.)

(a) on demand; or

(b) as money at call; cr

(c) as money at short notice,

as if they were respectively balances payable on demand, money at call and money at short notice due by that bank to another bank in Hong Kong, and subsection (3) of the said section 18 shall also have effect accordingly.

said

(2) Notwithstanding subsection (5)(a) of the section 18, funds of a kind mentioned in subsection (1) which are held by a bank in Hong Kong for the account of the Fund shall not be treated as deposit liabilities of that bank for the purposes of subsection (2) of that section.

(3) In this section, "bank", "money at call" and "money at short notice" have the respective meanings assigned to them by section 2 of the Banking Ordinance.".

Passed by the Hong Kong Legislative Council this 25th day of April 1979.

new section 4A.

STEPHEN S. P. Tam, Clerk to the Legislative Council.