amendment to this clause.
The Commissioner will issue
these guidelines only after the necessary consultations with the industry and the Advisory Committees.
Clauses 44(7) etc.: Appeals
9.
Mr Swaine has mentioned amendments to several clauses to provide for appeals to the Governor in Council. For the same reason, I will be moving amendments to clauses 44 (7), 46(7), 49(7), 70(5) and 72(4), to provide for appeals to the Governor in Council in respect of conditions which the Commissioner attaches to his approvals to the establishment of branches, the exercise of voting power, the giving of directions and instructions by controllers, and the appointment of directors and secretaries.
Clauses 59(2), etc.: Consultations and time limits for
decisions
10.
It is implicit in the flexible and discretionary approach embodied in-the-Bill that the Commissioner, in carrying out his functions, will do so in close consultation with the institutions concerned. However, some of the representations suggested that the requirement for such consultation should be explicitly written into the law. We see no difficulty with that, and there will be amendments to clauses 59 (2) and 105(1)
to this effect.
11.
It has also been represented to us that where the Commissioner's approval is required in respect of the exercise of voting power by substantial shareholders under clause 70, and the appointment of directors and secretaries under clause 72, the Commissioner's decision should be conveyed to the applicants within a specified time. While the Administration appreciates the reasons. behind this suggestion, the time taken for a decision is
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