TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 67

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Ord. No. 27/86

Interpretation.

(Cap. 155.)

(Cap. 328.)

Appointed

members of former committees to continue in office.

BANKING

PART XXII

TRANSITIONAL, SAVINGS AND REPEAL

138. In this Part, unless the context otherwise requires—

"former bank" means a bank which, immediately before the commencement of this

Ordinance, held a former banking licence;

"former Banking Advisory Committee" means the Banking Advisory Committee established by section 3 of the former Banking Ordinance and as constituted immediately before the commencement of this Ordinance;

"former banking licence" means a licence granted under section 7 or 42 of the former Banking Ordinance and in force immediately before the commencement of this Ordinance;

"former Banking Ordinance" means the Banking Ordinance repealed by this

Ordinance;

"former Commissioner" means the person who was, immediately before the commencement of this Ordinance, the Commissioner of Banking under section 4 of the former Banking Ordinance and, for the purposes of this Part, any reference in the former Deposit-taking Companies Ordinance to the Commis- sioner of Deposit-taking Companies shall be deemed to be a reference to such Commissioner of Banking;

/

"former Deposit-taking Companies Advisory Committee" means the Deposit-taking Companies Advisory Committee established by section 4 of the former Deposit- taking Companies Ordinance and as constituted immediately before the commencement of this Ordinance;

"former deposit-taking licence" means a licence granted under section 16B of the former Deposit-taking Companies Ordinance and in force immediately before the commencement of this Ordinance;

"former Deposit-taking Companies Ordinance" means the Deposit-taking Companies

Ordinance repealed by this Ordinance;

"former registration" means registration under section 10 of the former Deposit- taking Companies Ordinance which was in force immediately before the commencement of this Ordinance.

139. (1) Any member of the former Banking Advisory Committee who was such a member by virtue of an appointment under section 3(2) of the former Banking Ordinance shall, on and from the commencement of this Ordinance, be deemed to be a member of the Banking Advisory Committee as if, on that commencement, he had been appointed under section 4(2) to be a member of the Banking Advisory Committee for the period he had left to serve, immediately before that commence- ment, as a member of the former Banking Advisory Committee and, for that purpose and for that period, the terms on which he was so appointed as a member of the former Banking Advisory Committee shall be the terms on which he shall be a member of the Banking Advisory Committee.

(2) Any member of the former Deposit-taking Companies Advisory Committee who was such a member by virtue of an appointment under section 5(1)(c) of the former Deposit-taking Companies Ordinance shall, on and from the commencement of this Ordinance, be deemed to be a member of the Deposit-taking Companies Advisory Committee as if, on that commencement, he had been appointed under section 5(2) to be a member of the Deposit-taking Companies Advisory Committee for the period he had left to serve, immediately before that commencement, as a member of the former Deposit-taking Companies Advisory Committee and, for that purpose and for that period, the terms on which he was so appointed as a member of the former Deposit-taking Companies Advisory Committee shall be the terms on which he shall be a member of the Deposit-taking Companies Advisory Committee.

BANKING

Ord. No. 27/86

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140. The former Commissioner shall, on and from the commencement of this Former Ordinance, be deemed to be the Commissioner as if, on that commencement, he had Commissioner to been appointed under section 6 to be the Commissioner of Banking, and the continue in office. provisions of this Ordinance shall apply accordingly.

authorized and

141. Any person who was, immediately before the commencement of this Authorized and Ordinance, authorized or employed under section 4A of the former Banking employed persons Ordinance to assist the former Commissioner in the exercise of his functions and to continue to be duties under the former Banking Ordinance, either generally or in any particular case, employed. shall, on and from the commencement of this Ordinance, be deemed, in the like capacity, to be authorized or employed to assist the Commissioner in the exercise of his functions under this Ordinance as if, on that commencement, he had been, in the like capacity, authorized or employed under section 8 to assist the Commissioner in the exercise of his functions under this Ordinance for the period he had left, immediately before that commencement, to be so authorized or employed under the former Banking Ordinance.

142. Where, immediately before the commencement of this Ordinance, there was Former in existence-

(a) an application for a former banking licence under section 6 of the former Banking Ordinance in relation to which the Governor in Council had not granted or refused a former banking licence under section 7 of the former Banking Ordinance;

(b) an application for former registration under section 9 of the former Deposit-taking Companies Ordinance in relation to which there has not been any registration or refusal of registration by the Commissioner under section 10 of the former Deposit-taking Companies Ordinance; or

(c) an application for a former deposit-taking licence under section 16A of the former Deposit-taking Companies Ordinance in relation to which the Financial Secretary had not granted or refused a former deposit-taking licence under section 16B of the former Deposit-taking Companies Ordinance,

then-

(i) in the case of an application referred to in paragraph (a), the application shall be deemed to be an application under section 15 for a banking licence; (ii) in the case of an application referred to in paragraph (b), the application

shall be deemed to be an application under section 20 for registration; and (iii) in the case of an application referred to in paragraph (c), the application shall be deemed to be an application under section 24 for a deposit-taking licence,

and the provisions of this Ordinance shall apply accordingly.

applications for licences, etc. deemed to be this Ordinance. applications under

143. (1) Any former banking licence shall, on and from the commencement of Former licences, this Ordinance, be deemed to be-

etc, deemed to be licences, etc. under

(a) in the case of a former banking licence granted under section 7 of the former this Ordinance.

Banking Ordinance, a banking licence granted under section 16; and

(b) in the case of a former banking licence issued under section 42 of the former

Banking Ordinance, a banking licence granted under section 107,

and the provisions of this Ordinance shall apply accordingly.

(2) Any former registration shall, on and from the commencement of this Ordinance, be deemed to be registration under section 21, and the provisions of this Ordinance shall apply accordingly.

(3) Any former deposit-taking licence shall, on and from the commencement of this Ordinance, be deemed to be a deposit-taking licence granted under section 25, and the provisions of this Ordinance shall apply accordingly.