TNAG-1616-FCO40-2224-Executive-Council-of-Hong-Kong-memoranda-and-minutes-of-meet-1987 — Page 13

87)10

CONFIDENTIAL

112

A103

Banking Ordinance 1986

APPLICATION FOR BANKING LICENCE

THE BANK OF NEW ZEALAND

(B1 /1C VII)

The Council considered memorandum XCC (87) 39.

The Council ADVISED and the Acting Governor ORDERED :

that under Section 16(1) of the

Banking Ordinance 1986, a licence

should be granted, to the Bank of

New Zealand subject to the

conditions in paragraph 1(b) in

Annex B to the memorandum, and to

the Commissioner being satisfied

that the reciprocity requirement

is met.

(Mr William Purves asked that his position be noted

as Chairman of the Hong Kong and Shanghai Banking Corporation

which has applied for a banking licence in New Zealand.)

(The

Secretary

for Monetary

NENDICK, and

the

Commissioner

Affairs, Mr D.A.C.

of Banking, Mr R. FELL,

attended before the Council for the discussion of this item.)

CONFIDENTIAL