TNAG-1649-FCO40-2296-Hong-Kong-Commissioner-of-Banking-s-annual-report-for-1986--1987 — Page 22

C496

Amendment of section 75.

16.

(a)

Amendment of section 77.

Amendment of section 78.

BANKING (AMENDMENT) BILL 1987

Commissioner under subsection (1) to be or continue to act as a director or secretary, as the case may be, of that institu tion.".

Section 75 of the principal Ordinance is amended-

in subsection (1)-

(i) by deleting "published reserve out of the published" and substituting the following

"reserve out of the";

(ii) in paragraph (a), by deleting "published"; and

(iii) in paragraph (b), by deleting "published reserve is not less than $200,000,000" and substituting the following-

"reserve is not less than $200,000,000 or an equivalent amount in any other approved currency";

(b) in subsection (2)(b)-

(i) in sub-paragraph (i), by inserting after "$20,000,000" the following-

"or an equivalent amount in any other approved currency"; and

(ii) in sub-paragraph (ii), by inserting after "$150,000,000" the following-

"or an equivalent amount in any other approved currency"; and

(c) in subsection (3)—

(i) by inserting after "No deposit-taking company" the follow- ing-

"incorporated in Hong Kong";

(ii) in paragraph (a), by inserting after "$20,000,000" the following-

"or an equivalent amount in any other approved currency"; and

(iii) in paragraph (b), by inserting after "$150,000,000" the following-

"or an equivalent amount in any other approved currency".

17. Section 77(1) of the principal Ordinance is amended by inserting after "$100,000,000" the following-

"or an equivalent amount in any other approved currency".

18. Section 78 of the principal Ordinance is amended-

(a)

in subsection (1), by deleting "published reserves after such distribution will be not less than $200,000,000" and substituting the following-

"reserves after such distribution will be not less than $200,000,000 or an equivalent amount in any other approved currency"; and