TNAG-1649-FCO40-2296-Hong-Kong-Commissioner-of-Banking-s-annual-report-for-1986--1987 — Page 23

BANKING (AMENDMENT) BILL 1987

(b) in subsection (2)—

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

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

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

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

C497

19. Section 79(4) of the principal Ordinance is amended by deleting Amendment of "In" and substituting the following

"Subject to paragraph (a) of the proviso to section 81(2), in".

20. Section 81(2) of the principal Ordinance is amended- (a) in paragraph (b)—–—–

Third Schedule.

Third

(i) by deleting "in relation to financial exposure to a com- pany,”; and

(ii) by inserting after "Companies Ordinance)" the following- "and other debt securities as defined in paragraph 1 of the Third Schedule"; and

(b) in the proviso-

Schedule.

(i) by deleting paragraph (a) and substituting the following-

"(a) transactions between authorized institutions (whether incorporated in or outside Hong Kong), or between the branches (whether local or overseas) of such authorized institutions;"; and

(ii) by deleting paragraphs (e), (ƒ) and (g) and substituting the following-

"(e) any advances made against any bills or documents

referred to in paragraph (d);

(ƒ) any financial exposure to the Government;

(g) any financial exposure to any eligible Government as

defined in paragraph 1 of the Third Schedule; or”.

21. Section 83 of the principal Ordinance is amended-

section 79.

Amendment of section 81.

Amendment of

(a) in subsection (1), by deleting "A" and substituting the following section 83.

"Subject to subsection (4A), a”;

(b) in subsection (4), by deleting paragraph (e) and substituting the

following

"(e) any controller (other than an authorized institution, or a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is approved by the Commissioner for the purposes of this paragraph) of the bank;"; and

(c) by inserting after subsection (4) the following-

"(4A) The Commissioner may, by notice in writing to a bank, and subject to such conditions as he may think proper