TNAG-1649-FCO40-2296-Hong-Kong-Commissioner-of-Banking-s-annual-report-for-1986--1987 — Page 25

BANKING (AMENDMENT) BILL 1987

24. Section 92 of the principal Ordinance is amended—

(a) in subsection (5)(a), by inserting after "advertisement" the follow-

ing-

"or invitation"; and

(b) by inserting after subsection (5) the following-

"(6) Where any advertisement or invitation, or any document containing any advertisement or invitation, relates to the taking of any deposit and the taking of any such deposit is not, by virtue of section 3(1) or (2), a taking to which Part III applies then, to the extent that such advertise- ment, invitation or document, as the case may be, relates to the taking of any such deposit, this section shall not apply to such advertisement, invitation or document, as the case may be.".

C499

Amendment of

section 92.

25. Section 101(1) of the principal Ordinance is amended by deleting Amendment of "section 98(1) where" and substituting the following-

"section 98(1) were".

section 101.

26. Section 120(1) of the principal Ordinance is amended by deleting Amendment of "who has been appointed under or who is or has been employed in carrying section 120. out or in assisting any person to carry out the provisions of this Ordinance" and substituting the following-

"to whom this subsection applies".

27. Section 129(1) of the principal Ordinance is amended by inserting Amendment of after "Ordinance" the following-

"or in any Ordinance repealed by this Ordinance”.

section 129.

28. The principal Ordinance is amended by inserting after section 137 Addition of the following-

"Exclusion of provisions of Gambling

Ordinance.

(Cap. 148.)

137A. (1) Subject to subsection (2), the Gambling Ordinance shall not apply to any transaction proposed to be entered into, or entered into, by an authorized institution.

(2) Subsection (1) shall not apply to a transaction, or a transaction belonging to a class of transactions, specified by the Commissioner by notice in the Gazette as being a transac- tion, or a class of transactions, as the case may be, to which that subsection shall not apply.".

new section 137A.

29. The principal Ordinance is amended by inserting after section 148 Addition of the following-

"Transitional provisions in relation to section 87.

148A. (1) Where, immediately before 1 September 1986, any period allowed under the proviso to section 27(1) of the former Banking Ordinance, or under section 23B(3) of the former Deposit-taking Companies Ordinance, had not expired then, on and from that date, the unexpired portion of that period shall be deemed to be a further period approved under, and for the purposes of, the proviso to section 87(1) as

new section 148A.