A474
Ord. No. 64/87
(Cap. 66.)
Amendment of section 13.
4.
BANKING (AMENDMENT)
(m) the Exchange Fund established by the Exchange Fund
Ordinance.".
Section 13 of the principal Ordinance is amended by deleting subsection (1) and substituting the following—
"(1) The Financial Secretary may, by notice in the Gazette, exempt any person or class of persons from section 12(1) and, if the Financial Secretary thinks fit, in that notice also exempt that person or class of persons from section 92(1) in respect of the business of taking deposits to which the exemption from section 12(1) relates.".
Amendment of section 18.
5.
Amendment of section 19.
Amendment of section 21.
Section 18(1) of the principal Ordinance is amended— (a) by inserting after "$100,000,000" the following—
"or an equivalent amount in any other approved currency"; and
(b) by inserting after "appearing in the" the following—
6.
"most recent audited”.
Section 19(2) of the principal Ordinance is amended by deleting "upon the grant" and substituting the following-
"within 14 days after the grant”.
7. Section 21 of the principal Ordinance is amended--
(a) in subsection (2)(a), by inserting after "other" the following—
"approved"; and
(b) in subsection (3)(a) and (b), by inserting after "appearing in the” in
both places the following-
Amendment of section 23.
8.
"most recent audited”.
Section 23(2) of the principal Ordinance is amended-
(a) in paragraph (a), by deleting “at 1 April 1976, within 14 days after
the anniversary of such date" and substituting the following
"on 1 April 1976, on 1 April in each year"; and
(b) in paragraph (b), by deleting "within 14 days after" and sub-
stituting the following-
Amendment of section 24.
9.
Amendment of section 26.
"upon".
Section 24 of the principal Ordinance is amended-
(a) in subsection (3)(a) and (b), by inserting after "other" in both
places the following-
"approved"; and
(b) in subsection (4)(a) and (b) by inserting after "appearing in the" in
both places the following-
"most recent audited".
10. Section 26(2) of the principal Ordinance is amended by deleting "within 14 days after" and substituting the following—
"upon".
"
BANKING (AMENDMENT)
Ord. No. 64/87
11. Section 41(2) of the principal Ordinance is amended- (a) in paragraph (b), by deleting "and"; and
(b) by deleting paragraph (c) and substituting the following
"(c) sections 24 to 26 inclusive shall apply to an application by a registered deposit-taking company for the transfer of a deposit-taking licence as if that application were an application for the grant of a deposit-taking licence under section 24(1); and
(d) sections 24 to 26 inclusive shall apply to an application by a person other than a registered deposit-taking com- pany for the transfer of a deposit-taking licence as if—
(i) that person were a registered deposit-taking com- pany; and
(ii) that application were an application for the grant of a deposit-taking licence under section 24(1).".
12. Section 56 of the principal Ordinance is amended— (a) in subsection (1), by inserting after "authorized institution" the
following-
"and, in the case of an authorized institution incorporated in Hong Kong, any local branch, overseas branch, overseas representative office or subsidiary, whether local or overseas, of such institution";
(b) in the proviso to subsection (1), by inserting after “institution” the
following—
66
local branch, overseas branch, overseas representative office or subsidiary, as the case may be”;
(c) in subsection (2), by deleting "contravenes this section" and sub-
stituting the following-
", without reasonable excuse, contravenes this section (which contravention shall include a contravention by any of the institution's local branches, overseas branches, overseas representative offices or subsidiaries)"; and
(d) in subsection (3), by inserting after "authorized institution" the
following-
"or any local branch, overseas branch, overseas representa- tive office or subsidiary of the institution".
A475
Amendment of section 41.
Amendment of section 56.
13. Section 63(3)(b) of the principal Ordinance is amended by deleting Amendment of "section 60(4)" and substituting the following--
"section 60(3)".
section 63.
14. Section 69 of the principal Ordinance is repealed and replaced by Repeal and the following
"Amalgama- tion, etc. requires approval.
69. (1) An authorized institution incorporated in Hong Kong shall not, in the case of an authorized institution which is a bank or licensed deposit-taking company, without the prior approval in writing of the Financial Secretary, and
replacement of section 69.
No comments yet.
Private notes are available after approval.