TNAG-1659-FCO40-2307-Hong-Kong-roads-and-traffic-legislation-1987 — Page 13

A478

Ord. No. 64/87

BANKING (AMENDMENT)

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

Section 75 of the principal Ordinance is amended—

Amendment of section 75.

16.

(a)

in subsection (1)–—–

Amendment of section 77.

Amendment of section 78.

(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

BANKING (AMENDMENT)

(b) in subsection (2)—

Ord. No. 64/87

A479

(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".

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.

(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—

Third

Schedule.

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

"(a) transactions between authorized institutions, for which purpose section 79(4) shall not apply to any such authorized institution that is incorporated outside Hong Kong;"; and

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

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

referred to in paragraph (d);

(f) 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-

(a) in subsection (1), by deleting "A" and substituting the following-

"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

section 79.

Amendment of section 81.

Amendment of section 83.