TNAG-1734-FCO40-2447-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 313

HONG KONG LEGISLATIVE COUNCIL 11 May 1988

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He said: Sir, my explanation on the first motion standing in my name on the Order Paper equally applies to the subject of the second motion standing in my name. I therefore beg to move.

Question proposed, put and agreed to.

First Reading of Bills

BANKING (AMENDMENT) BILL 1988

ROAD TRAFFIC (DRIVING LICENCES REGULATIONS AND REGISTRATION AND LICENSING OF VEHICLES REGULATIONS) (AMENDMENT) BILL 1988

INLAND REVENUE (AMENDMENT) BILL 1988

STAMP DUTY (AMENDMENT) BILL 1988

SOCIETIES (AMENDMENT) BILL 1988

Bills read the First time and ordered to be set down for Second Reading pursuant to Standing Order 41(3).

Second Reading of Bills

BANKING (AMENDMENT) BILL 1988

THE FINANCIAL SECRETARY moved the Second Reading of: 'A Bill to amend the Banking Ordinance'.

He said: Sir, I move that the Banking (Amendment) Bill 1988 be read a Second time.

The Bill seeks to give legislative effect to the proposals in this year's Budget to increase with effect from 1 April 1988 the fees payable by banks and deposit- taking companies. As these fees were last revised in 1986, an 8 per cent increase is proposed. I estimate that this will yield an additional $11 million in the currrent financial year.

Sir, I move that the debate on this motion be adjourned.

Question on adjournment proposed, put and agreed to.