TNAG-1771-FCO40-25241-Business-and-financial-legislation-in-Hong-Kong.-Part-1-of-2-1988 — Page 155

Exempted loans Schedule 1

Legislative Council may

amend

MONEY LENDERS (AMENDMENT) BILL 1988

(b) unless sooner revoked under paragraph (a), shall remain in force for a period of 3 years, or such lesser period as may be specified by the Registrar after consultation with the Financial Secretary, com- mencing on the date on which the exemption is so granted or, if the exemption specifies a later date, that later date, and that exemption may be renewed from time to time by further applications made under subsection (1).

33C. Where any person specified in Part 1 of Schedule 1 makes a loan and thereafter ceases, for any reason, to be a person so specified, that loan shall, notwithstanding any other provision of this Ordinance, be deemed to be a loan specified in Part 2 of Schedule 1.

33D. The Legislative Council may by resolution amend Schedule 1.".

Schedule 1

1.

32. Section 35(2) and (3) is repealed.

33. The First Schedule is repealed and the following substituted-

"SCHEDULE 1 [ss. 2, 24, 25, 33, 33C & 33D]

Repeal and saving

First Schedule substituted

PART 1

EXEMPTED PERSONS

Any subsidiary of an authorized institution within the meaning of the Banking (Cap. 155) Ordinance.

2.

A co-operative society registered under the Co-operative Societies Ordinance.

(Cap. 33)

3.

4.

A credit union registered under the Credit Unions Ordinance and the Credit Union League of Hong Kong incorporated under Part XI of that Ordinance. A trade union registered under the Trade Unions Ordinance.

(Cap. 119)

5.

An insurer, within the meaning of the Insurance Companies Ordinance, au- thorized under that Ordinance to carry on a class, or classes, of insurance business specified in Part 2 of the First Schedule to that Ordinance.

(Cap. 332) (Cap. 41)

6.

The Hong Kong Building and Loan Agency Limited.

7.

The University and Polytechnic Grants Committee.

8.

A bank which is—

(a) incorporated or established outside Hong Kong;

(b) recognized as a bank by a banking supervisory authority—

(i) of the country, territory, state or province of its incorporation or establishment; and

(ii) declared in writing, by the Commissioner of Banking within the meaning of the Banking Ordinance, to be a banking supervisory authority (Cap. 155) in respect of which he is of the opinion that it exercises adequate prudential supervision for the purposes of this paragraph; and

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