RESTRICTED
17565
MDLIAN 3747
SHANGHAI BANKING CORPORATION LIMITED ORDINANCE (CAP 70) AS IF THAT NAME WERE ''THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED
1
SECTION 93 OF THE COMPANIES ORDINANCE (CAP 32) NOT TO APPLY TO
BANK NOTES ISSUED BY A NOTE-ISSUING BANK
5A. THE PROVISIONS OF SECTION 93 OF THE COMPANIES ORDINANCE (CAP 32) SHALL NOT APPLY TO BANK NOTES ISSUED BY A NOTE-ISSUING BANK.''
EXPLANATORY MEMORANDUM
THE NAME OF THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED BEFORE 6 OCTOBER 1989 WAS 'THE HONG KONG AND SHANGHAI BANKING CORPORATION''. THE PURPOSE OF THIS BILL IS TO AMEND THE BANK NOTES
ISSUE ORDINANCE
(A) TO PROVIDE THAT ANY BANK NOTES BEARING THE FORMER NAME, WHETHER ISSUED BEFORE, ON OR AFTER THAT DATE, SHALL BE DEEMED TO BE BANK NOTES LAWFULLY ISSUED AND LEGAL TENDER FOR THE PURPOSES OF THAT ORDINANCE. (NEW SECTION 5(A) AND (B) AT CLAUSE 2):
HONG KONG AND SHANGHAI (CAP 70), WHICH SPECIFIED
(B) TO PROVIDE THAT SECTION 14 OF THE BANKING CORPORATION LIMITED ORDINANCE WHEN A BILL OF EXCHANGE OR PROMISSORY NOTE IS DEEMED TO HAVE BEEN MADE ACCEPTED OR INDORSED ON BEHALF OF THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED, SHALL APPLY TO BANK NOTES BEARING THE FORMER NAME. (NEW SECTION 5(C) AT CLAUSE 2): AND
(C) TO PROVIDE THAT SECTION 93 OF THE COMPANIES ORDINANCE (CAP 32) WHICH INTER ALIA, REQUIRES A COMPANY TO MENTION ITS NAME IN ALL PROMISSORY NOTES SIGNED BY OR ON ITS BEHALF, SHALL NOT APPLY TO BANK NOTES ISSUED BY A NOTE-ISSUING BANK (NEW SECTION 5A AT CLAUSE 2).
2. CLAUSE 1(2) PROVIDES THAT THE BILL SHALL BE DEEMED TO HAVE COME INTO OPERATION ON 6 OCTOBER 1989, THE DATE ON WHICH THE CHANGE OF NAME OCCURRED.
3. THE BILL HAS NO PUBLIC SERVICE STAFFING OR PUBLIC EXPENDITURE IMPLICATIONS.
WILSON
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