TNAG-1947-FCO40-2773-Hongkong-and-Shanghai-Banking-Corporation-1989 — Page 19

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PJZAMO

Reference.

PA

۹۰

rgby 21/4

Mr Edwards

Legal Advisers

Ag

HONG KONG AND SHANGHAI BANKING CORPORATION: CHANGE OF NAME

1.

2.

Please see Hong Kong telno 3077 attached.

Article XXVI.4 of the Royal Instructions requires the Secretary of State's approval for "altering the constitution, powers or privileges of any Banking Association". The Bank of England advise that the proposed change will have little practical effect other than to make the Hong Kong and Shanghai Banking Corporation more openly accountable. The Secretary State's approval is thus pretty much a formality. However I do not see much point in the Secretary of State giving provisional approval pending sight of the proposed changes in legislation. I think he could give substantive approval to proceed with amendments to the ordinances. Alternatively the Governor could invoke the powers at the end of Instruction XXVI bring the amendments into immediate effect and submit the ordinances in the usual way for non-disallowance. Bearing in mind that there is some risk in giving the Secretary of State's approval without first having the detailed changes to hand I favour the alternative course. If the change is to be announced on 6 October time is short and I think this clause can justifiably be invoked.

3. I should be grateful for your advice.

HKCIO2

19 September 1989

دیا

F Holroyd

Pilu

Hong Kong Department WH 312

270 2653

и

1. Mr Edwards and I have discussed this matter, and

The has asked me to minute on it.

2. We think that we should go aloy with what Hong

1.e. approval in principle. Proff & Kong propose at this stag, Доряя

Our safeguard is that we shall have to see the draft legislation.

CODE 18-77

21/9189.

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C.A. Whomersley Legal Advisers