TNAG-1948-FCO40-2775-Hong-Kong-Banking-(Amendment)-Ordinance-1989-(No.-14-of-1989-1989 — Page 12

G.F. 324

B

C

For decision

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XCR (89)97 23

Copy No

MEMORANDUM FOR EXECUTIVE COUNCIL

...

on 2 May 1989

HKC102/5

Hong Kong Association of Banks Ordinance

(Chapter 364)

PROPOSAL TO AMEND COMPOSITION

OF CONSULTATIVE COUNCIL

THE PROBLEM

The Hong Kong Association of Banks (HKAB) proposes to amend the composition of its Consultative Council, and requires the approval of the Governor in Council under section 9(3) of the Hong Kong Association of Banks Ordinance.

RECOMMENDATION AND ADVICE SOUGHT

2

It is recommended that

(a) the

(b)

*

Schedule to the HKAB Ordinance be amended as indicated in the table at Annex B; and

the Order at Annex C be approved to effect the amendment.

3

Members will be asked to advise whether recommendation should be approved.

this

BACKGROUND AND ARGUMENT

4

Section 9 of the Hong Kong Association of Banks Ordinance provides that the Consultative Council of the Association shall comprise

(a)

(b)

the three continuing members of the Committee of НКАВ namely the Bank of China, the Standard Chartered Bank and the Hongkong and Shanghai Banking Corporation; and

a number of elected members, as provided for in the Schedule to the Ordinance, elected by member banks of HKAB incorporated in (or, in the case of unincorporated banks, having their principal place of business in) various regions of the world, as specified in the Schedule. The Governor in Council may, by Order published in the Gazette, amend the Schedule.

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