TNAG-2123-FCO40-3029-Internal-financial-situation-in-Hong-Kong-localisation-of-la-1990 — Page 4

Mr Sainty

HKD (WH305)

HKC100/4

RECE

27 NOV 1990

Reference...

Tetent, cleared

Hong Kong: Localisation of Laws Relating to IMF, IBRD, IFC and IDA.

P.a. with JF.

CODE 18-77

1.

The response from the IMF is not entirely satisfactory as it does seem to me to be rather odd to provide for the conferment of immunities on a class of persons who may never exist. However, there is clearly a possibility that a Council may be established at some stage and for this reason I am inclined to accept the Legal Department's suggestion. The Hong Kong bill should, therefore, mirror the UK Order with regard to Article 7.

2. We will, of course, need to explain the background to this in our reply to Hong Kong.

21 November 1990

cc: Mr Fifoot ) Ms Barrett)

Legal Advisers

AY4ABD

n

Focks

J S Foakes

Assistant Legal Adviser K 158 270 3069