TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 2

A.

Determination of rights to require the issue of shares, to nominate directors or to exercise control

Section 5 is amended by adding after subsection (2)

" (3)

Subsection (1) ceased to have effect on the

commencement of the Hang Lung Bank (Acquisition) (Amendment)

Ordinance 1990 (

of 1990).

(4) Section 23 of the Interpretation and General Clauses

Ordinance (Cap. 1) applies to subsection (3) as if that

subsection had repealed subsection (1).".

5. Sections repealed

Sections 7, 10, 11 and 12 are repealed.

6.

Power to make regulations

Section 9(1)(b) is repealed.

Explanatory Memorandum

The purpose of this Bill is to repeal certain provisions of the

Hang Lung Bank (Acquisition) Ordinance consequent upon the sale by

the Government of the shares in the Bank.

2.

Clause 3 amends section 4 so that it ceases to have effect.

That section formerly provided for the continued use by the Bank or

any of its subsidiaries of property being used by it in the carrying

on of its business.

3.

Clause 4 amends section 5 so that it ceases to have effect.

That section formerly terminated rights to acquire shares in, appoint

a director of, and exercise powers of control or direction of, the

Bank or any subsidiary.