TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 94

CODE 18-77

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Reference

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IN

3 1990

PR

ingra jelle & B&E, Framis APP:

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Mr Holroyd

погода

HKD

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DES

INDEX

STRY

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G

DEN NORSKE BANK BILL 1990

1. I enclose a letter which I have received from Mr Allcock in the Attorney General's Chambers in Hong Kong concerning the above Bill.

2. I have some immediate comments on the drafting of this Bill, which are as follows:-

(i) Clauses 5(2) and (3), and 11(2)(a) and (b), might be expressly stated to relate only to property in Hong Kong or governed by the law of Hong Kong.

(ii) Clause 2(2) covers property throughout the world and I think that this may give the wrong impression, given in particular that clause 4 is restricted to property in Hong Kong or subject to Hong Kong law.

(iii) I would have thought that the present drafting of clause 3 would be liable to give rise to uncertainty.

(iv) The words "or which is derived from the Hong Kong business of DnC" seem to me to be rather vague.

(v) I was surprised by the terms of clause 11(2)(c), which might give a rather remarkable power to a private individual.

However, before I convey these comments to Hong Kong, I should be grateful if you would find for me the papers relating to the Deutsche Bank (Merger) Ordinance which Mr Allcock refers to.

3. None of these points seem to me to be such as to affect the clearance of this Bill by the Treasury and the Bank of England, and it may be prudent to consult them about it now so that we do not waste any time on this at a later stage.

7 February 1990

C.A. Whomersley

CA Whomersley

Assistant Legal Adviser K171 270 3075

CW3 ABU