TNAG-2220-FCO40-3188-Future-of-Hong-Kong-Public-Order-Ordinance-1991 — Page 54

M (91) 43

CONFIDENTIAL

608

INTERESTS DECLARED

Mr HO as a member of the Housing Authority.

Mr HUI - as a member of the Housing Authority.

IN ATTENDANCE

CONTA

Mr N.C.L. SHIPMAN Deputy Director (Housing)

Mr Y.G. LIM

Senior Assistant Director (Housing)

A534

OTHER BUSINESS

BANK OF CREDIT AND COMMERCE (HK) LTD. (BCC)

The

that it was

Financial

Secretary informed Members

likely that the Hong Kong Chinese Bank

would in the next few days, agree terms under which

they would purchase BCC. This would be a conditional

as

the

Commissioner

of

Banking,

the

agreement

Legislative Council and this Council's approval would

be

required for certain action to enable the rescue to

effected and depositors and other creditors would

need to give their consent. An application to proceed

be

on

this

to

basis was expected

be submitted to the

court on 21 or 22 November 1991. It was agreed that

the Legislative Council should be briefed immediately

after the court hearing and prior to the release of a

press statement.