TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 20

JEVACIARIHI PRESS UFFICE

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all Assessment

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the

considered might be

Special Managers of what they

achieved for the depositors under

a liquidation of BCCHK and BCCFI and how long this might

take and also the advice of Jardine Fleming on the

financial implications and their opinion of the

of the scheme

as compared with a liquidation from the depositors' point

of view.

Approval of the depositors, in order to be

legally binding, required a majority in number representing

3/4ths in value of the depositors present and voting,

either in person or by proxy, at the meeting.

allangement

Mr Gleeson cautioned that the proposed scheme

was conditional, amongst others things,

on the grant of a new banking licence to the new banking

d regulatory matter for the Commissioner

wwmyaný •

of

That was

Banking and ultimately the Executive Council under

the provisions of the Banking Ordinance.

DEL SUSE ΟΙ Ine S170 and complexity of the bank

and the logistical and other problems involved, legislation

would be required to transfer the agreed assets and

liabilities 1:0 the new bank. He believed that in this

area the Government was anxious to help in every way

possible but said that in the end this must be a matter

for the legislature.