TNAG-2755-FCO40-3972-Banking-situation-in-Hong-Kong-1993 — Page 5

Clauses 7 and 8 repeal the following sections -

(a) section 3, which vested all shares in the Bank in the

(b)

(c)

(d)

Financial Secretary Incorporated;

section 6(1) and (2), which empowered the Financial

Secretary to bring legal proceedings in respect of

certain transactions made prior to the acquisition of

the Bank by the Government;

section 7, which provided that, upon commencement of

the principal Ordinance, directors of the Bank and

its subsidiaries ceased to be such directors, and

which provided for the appointment of other person as

chairman and directors;

section 10(1)(b), which empowered the Governor in

Council to make regulations providing for the

management, control and operation of the Bank and its

subsidiaries;

(e)

section 11, which empowered the Governor to give

directions to the directors; and

(f)

section 12, which provided that the principal

Ordinance was to prevail over specified Ordinances

and instruments.

Clause 9 repeals subsidiary legislation that is now spent.