1964_BANKING_ORDINANCE — Page 108

!

1987 Ed.]

Banking

[CAP. 155

107

Ordinance that act, matter or thing would on or after that commen- cement have had any force or effect or been in operation hall, in the like manner, be deemed to have been done under Part X by the Commissioner, the Financial Secretary or the Governor in Council, as the case may be, to or in relation to the bank which holds that banking licence as if, on that commencement, that act, matter or thing were, to that extent, done under Part X by the Commissioner, the Financial Secretary or the Governor in Council, as the case may be, to or in relation to the bank, and the provisions of this Ordinance shall apply accordingly.

148. (1) A letter of comfort which was, immediately before the commencement of this Ordinance, deemed by virtue of section 23(5) of the former Banking Ordinance to at all times to have been accepted under paragraph (bb) of the proviso to section 23(1) of the former Banking Ordinance shall, on and from that commencement, be deemed at all times to have been accepted under paragraph (c) of the proviso to section 81(2), and the provisions of this Ordinance shall, subject to subsection (2), apply accordingly.

(2) Where the former Commissioner had not, before the commencement of this Ordinance, exercised his powers under sec- tion 23(6) of the former Banking Ordinance in relation to the former bank for which a letter of comfort referred to in subsection (1) was provided, then, on and from that commencement, and until such time as the Commissioner exercises his powers under section 81(7) in relation to the bank for which that letter of comfort is provided, the provisions of section 81(5) shall not apply in relation thereto.

(3) A letter of comfort which was, immediately before the commencement of this Ordinance, deemed by virtue of section 22(5) of the former Deposit-taking Companies Ordinance to at all times to have been accepted under paragraph (bb) of the proviso to section 22(1) of the former Deposit-taking Companies Ordinance shall, on and from that commencement, be deemed at all times to have been accepted under paragraph (c) of the proviso to section 81(2), and the provisions of this Ordinance shall, subject to subsection (4), apply accordingly.

(4) Where the former Commissioner had not, before the commencement of this Ordinance, exercised his powers under sec- tion 22(6) of the former Deposit-taking Companies Ordinance in relation to the former deposit-taking company for which a letter of comfort referred to in subsection (3) was provided, then, on and from that commencement, and until such time as the Commissioner exercises his powers under section 81(7) in relation to the deposit- taking company for which the letter of comfort is provided, the provisions of section 81(5) shall not apply in relation thereto.

(5) Where at the commencement of this Ordinance the finan- cial exposure of an authorized institution to any persons exceeds that which is permitted by section 81, but would not do so if no

Transitional provisions in relation to

section 81.