1964_BANKING_ORDINANCE — Page 109

108

CAP. 155]

Transitional provisions in relation to section 87.

Repeal.

(Cap. 155, 1983 Ed.) (Cap. 328, 1983 Ed.)

Banking

[1987 Ed.

account were taken of investments (as defined in subsection (10) of that section) that were made by the institution before such com- mencement, then those investments may be disregarded for the purposes of calculating the financial exposure of the institution under that section for--

(a) a period of not more than 3 months from the commence-

ment of this Ordinance; or

(b) such longer period as may be approved by the Commis-

sioner in writing in any particular case,

provided that the institution does not in any such period further increase its financial exposure, within the meaning of that section, to the same persons.

148A. (1) Where, immediately before 1 September 1986, any period allowed under the proviso to section 27(1) of the former Banking Ordinance, or under section 23B(3) of the former Deposit- taking Companies Ordinance, had not expired then, on and from that date, the unexpired portion of that period shall be deemed to be a further period approved under, and for the purposes of, the proviso to section 87(1) as if, on that date, the Commissioner had given such approval under the proviso to section 87(1), and the provisions of this Ordinance shall apply accordingly.

(2) Where, immediately before 1 September 1986, any period allowed under section 23B(2) of the former Deposit-taking Compa- nies Ordinance had not expired then, on and from that date, the unexpired portion of that period shall be deemed to be a further period approved under, and for the purposes of, section 87(2)(a) as if, on that date, the Commissioner had given such approval under section 87(2)(a), and the provisions of this Ordinance shall apply accordingly.

(3) Where, immediately before 1 September 1986, there was in force any approval under section 27(2) of the former Banking Ordinance then, on and from that date, any such approval shall be deemed to be an approval under, and for the purposes of, section 87(2)(b) as if, on that date, the Commissioner had given such approval under section 87(2)(b).

(Added, 64 of 1987, s. 29)

149. The Banking Ordinance 1964 and the Deposit-taking Companies Ordinance 1976 and all subsidiary legislation made under either of those Ordinances are repealed.

FIRST SCHEDULE

[ss. 14 & 135(1).]

SPECIFIED SUM

1. The sum for the purposes of section/14(1)(a) is $100,000 or an equivalent amount

in any other currency.

2. The sum for the purposes of section 14(1)(b) is $500,000 or an equivalent amount

in any other currency.