1964_BANKING_ORDINANCE — Page 16

1987 Ed.]

Banking

[CAP. 155

15

(3) The members of the Deposit-taking Companies Advisory Committee appointed by the Governor shall hold office for such period and upon such terms as the Governor may specify in their appointments.

(4) In the absence of the chairman at any meeting of the Deposit-taking Companies Advisory Committee, the Secretary for Monetary Affairs shall act as the chairman.

6. There shall be a Commissioner of Banking who shall be a public officer appointed by the Governor.

7. (1) The principal function of the Commissioner shall be to promote the general stability and effective working of the banking system.

(2) Without limiting the generality of subsection (1), the Commissioner shall-

(a) be responsible for supervising compliance with the provi-

sions of this Ordinance;

(b) take all reasonable steps to ensure that the principal places of business, local branches, overseas branches and over- seas representative offices of all authorized institutions and local representative offices are operated in a responsible, honest and business-like manner;

(c) promote and encourage proper standards of conduct and sound and prudent business practices amongst authorized institutions;

(d) suppress or aid in suppressing illegal, dishonourable or improper practices in relation to the business practices of authorized institutions;

(e) co-operate with and assist recognized banking supervisory authorities of any place outside Hong Kong, whenever appropriate, to the extent permitted by this or any other Ordinance; and

(f) consider and propose reforms of the law relating to bank-

ing business and the business of taking deposits.

(3) The Commissioner may from time to time cause to be prepared and published by notice in the Gazette, for the guidance of authorized institutions, guidelines not inconsistent with this Ordin- ance, indicating the manner in which he proposes to exercise functions conferred or imposed by this Ordinance upon him.

8. The Commissioner may authorize or employ any person to assist him in the exercise of his functions under this Ordinance, either generally or in any particular case.

Commissioner of Banking.

Functions of Commissioner.

Commissioner may employ assistants.