64
CAP. 155]
Banking
[1987 Ed.
A
or
restricted licence bank
3/905 33
(ii) controls any body corporate which is a shareholder in the deposit-taking company; or
(iii) is a bank controlled by a body corporate which is either a shareholder in the deposit-taking company or controls any body corporate which is a shareholder in the deposit-taking company; or
(b) is given by a bank incorporated in Hong Kong, or by a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is, in the opinion of the Commissioner, adequately supervised by a banking supervisory authority in its place of incorporation; and
(c) has been given pursuant to a resolution of the board of directors of the bank and with the knowledge of the banking supervisory authority of the place where the bank is incorporated.
(5) In accepting any letter of comfort under subsection (3) or (4) the Commissioner--
(a) shall limit the aggregate amount of any advances and investments which the authorized institution concerned may make, grant or incur to such aggregate amount as he may in his discretion specify, (but subject, however, to any direction given him by the Financial Secretary under subsection (6)) and, without limiting the generality of such discretion, such amount may be determined-
(i) in relation to the paid-up capital and reserves of the bank giving the letter of comfort as determined by reference to any accounts furnished to the Commissioner by the bank either at the time when the letter of comfort is submitted to the Commissioner for his determination, or subsequently;
(ii) having regard to-
(A) the extent of the beneficial shareholding of the bank giving the letter of comfort in the authorized institution for the benefit of which it is given where subsection (3)(a)(i) or (4)(a)(i), as the case may be, applies;
(B) the extent of any beneficial shareholding relevant in determining control for the purposes of subsection (3)(a)(ii) or (iii) or (4)(a)(ii) or (iii), as the case may be;
(C) the paid-up capital and reserves of the authorized institution for the benefit of which the letter of comfort is given;
(D) the laws and practices applicable to the transactions of the bank giving the letter of comfort;
(b) may require the bank giving the letter of comfort to submit, at such intervals as the Commissioner may determine, such accounts as he may specify,
Page 65
64
CAP. 155]
Banking
[1987 Ed.
A
or
restricted licence bank
3/905 33
(ii) controls any body corporate which is a shareholder in the deposit-taking company; or
(iii) is a bank controlled by a body corporate which is either a shareholder in the deposit-taking company or controls any body corporate which is a shareholder in the deposit-taking company; or
(b) is given by a bank incorporated in Hong Kong, or by a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is, in the opinion of the Commissioner, adequately supervised by a banking super- visory authority in its place of incorporation; and
(c) has been given pursuant to a resolution of the board of directors of the bank and with the knowledge of the banking supervisory authority of the place where the bank is incorporated.
(5) In accepting any letter of comfort under subsection (3) or (4) the Commissioner--
(a) shall limit the aggregate amount of any advances and investments which the authorized institution concerned may make, grant or incur to such aggregate amount as he may in his discretion specify, (but subject, however, to any direction given him by the Financial Secretary under subsection (6)) and, without limiting the generality of such discretion, such amount may be determined-
(i) in relation to the paid-up capital and reserves of the bank giving the letter of comfort as determined by refer- ence to any accounts furnished to the Commissioner by the bank either at the time when the letter of comfort is submitted to the Commissioner for his determination, or subsequently;
(ii) having regard to-
(A) the extent of the beneficial shareholding of the
bank giving the letter of comfort in the author- ized institution for the benefit of which it is given where subsection (3)(a)(i) or (4)(a)(i), as the case may be, applies;
(B) the extent of any beneficial shareholding relevant in determining control for the purposes of sub- section (3)(a)(ii) or (iii) or (4)(a)(ii) or (iii), as the case may be;
(C) the paid-up capital and reserves of the authorized institution for the benefit of which the letter of comfort is given;
(D) the laws and practices applicable to the transac-
tions of the bank giving the letter of comfort;
(b) may require the bank giving the letter of comfort to submit, at such intervals as the Commissioner may deter- mine, such accounts as he may specify,
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