1987 Ed.]
Banking
[CAP. 155
65
and in notifying such acceptance to the authorized institution for the benefit of which the letter of comfort is given he shall also notify it of the limit imposed under paragraph (a) and any requirement under paragraph (b).
(6) The Financial Secretary may at any time direct the Commissioner either generally or in any particular case as to the limits to be imposed in the exercise of his functions under subsection (5)(a) and it shall be the duty of the Commissioner to comply with any such direction.
(7) The Commissioner may at any time, by notice to an authorized institution, the liabilities of which are assured by a letter of comfort accepted by the Commissioner under subsection (3) or (4), as the case may be-
(a) where any limit has been specified for the purposes of subsection (5)(a) or any requirement imposed under subsection (5)(b), specify a new limit or vary such a requirement; but he shall not impose a more restrictive limit unless he is of the opinion that-
(i) the institution has failed to comply with such limit or requirement; or
(ii) it is in the interests of depositors so to do; or
(b) where any such limit has not been so specified or such a requirement imposed, specify such limit or impose such requirement,
and the provisions of subsection (3) or (4), as the case may be, shall apply in relation to the exercise of the powers of the Commissioner under this subsection as they do in relation to the exercise of his powers under subsection (3) or (4), as the case may be.
(8) Notwithstanding subsection (1), where the aggregate amount of any advances and investments immediately prior-
(a) to the specification of any new limit under subsection (7) did not exceed the amount previously specified;
(b) to the imposition of a limit under subsection (5) or (7) did not exceed the aggregate amount then permissible under this section; or
(c) to the withdrawal by the bank giving a letter of comfort accepted by the Commissioner under subsection (3) or (4), as the case may be, did not exceed the aggregate amount permissible by this section,
and immediately after such specification or withdrawal did exceed the amount permissible under this section, the authorized institution may-
(i) permit any advances included in computing such aggregate to be outstanding until the maturity thereof, or until they may lawfully be terminated without penalty to the institution, as the case may be; and
1987 Ed.]
Banking
[CAP. 155
65
and in notifying such acceptance to the authorized institution for the benefit of which the letter of comfort is given he shall also notify it of the limit imposed under paragraph (a) and any requirement under paragraph (b).
(6) The Financial Secretary may at any time direct the Com- missioner either generally or in any particular case as to the limits to be imposed in the exercise of his functions under subsection (5)(a) and it shall be the duty of the Commissioner to comply with any such direction.
(7) The Commissioner may at any time, by notice to an authorized institution, the liabilities of which are assured by a letter of comfort accepted by the Commissioner under subsection (3) or (4), as the case may be-
(a) where any limit has been specified for the purposes of
subsection (5)(a) or any requirement imposed under sub- section (5)(b), specify a new limit or vary such a require- ment; but he shall not impose a more restrictive limit unless he is of the opinion that-
(i) the institution has failed to comply with such limit or requirement; or
(ii) it is in the interests of depositors so to do; or
(b) where any such limit has not been so specified or such a requirement imposed, specify such limit or impose such requirement,
and the provisions of subsection (3) or (4), as the case may be, shall apply in relation to the exercise of the powers of the Commissioner under this subsection as they do in relation to the exercise of his powers under subsection (3) or (4), as the case may be.
(8) Notwithstanding subsection (1), where the aggregate amount of any advances and investments immediately prior-
(a) to the specification of any new limit under subsection (7)
did not exceed the amount previously specified;
(b) to the imposition of a limit under subsection (5) or (7) did not exceed the aggregate amount then permissible under this section; or
(c) to the withdrawal by the bank giving a letter of comfort accepted by the Commissioner under subsection (3) or (4), as the case may be, did not exceed the aggregate amount permissible by this section,
and immediately after such specification or withdrawal did exceed the amount permissible under this section, the authorized institution may-
(i) permit any advances included in computing such aggregate to be outstanding until the maturity thereof, or until they may lawfully be terminated without penalty to the institution, as the case may be; and
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