1964_HANG_LUNG_BANK_(ACQUISITION)_ORDINANCE — Page 6

1989 Ed.]

Hang Lung Bank (Acquisition)

[CAP. 345

5

9. Power to make regulations

(1) The Governor in Council may make regulations-

(a) prescribing anything that may be prescribed under this Ordinance;

(b) providing for the management, control and operations of the company and its subsidiaries; and

(c) providing for the better carrying into effect of the purposes and provisions of this Ordinance.

(2) Regulations under subsection (1) may make provision for the matters mentioned in that subsection and shall have effect notwithstanding anything to the contrary in the Companies Ordinance (Cap. 32), the Banking Ordinance (Cap. 155) and the memorandum and articles of association of the company or any subsidiary thereof. (Amended 27 of 1986 s. 137)

10. Power to give directions

For so long as 100% of the shares in the capital of the company are held for and on behalf of the Government, the Governor may give to the directors of the company such directions as he considers necessary or expedient in the public interest as to the exercise and discharge of their powers and functions.

11. Certain provisions to cease to have effect

(1) Sections 4 and 7(6) shall have effect until such time as the Governor in Council by order declares that they shall cease to have effect, and different dates may be specified in respect of different provisions.

(2) Upon any provision ceasing to have effect under subsection (1) it shall be deemed to have been repealed.

12. Ordinance to prevail in conflict with certain other laws

In any case where the provisions of this Ordinance conflict with the Companies Ordinance (Cap. 32), the Banking Ordinance (Cap. 155) or the memorandum or articles of association of the company or any subsidiary thereof, the provisions of this Ordinance shall prevail, but otherwise those Ordinances, memoranda and articles shall continue to apply to the company and its subsidiaries. (Amended 27 of 1986 s. 137)