CAP. 379]
Overseas Trust Bank (Acquisition)
[1985 Ed.
Guarantee by Government.
(Cap. 66.)
Compensation.
Power to make regulations.
(Cap. 32.) (Cap. 155.) (Cap. 328.)
8. (1) The Financial Secretary may on behalf of the Government, in such manner and on such terms as he thinks fit, guarantee any payment in respect of any liability of the company.
(2) Any sum required for fulfilling a guarantee given under this section shall be charged on and issued out of the Exchange Fund established under the Exchange Fund Ordinance.
9. (1) The registered holders of shares in the capital of the company immediately before the vesting thereof in the Financial Secretary Incorporated by section 3(1) shall, in accordance with any regulations under section 10 read with subsection (3), be entitled to compensation in respect of those shares. (Amended, L.N. 180/85)
(2) Any person who suffers loss by reason of the operation of section 4, the cessation of any right under section 5 or the disclaimer of a transaction under section 6(3) shall, in accordance with any regulations under section 10 read with subsection (3), be entitled to compensation in respect of such loss.
(3) The following matters may be prescribed-
(a) the manner of determining the amount of compensation payable under subsections (1) and (2);
(b) the factors to be taken into account or disregarded, and the principles to be applied in determining such amount;
(c) the time and manner of payment of such compensation;
(d) whether and what interest shall be payable in respect of such compensation;
(e) the denial of compensation under subsections (1) and (2) to any former director who has engaged in any transaction which could be disclaimed under section 6(3) if it were in whole or in part unperformed or unexpired;
(f) any matter incidental to the matters specified in subsection (1) or (2) or paragraphs (a) to (e).
10. (1) The Financial Secretary may make regulations-
(a) prescribing anything that may be prescribed under this Ordinance;
(b) providing for the management, control and operation 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) shall have effect notwithstanding anything to the contrary in the Companies Ordinance, the Banking Ordinance, the Deposit-taking Companies Ordinance, and the memorandum and articles of association of the company or any subsidiary thereof.
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Page 6
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CAP. 379]
Overseas Trust Bank (Acquisition)
[1985 Ed.
Guarantee by Government.
(Cap. 66.)
Compensation.
Power to make regulations.
(Cap. 32.) (Cap. 155.) (Cap. 328.)
8. (1) The Financial Secretary may on behalf of the Govern- ment, in such manner and on such terms as he thinks fit, guarantee any payment in respect of any liability of the company.
(2) Any sum required for fulfilling a guarantee given under this section shall be charged on and issued out of the Exchange Fund established under the Exchange Fund Ordinance.
9. (1) The registered holders of shares in the capital of the company immediately before the vesting thereof in the Financial Secretary Incorporated by section 3(1) shall, in accordance with any regulations under section 10 read with subsection (3), be entitled to compensation in respect of those shares. (Amended, L.N. 180/85)
(2) Any person who suffers loss by reason of the operation of section 4, the cessation of any right under section 5 or the disclaimer of a transaction under section 6(3) shall, in accordance with any regulations under section 10 read with subsection (3), be entitled to compensation in respect of such loss.
(3) The following matters may be prescribed-
(a) the manner of determining the amount of compensation
payable under subsections (1) and (2);
(b) the factors to be taken into account or disregarded, and the
principles to be applied in determining such amount;
(c) the time and manner of payment of such compensation;
(d) whether and what interest shall be payable in respect of
such compensation;
(e) the denial of compensation under subsections (1) and (2) to any former director who has engaged in any transaction which could be disclaimed under section 6(3) if it were in whole or in part unperformed or unexpired;
(f) any matter incidental to the matters specified in subsection
(1) or (2) or paragraphs (a) to (e).
10. (1) The Financial Secretary may make regulations- (a) prescribing anything that may be prescribed under this
Ordinance;
(b) providing for the management, control and operation 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) shall have effect notwith- standing anything to the contrary in the Companies Ordinance, the Banking Ordinance, the Deposit-taking Companies-Ordinance, and the memorandum and articles of association of the company or any subsidiary thereof.
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