BANKING ORDINANCE (DEPOSIT-TAKING EXEMPTIONS) (CONSOLIDATION) NOTICE

BANKING ORDINANCE (DEPOSIT-TAKING EXEMPTIONS) (CONSOLIDATION) NOTICE

BANKING ORDINANCE (DEPOSIT-TAKING
EXEMPTIONS) (CONSOLIDATION) NOTICE

(Cap. 155, section 13(1))

[1 September 1986.]

1. This notice may be cited as the Banking Ordinance (Deposit-
taking Exemptions) (Consolidation) Notice.

2. The following persons are exempt from section 12 of the
Ordinance, namely-

(a)each person specified in the First Schedule subject to the
conditions, if any, specified in that Schedule in relation to that
person;

(b)the company known as South Australian Finance (HK)
Limited (referred to in the Second Schedule as 'the company')
subject to the conditions specified in the Second Schedule;

(c)the company known as Jardine Matheson & Company Limited
subject to the conditions specified in the Third Schedule.

FIRST SCHEDULE [para. 2(a).]

PERSONS EXEMPT FROM
SECTION 12

1. The Bishop of Victoria, Hong Kong, the sole trustee of the fund entitled
the Duppuy Fund, and all persons concerned with the administration of this fund.

2. Arabian Gulf Investments (Far East) Limited subject to the following
conditions

(1) that in carrying on any business of taking deposits of money in Hong Kong
or elsewhere, Arabian Gulf Investments (Far East) Limited shall not

(a)issue, or have in its possession for the purposes of issue, any advertisement
which to its knowledge is or contains an invitation to members of the
public

(i) to deposit money; or

(ii) to enter into, or offer to enter into, any agreement to deposit
money;

(b)issue, or have in its possession for the purposes of issue, any document
which to its knowledge contains such an advertisement; or

(c)in any other manner issue or make an invitation to members of the public
to do any of the acts referred to in paragraph (a),

where such issue, possession or making is not in contravention of section 92 of the
Ordinance, except as the Financial Secretary may approve in writing from time to
time;

(2) that The Hongkong and Shanghai Banking Corporation or its nominee is
and shall at all times continue to be a beneficial owner of not less than 20% of the
issued and paid up share capital of Arabian Gulf Investments (Far East) Limited; and

(3) that The Hongkong and Shanghai Banking Corporation shall, by prior
written notice to the Financial Secretary, advise of any proposal or action which
may result in condition (2) not continuing to be fulfilled.





SECOND SCHEDULE [para. 2(b).]

CONDITIONS TO WHICH EXEMPTION IS SUBJECT

1. The beneficial owner of the company (whether directly or indirectly) shall
be

(a) the Crown in right of the State of South Australia: or

(b) a minister or statutory authority of that State.

2. In carrying on any business of taking deposits in Hong Kong or elsewhere,
the company shall not

(a)issue, or have in its possession for the purposes of issue, any advertisement
which to its knowledge is or contains an invitation to members of the
public

(i) to make any deposit; or

(ii) to enter into, or offer to enter into, any agreement to make any
deposit;

(b)issue, or have in its possession for the purposes of issue, any document
which to its knowledge contains such an advertisement; or

(c)in any other manner issue or make an invitation to members of the public
to do any of the acts referred to in sub-paragraph (a),

where such issue, possession or making is not in contravention of section 92 of the
Ordinance, except as the Financial Secretary may approve in writing from time to
time.

3. In carrying on any business of taking deposits in Hong Kong or elsewhere,
no deposit shall be taken by the company from any Hong Kong resident except
such a resident which is a company

(a) owned by or under the control of;

(b) the assets of which are charged in favour of, or

(c)the obligations of which in respect of borrowed moneys are owed to, or
guaranteed by,

the South Australian Government Financing Authority or the Treasurer of the State
of South Australia.

4. In carrying on any business of taking deposits in Hong Kong, the company
shall not take any deposit which is less than US$10,000,000, or an equivalent
amount in any other foreign currency.

5. The company shall not take any deposit in Hong Kong unless it is
denominated and repayable in a currency other than the Hong Kong dollar.

6. The obligations of the company to repay the principal of, and to pay
interest on, any deposit taken by it in Hong Kong shall be guaranteed by

(a) the South Australian Government Financing Authority;

(b) the Treasurer of that State; or

(c)a statutory authority of that State the liabilities of which are guaranteed by
that Treasurer.

THIRD SCHEDULE [para. 2(c).]







CONDITIONS TO WHICH EXEMPTION IS SUBJECT

1. In carrying on any business of taking deposits Jardine Matheson & Company
Limited shall not take any deposit except from-





(a)a company, included in a list of companies submitted to and approved by
the Commissioner of Banking or which may be included in such list from
time to time subject to the approval of the Commissioner; or

(b) any employee of any company included in such list.

2. Jardine Matheson Company Limited shall furnish to the Commissioner of
Banking at any time he may require, any particulars, relating to any company
included in such list; as he may require to be furnished to him, verified in such
manner as he may require.
L.N. 209/86. L.N. 66/87. L.N. 125/87. Citation. Exemptions. L.N. 209/86. First Schedule. L.N. 66/87. Second Schedule. L.N. 125/87. Third Schedule.

L.N. 209/86. L.N. 66/87. L.N. 125/87. Citation. Exemptions. L.N. 209/86. First Schedule. L.N. 66/87. Second Schedule. L.N. 125/87. Third Schedule.

https://oelawhk.lib.hku.hk/items/show/2708

1964

v12

155

3