Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 10

Power of Chief Executive to give directions

(1) After consulting the Monetary Authority, the Chief Executive may, on being
satisfied that it is in the public interest to do so, give the Monetary
Authority such written directions as he thinks fit as to the performance of
any function of the Monetary Authority under this Ordinance.

(2) The Monetary Authority shall comply with any direction given under
subsection (1).

(3) If a direction is given under subsection (1), a requirement in an
Ordinance that the Monetary Authority shall—

   (a)  form any opinion;

   (b)  be satisfied as to any matter (including the existence of particular
        circumstances); or

   (c)  consult any person, for the purpose of performing any function to
        which the direction relates, does not apply for any purpose connected
        with the performance of that function pursuant to or consequent upon
        the direction.