Banks and Trust Companies Law (1995 Revision) BANKS AND TRUST COMPANIES

CAYMAN ISLANDS Banks and Trust Companies Law (1995 Revision) BANKS AND TRUST COMPANIES (DESIGNATION) ORDER (1997 Revision) Supplement No. 2 published with Gazette No. 3 of 3rd February, 1997. PUBLISHING DETAILS Revised under the authority of the Law Revision Law (19 of 1975). A revision of the Banks and Trust Companies (Designation) Order, 1989 made the 9th June, 1989. Revised this 7th day of January, 1997. Page 2 Revised as at 7th day of January, 1997 c Banks and Trust Companies (Designation) Order Arrangement of Paragraphs CAYMAN ISLANDS Banks and Trust Companies Law (1995 Revision) BANKS AND TRUST COMPANIES (DESIGNATION) ORDER (1997 Revision) Arrangement of Paragraphs Paragraph Page 1. Citation ......................................................................................................................................5 2. Designation of the Financial Secretary to exercise certain powers on behalf of the Governor in Council ...................................................................................................................5 3. Condition subject to which designation is made .........................................................................6 c Revised as at 7th day of January, 1997 Page 3 Banks and Trust Companies (Designation) Order Paragraph 1 CAYMAN ISLANDS Banks and Trust Companies Law (1995 Revision) BANKS AND TRUST COMPANIES (DESIGNATION) ORDER (1997 Revision) 1. Citation 1. This Order may be cited as the Banks and Trust Companies (Designation) Order (1997 Revision). 2. Designation of the Financial Secretary to exercise certain powers on behalf of the Governor in Council 2. The person for the time being holding the office of Financial Secretary is hereby designated to exercise the following powers on behalf of the Governor in Council — (a) to approve, under section 6, the issue of shares in a company which is a licensee or the transfer or disposition of such shares if such issue, transfer or disposition does not result in any change in the effective control of the company; and (b) to approve any requisition by the Inspector under section 7(4). c Revised as at 7th day of January, 1997 Page 5 Paragraph 3 Banks and Trust Companies (Designation) Order 3. Condition subject to which designation is made 3. It is a condition of the designation made in paragraph 2 that at the end of each successive period of ninety days from the 26th June, 1989 the Financial Secretary shall submit to the Governor in Council a written report giving full particulars of each occasion, if any, during the respective period on which the Financial Secretary has exercised the powers referred to in such paragraph. Publication in revised form authorised by the Governor in Council this 7th day of January, 1997. Carmena H. Parsons Clerk of Executive Council Page 6 Revised as at 7th day of January, 1997 c