A 160
Ord. No. 27/86
Registration fees.
Second Schedule.
Application for
deposit-taking
licence.
Grant or refusal
of deposit-taking licence.
BANKING
23. (1) A registered deposit-taking company shall, within 14 days after the receipt of a notice of registration under section 21(5), pay to the Director of Accounting Services the registration fee specified in the Second Schedule.
(2) Every registered deposit-taking company shall pay to the Director of Accounting Services annually the renewal of registration fee specified in the Second Schedule-
(a) in the case of a company which was carrying on a business of taking deposits at 1 April 1976, within 14 days after the anniversary of such date; and
(b) in the case of any other company, within 14 days after the anniversary of the
date of registration of such company.
24. (1) Every company shall, before it commences a business of taking deposits as a licensed deposit-taking company, apply for a deposit-taking licence in accord- ance with this section.
(2) An application for a deposit-taking licence shall be made to the Financial Secretary, through the Commissioner, and there shall be lodged with the application such documents and information as may be required by the Financial Secretary or the Commissioner.
(3) An application for a deposit-taking licence may be made only by a registered deposit-taking company which has-
(a) an issued share capital of not less than $100,000,000 or an equivalent
amount in any other currency; and
(b) a paid-up share capital of not less than $75,000,000 or an equivalent amount
in any other currency.
(4) For the purposes of determining the issued share capital or paid-up share capital of-
(a) a registered deposit-taking company which has made an application for a deposit-taking licence, there shall be deducted from any such share capital any debit balance appearing in the profit and loss account of the company; and
(6) a licensed deposit-taking company, there shall be deducted from any such share capital any debit balance appearing in the profit and loss account of the company.
(5) The Governor in Council may, by notice in the Gazette, amend the amount of issued share capital or paid-up share capital specified in subsection (3).
(6) After receiving an application for a deposit-taking licence, the Commis- sioner shall forward to the Financial Secretary the application and his advice as to whether or not the applicant should be granted a deposit-taking licence.
25. (1) After receiving an application_forwarded under section 24 and the advice of the Commissioner in respect thereof, the Financial Secretary may-
(a) grant a deposit-taking licence to a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular case; or
(b) without assigning any reason therefor, refuse to grant a deposit-taking
licence.
(2) On the grant of a deposit-taking licence to a registered deposit-taking company, the company shall cease to be a registered deposit-taking company.
(3) Without limiting the generality of the power to attach conditions under subsection (1)(a), the Financial Secretary may at any time, by notice in writing served upon a licensed deposit-taking company, attach to the deposit-taking licence held by that company such conditions, or amend or cancel any conditions attached to the deposit-taking licence, as he may think proper.
BANKING
Ord. No. 27/86
A161
(4) Where the Financial Secretary refuses to grant a deposit-taking licence under subsection (1)(b), he shall notify the registered deposit-taking company in writing of the refusal.
(5) Any registered deposit-taking company aggrieved by the refusal of the Financial Secretary to grant a deposit-taking licence to it under subsection (1), or by the imposition by him of conditions under subsection (1) or (3), may appeal to the Governor in Council against the refusal or the conditions, but that refusal or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(6) Every director and every manager of a licensed deposit-taking company which contravenes any condition attached under subsection (1)(a) or (3) to its deposit-taking licence commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
26. (1) A licensed deposit-taking company shall, within 14 days after the grant Deposit-taking to it of a deposit-taking licence, pay to the Director of Accounting Services the licence fees. deposit-taking licence fee specified in the Second Schedule.
(2) Every licensed deposit-taking company shall pay to the Director of Ac- counting Services annually the renewal of deposit-taking licence fee specified in the Second Schedule within 14 days after the anniversary of the date of grant of the deposit-taking licence.
Second Schedule.
27. (1) The Commissioner shall maintain a register, in such form as he thinks Register of fit, which shall contain-
(a) the name and business address of every bank;
(b) the name and business address of every local representative office;
(c) the name and business address of every registered deposit-taking company; (d) the name and business address of every licensed deposit-taking company;
and
(e) such other particulars of banks, local representative offices, registered deposit-taking companies or licensed deposit-taking companies as the Com- missioner thinks fit.
(2) The register shall be kept at the office of the Commissioner or at such other place as may be notified by the Commissioner in the Gazette.
(3) Any member of the public may, with effect from such date and during such hours as shall be notified by the Commissioner in the Gazette, on payment of the fee specified in the Second Schedule-
(a) inspect the register or obtain a copy of an entry in the register or an extract
from the register; or
(b) inspect or obtain a copy of or an extract from any document lodged with the Commissioner under section 15 (other than any document or information referred to in subsection (2)(h) of that section) and section 20 (other than any document or information referred to in subsection (2)(b) of that section).
(4) A document purporting to be a copy of any entry in or extract from the register, or of any document lodged with the Commissioner by a company under this Ordinance, and purporting to be certified by the Commissioner shall be admitted in evidence in criminal or civil proceedings before any court on its production without further proof, and--
authorized institutions, etc.
Second Schedule.