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Ord. No. 27/86
Revocation of deposit-taking licence.
Procedure on and effect of revocation of registration or deposit-taking licence.
BANKING
(3) Any company aggrieved by the revocation by the Commissioner of its registration under subsection (1) may appeal to the Governor in Council against the revocation, but that revocation shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
32. (1) Subject to section 33(1), the Financial Secretary may revoke the deposit-taking licence of a licensed deposit-taking company if—
(a) the company-
(i) has ceased to carry on a business of taking deposits; or
(ii) proposes to make, or has made, any composition or arrangement with its creditors or is insolvent or is being or has been wound up or is otherwise dissolved;
(b) the issued share capital or paid-up share capital of the company is less than
the amount specified in section 24(3);
(c) the objects of the company as stated in its memorandum of association or constitution no longer include the object of carrying on a business of taking deposits;
(d) it appears to him that-
(i) the company is not a fit and proper body to remain licensed;
(ii) the company has not provided him, whether before or after being licensed, with such information relating to it, and to any circumstances likely to affect its method of business, as is required by or under this Ordinance;
(iii) the chief executive of the company, with intent to defeat or delay its creditors, has departed out of Hong Kong, or being out of Hong Kong has remained out of Hong Kong, or has departed from his dwelling-place or usual place of business, or otherwise has failed or refused to attend any meeting of the governing board, by whatever name called, of the institution or any meeting otherwise required by or under this Ordinance; or
(iv) the business of the company is being carried on in a manner detrimental to the interests of its depositors;
(e) the company has contravened section 14(1) or (3);
(f) the company has failed to pay the deposit-taking licence fee or renewal of
deposit-taking licence fee in accordance with section 26;
(g) the company has failed to comply with section 60 or Part XVII or XVIII; (h) the company makes a report to the Commissioner under section 67 that it is likely to become unable to meet its obligations or is about to suspend payment or it appears to the Financial Secretary that the company is so unable or has suspended payment;
(i) he is of the opinion that, having regard to a report under section 117 in
respect of the company, it is proper for him to do so.
(2) Without limiting the generality of subsection (1), the Financial Secretary may revoke the deposit-taking licence of a licensed deposit-taking company on being requested in writing by the company to do so, if he is satisfied that the interests of depositors of that company are adequately safeguarded.
(3) Any company aggrieved by the revocation by the Financial Secretary of its deposit-taking licence under subsection (1) may appeal to the Governor in Council against the revocation, but that revocation shall take effect immediately, notwith- standing that an appeal has been or may be made under this subsection.
33. (1) Before exercising his powers under section 31(1) or 32(1), the Commis- sioner or the Financial Secretary, as the case may be, shall inform the deposit-taking company concerned of the grounds therefor and give it an opportunity, within such period as the Commissioner or the Financial Secretary, as the case may be, may specify in writing, being a period reasonable in the circumstances, of being heard.
BANKING
Ord. No. 27/86
A165
(2) Where the registration of a registered deposit-taking company or the deposit-taking licence of a licensed deposit-taking company is revoked the Commis- sioner shall notify the company in writing of such revocation and the company shall, on and from the date specified in that notice, cease to carry on a business of taking deposits.
(3) Without prejudice to any other provision of this Ordinance, a company referred to in subsection (2) may continue to hold until maturity any deposit taken prior to the date referred to in that subsection.
PART VI
SUSPENSION OF Deposit-TAKING COMPANY
34. In this Part, "the designated authority" means the Commissioner in the case Interpretation. of a registered deposit-taking company, and the Financial Secretary in the case of a licensed deposit-taking company.
35. (1) In any case where-
(a) the powers of the designated authority under section 31(1) or 32(1) have registration or
become exercisable with respect to a deposit-taking company; and
(b) the designated authority considers that urgent action is expedient,
he may, by notice in writing served on the company—
(i) suspend the registration of the company if it is a registered deposit-taking
company; or
(ii) suspend the deposit-taking licence of the company if it is a licensed
deposit-taking company,
for a period not exceeding 14 days and he may if he thinks fit, by reason of the urgency of the matter or otherwise, do so without giving the company an opportunity to be heard.
(2) Any notice of suspension under subsection (1) may be accompanied by a notice stating that the designated authority is considering whether to exercise his powers under section 31(1), 32(1) or 36.
(3) Any such accompanying notice as is mentioned in subsection (2) shall inform the company of its rights under sections 33(1) and 37 and the manner in which it may exercise its rights.
(4) Any suspension under this section or section 36 shall cease on such date prior to the expiration of the period thereof as the designated authority may, by notice in writing served on the company, determine.
36. (1) Subject to section 37, in any case where the powers of the designated authority under section 31(1) or 32(1) have become exercisable with respect to a deposit-taking company, the designated authority may, by notice in writing served on the company, suspend its registration or deposit-taking licence for a period not exceeding 6 months.
(2) A suspension under this section may, before the expiration of the period thereof, be renewed by the designated authority-
(a) by notice in writing served on the company the subject of the suspension;
and
(b) for a period not exceeding 6 months commencing immediately upon the
expiration of the suspension.
(3) Any company aggrieved by the suspension by the designated authority of its registration or deposit-taking licence under this section may appeal to the Governor in Council against the suspension, but that suspension shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
Temporary suspension of
deposit-taking licence in an emergency.
Suspension of registration or deposit-taking licence for a
period up to 6
months.