A182
Ord. No. 27/86
BANKING
BANKING
Ord. No. 27/86
A183
Controllers of
authorized
institutions
require
Commissioner's
approval.
(b) if becoming a director or secretary without such consent, act or continue to
act as a director or secretary, as the case may be, without such consent,
and for the purposes of this subsection consent may be given subject to such conditions as the Commissioner may think proper to attach thereto and shall be conveyed to the person, and the institution, concerned as soon as practicable.
(2) Where the Commissioner refuses to give consent under subsection (1), he shall notify the person concerned in writing of his refusal as soon as practicable.
(3) The Commissioner may by notice in writing to the person and the author- ized institution concerned withdraw any consent given under subsection (1), or amend any condition attached to any such consent, if the Commissioner-
(a) has given to the director or secretary concerned not less than 7 days'
advance notice of his intention to do so, specifying his reasons; and
(b) has taken into account before so doing any written representation received
by him from the director or secretary concerned,
and in any such case the director or secretary concerned shall cease to act as such or, as the case may be, shall comply with the amended conditions.
(4) A person aggrieved--
(a) by a refusal to grant consent, or by conditions attached to a consent, under
subsection (1);
(b) by the withdrawal of consent under subsection (2); or
(c) by the amendment under subsection (2) of conditions attached to a consent, may appeal to the Governor in Council against the refusal, conditions, withdrawal or amendment, as the case may be, but such refusal, conditions, withdrawal or amendment shall take effect immediately notwithstanding that an appeal has been or may be made under this subsection.
(5) Any person who contravenes subsection (1) or (3) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment
for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
(6) (a) A person shall not be regarded for the purposes of subsection (1) as becoming a director of an authorized institution if he is appointed to serve as a director of it immediately on the expiration of a previous term by him as a director.
(b) A person who is a director or secretary of an authorized institution immediately prior to the commencement of this Ordinance shall for the purposes of this section be regarded as having the consent of the Commis- sioner under subsection (1) to continue to act as director or secretary, as the case may be.
72. (1) Any person who is a controller of an authorized institution incorpor- ated in Hong Kong, irrespective of whether he became such controller before, on or after the commencement of this Ordinance, shall not, as such controller, give any directions or instructions to the directors of the institution-
(a) in the case of a person who became such controller before or on the commencement of this Ordinance, after the expiration of 3 months after that commencement or such further period as the Commissioner may allow in any particular case; and
(b) in the case of a person who becomes such controller after the commence-
ment of this Ordinance, at any time after he has become such controller,
unless he has made an application to the Commissioner for the Commissioner's approval to give such directions and instructions and has received such approval, which approval may be given in a general or a particular case, shall be conveyed to the applicant and to the institution concerned as soon as practicable in writing, and shall be subject to such conditions as the Commissioner may think proper to attach thereto.
(2) Where the Commissioner refuses to give an approval under subsection (1), he shall notify the person and authorized institution concerned in writing of his refusal as soon as practicable.
(3) Any person aggrieved by the refusal by the Commissioner to grant approval under subsection (1), or by the imposition by the Commissioner of conditions under that subsection, 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.
(4) Any person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment
for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
73. (1) No person who-
(a) is bankrupt or has entered into a composition with his creditors;
Certain persons prohibited from acting as employees of authorized
(b) has been convicted in any place of an offence involving fraud or dishonesty; institutions except
or
(c) has been a director, or otherwise concerned in the management, of any authorized institution which has been wound up by a court or whose licence or registration, as the case may be, has been revoked,
shall, without the consent in writing of the Commissioner, become an employee of an authorized institution or, if becoming such an employee without such consent, act, or continue to act, as such employee.
(2) Any person who contravenes this section commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and to imprisonment
for 12 months; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months.
with consent of Commissioner.
74. (1) Every authorized institution shall appoint a chief executive of the Appointment of institution who shall be-
(a) an individual; and
(b) ordinarily resident in Hong Kong,
except that, in the case of an authorized institution incorporated outside Hong Kong, such chief executive is only required to be the chief executive in respect of the business in Hong Kong of the institution.
chief executive.