28
29
Supply of
information and examination of local
representative
offices.
Fees in respect
of local
representative offices.
Second Schedule.
(Cap. 155.)
47. (1) A bank incorporated outside Hong Kong which maintains a local representative office thereof pursuant to section 46 shall-
(a) submit to the Commissioner such information as he may require regarding
the functions and activities of the representative office;
(b) if the Commissioner wishes to examine the functions and activities of the representative office, for that purpose afford to the person carrying out the examination access to the documents maintained by the representative office and to such information and facilities as may be required to conduct the examination, and shall produce to the person carrying out the examination such documents or other information as he may require.
(2) Any person who fails to comply with any requirement of the Commissioner under this section 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.
(3) Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable--
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment
for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months.
(4) If a bank produces any book, account, document, security or information whatsoever under this section which is false in a material particular, every director and every manager of the bank commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment
for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months.
48. (1) Where the establishment by a bank incorporated outside Hong Kong of a local representative office is approved under section 46(1), the bank shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that representative office and thereafter, so long as the representative office continues to be maintained by the bank, the bank shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of the approval under that section.
(2) A bank incorporated outside Hong Kong that is maintaining, at the commencement of this Ordinance, a local representative office to which section 46(2) applies and which representative office was established prior to 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on 1 April of each year.
(3) A bank incorporated outside Hong Kong that is maintaining, at the commencement of this Ordinance, a local representative office to which section 46(2) applies and which representative office was established on or after 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of approval, under section 12C(1) of the Banking Ordinance repealed by this Ordinance, of the establishment of that local representative office.
PART IX
OVERSEAS BRANCHES, Overseas RepresenTATIVE OFFICES AND FEES
49. (1) Without prejudice to section 44, an authorized institution which is Control of incorporated in Hong Kong shall be subject to a condition that the institution shall establishment, etc. not establish or maintain any overseas branch or overseas representative office branches and thereof without the approval of the Commissioner.
of overseas
overseas
representative
(2) Subsection (1) applies to every authorized institution incorporated in Hong offices. Kong whether the institution was licensed or registered before, on or after the commencement of this Ordinance, and subsections (4) and (5) apply to an approval granted under subsection (1) whether the approval was granted before, on or after such commencement.
(3) Approval under subsection (1) shall be deemed to have been granted in respect of any overseas branch or overseas representative office lawfully established prior to the commencement of this Ordinance.
(4) The Commissioner may at any time, by notice in writing served upon an authorized institution, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any overseas branch or overseas representative office thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.
(5) The Commissioner may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any overseas branch or overseas representative office.
(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the authorized institution concerned in writing of the refusal or revocation.
(7) Any authorized institution aggrieved by the refusal to grant approval under subsection (1) or by the revocation of an approval under subsection (5) by the Commissioner may appeal to the Governor in Council against the refusal or revocation, but that refusal or revocation shall take effect immediately, notwith- standing that an appeal has been or may be made under this subsection.
(8) Every director and every manager of an authorized institution which contravenes the condition in subsection (1) or any condition attached under sub- section (4) 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.
50. (1) Every authorized institution incorporated in Hong Kong which main- Conditions tains an overseas branch thereof shall be subject to a condition that—
(a) the institution shall submit to the Commissioner a return in such form, and at such intervals, as he may specify showing the assets and liabilities of the overseas branch;
(b) the institution shall submit to the Commissioner such further information as he may consider necessary for the proper understanding of the functions and activities of the overseas branch, and that such information shall be submitted within such period and in such manner as the Commissioner may require;
regarding overseas branches and
overseas
representative offices.