Information on shareholding, etc.
(Cap. 32.)
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(5) Every director and every manager of an authorized institution which contravenes subsection (1), or fails to comply with any requirement under sub- section (3), commits an offence and is liable on conviction upon indictment or 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.
(6) Every director and every manager of an authorized institution which fails to comply with any requirement under subsection (2) commits an offence and is liable- (a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues; 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.
(7) 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.
64. (1) Every authorized institution incorporated in Hong Kong shall, if so required by the Commissioner, inform him of the name and address of, and the nature of the business carried on by, every company (whether incorporated in or outside Hong Kong and whether or not the company is carrying on business in Hong Kong or has complied with Part XI of the Companies Ordinance)-
(a) in which the institution holds the beneficial ownership, directly or indirectly,
of an aggregate of 20 per cent or more of the share capital;
(b) where any director or manager of that company is also a director or
manager of the institution;
(c) where the name of that company has common features with the name of the
institution;
(d) which, by whatever means, acts in concert with the institution to promote
the institution's business;
(e) the controller of which is also the controller of the institution.
(2) The Commissioner may require any authorized institution which has submitted to him information pursuant to subsection (1) to submit to him such further information as he may consider necessary to obtain, in the interests of depositors of the institution, about the assets, liabilities and transactions of any such company.
(3) Information that is required to be submitted under this section shall be submitted within such period and in such manner as the Commissioner may require.
(4) Every director and every manager of an authorized institution which fails to comply with any requirement under this section commits an offence and is liable--
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues; 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.
(5) 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-
39
(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.
(6) If an authorized institution produces any book, account, document, security or information under this section which is false in a material particular, every director and every manager of the institution 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.
65. (1) An authorized institution, within 14 days after the making of any Alteration in alteration to the memorandum of association, articles of association or other instru- constitution. ment under which it is incorporated, shall furnish to the Commissioner particulars of such alteration in writing, verified by a director of the institution.
(2) Every director and every manager of an authorized institution which contravenes this section commits an offence and is liable on conviction upon indictment or 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.
66. (1) A deposit-taking company which ceases to carry on a business of taking deposits shall forthwith notify the Commissioner in writing of such cessation.
(2) Every director and every manager of a deposit-taking company which fails to comply with this section commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $10,000.
67. (1) If any authorized institution is likely to become unable to meet its obligations or if it is about to suspend payment it shall forthwith report all relevant facts, circumstances and information to the Commissioner.
(2) Every director and every manager of an authorized institution which fails without reasonable excuse to comply with 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 and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues; 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.
68. The appropriate recognized banking supervisory authority of a place out- side Hong Kong may, with the approval of the Commissioner, examine the books, accounts and transactions of the principal place of business in Hong Kong or any local branch, or the documents of any local representative office—
(a) of an authorized institution which is incorporated in that place; or (b) of an authorized institution which is incorporated in or outside Hong Kong and is a subsidiary of a bank or other body corporate which is incorporated in that place.
PART XIII
OWNERSHIP And ManagemENT OF AUTHORIZED INSTITUTIONS
Deposit-taking company to notify Commissioner
when it ceases to take deposits.
Duty to report inability to meet obligations.
Examination by authorities outside Hong Kong.
69. (1) An authorized institution incorporated in Hong Kong shall not, Amalgamation without the prior approval of the Financial Secretary—
requires Financial Secretary's approval.