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(Cap. 361.)
BANKING BILL
(b) an authorized institution which is a deposit-taking company, means a place of business in Hong Kong of a deposit-taking company, other than its principal place of business in Hong Kong, at which it carries on the business of taking deposits;
"local representative office" means an office in Hong Kong of a bank incorporated
outside Hong Kong which is not-
(a) licensed under section 16;
(b) a deposit-taking company; and
(c) recognized as the central bank of the place in which it is incorporated; "money at call" means money payable within not more than 24 hours of a demand
therefor, but does not include money payable on demand;
"money at short notice" means money, other than money at call, payable within not
more than 7 days of a demand therefor;
"overseas branch" means a branch outside Hong Kong of an authorized institution incorporated in Hong Kong, at which it transacts banking business or carries on a business of taking deposits, as the case may be, whether or not the business of the branch is limited by the laws or regulations of the place in which the branch is situated and whether or not the branch is referred to as an agency in such place; "overseas representative office" means an office outside Hong Kong, other than an overseas branch, of an authorized institution incorporated in Hong Kong; "register" means the register maintained under section 27;
"registered" means registered under this Ordinance;
"share" means share in the share capital of a company, and includes stock except where a distinction between stock or shares is expressed or implied; and the expression "shareholder" includes a stockholder;
"short-term deposit" means a deposit with an original term to maturity of less than 3
months or with a period of call or notice of less than 3 months;
"specified sum", in relation to-
(a) a registered deposit-taking company, means the sum referred to in sec-
tion 14(1)(a); and
(b) a licensed deposit-taking company, means the sum referred to in sec-
tion 14(1)(b);
"Unified Exchange" has the same meaning as in the Stock Exchanges Unification
Ordinance;
"unincorporated bank" means an unincorporated person or body of persons to whom or to which a banking licence to transact banking business in Hong Kong has been granted under section 111.
(2) For the purposes of this Ordinance-
(a) the taking of deposits includes holding out as being prepared to take
deposits;
(b) an advertisement issued by any person by way of display or exhibition in a public place shall be treated as being issued by him on every day on which he causes or authorizes it to be displayed or exhibited;
(c) an advertisement or document which consists of or contains information
likely to lead, directly or indirectly, members of the public to-
(i) deposit money; or
(ii) enter into, or offer to enter into, any agreement to deposit money, shall be treated as being an advertisement or document which is or contains an advertisement to members of the public to do that act; and
BANKING BILL
(d) an advertisement or document issued by one person on behalf of or to the order of another shall be treated as an advertisement or document, as the case may be, issued by that other person.
(3) Without limiting the generality of any other meaning which "insolvent" may have, an authorized institution shall, for the purposes of this Ordinance, be deemed to be insolvent if it has ceased to pay its debts in the ordinary course of business or it cannot pay its debts as they become due.
(4) Where, under this Ordinance, an authorized institution is required to provide facilities to any person for the purpose of any investigation or examination of the institution, such facilities shall include photocopying facilities.
3.
(1) This Ordinance shall not apply to the taking of any deposit by- (a) a trust company registered under Part VIII of the Trustee Ordinance; (b) a credit union registered under the Credit Unions Ordinance;
Application.
(Cap. 29.)
(Cap. 119.)
(c) a company, where such deposit is secured by a charge registered or to be
registered under the Companies Ordinance;
(Cap. 32.)
(d) a person bona fide carrying on insurance business where such deposit is
taken in the ordinary course of such business;
(e) a person bona fide operating a superannuation or provident fund where
such deposit is taken for the purposes of such fund;
(f) a public utility company specified in the Third Schedule to the Inland (Cap. 112.)
Revenue Ordinance where such deposit is taken from a consumer;
(g) an employer where such deposit is taken from a bona fide employee;
(h) a solicitor or professional accountant (within the meaning of the Profes- (Cap. 50.)
sional Accountants Ordinance), where such deposit is taken from a client in the ordinary course of his practice;
(i) the Urban Council or the Regional Council;
(j) a person who is a dealer within the meaning of the Securities Ordinance (Cap. 333.)
where section 84 of that Ordinance applies to such deposit, or a mutual fund corporation or unit trust authorized under section 15(1)(c) of that Ordinance;
(k) a person who is registered as a dealer under the Commodities Trading (Cap. 250.)
Ordinance where such deposit is taken from a client in the ordinary course of his business as a dealer;
(1) the Exchange Fund established by the Exchange Fund Ordinance; or
(m) a person or class of persons exempted by the Financial Secretary under
section 13.
(2) This Ordinance shall not apply to the taking of any deposit from—
(a) a bank;
(b) a registered deposit-taking company:
Provided that section 14(1)(a) shall apply where a deposit is taken by a registered deposit-taking company from another registered deposit-taking company or from a licensed deposit-taking company;
(c) a licensed deposit-taking company:
Provided that section 14(1)(b) shall apply where a deposit is taken by a licensed deposit-taking company from another licensed deposit-taking company or from a registered deposit-taking company;
(Cap. 66.)
C133