BANKING (AMENDMENT) BILL 1987
(6) If an authorized institution produces any informa- tion whatsoever 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.".
15. Section 71 of the principal Ordinance is amended-
(a) in subsection (1), by deleting paragraphs (a) and (b) and substitut-
ing the following-
"(a) become the chief executive of an authorized institution, or a director or secretary of an authorized institution incorporated in Hong Kong, without the consent in writing of the Commissioner; or
(b) if he becomes such chief executive, director or secretary without such consent, act or continue to act as such chief executive, director or secretary, as the case may be, without such consent,";
(b) in subsection (3)—
(i) in paragraph (a), by inserting after "given to the" the following
"chief executive,";
(ii) in paragraph (b), by inserting after "from the" the follow- ing
"chief executive,”; and
(iii) by inserting after "such case the" the following-
"chief executive,";
(c) in subsection (4), by deleting from paragraphs (b) and (c) "subsec-
tion (2)" and substituting in both places the following-
"subsection (3)";
(d) in subsection (6), by inserting after paragraph (b) the following—
of 1987.)
"(c) A person who is the chief executive of an authorized
institution immediately prior to the commencement of the Banking (Amendment) Ordinance 1987 shall for the purposes of this section be regarded as having the consent of the Commissioner under subsection (1) to continue to act as chief executive."; and
(e) by inserting after subsection (6) the following-
"(7) For the purposes of this section, where a person has the consent of the Commissioner under subsection (1) or by virtue of subsection (6)(c) to be or continue to act as the chief executive of an authorized institution, and is such chief executive, he is not required to have the consent of the
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Amendment of section 71.