1987 Ed.]
Banking
[CAP. 155
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"Commissioner" means the Commissioner of Banking appointed under section 6;
"company" means a body corporate-
(a) incorporated under the Companies Ordinance;
(b) incorporated by any other Ordinance; or
(c) incorporated or established outside Hong Kong;
"controller", in relation to a company, including a company which is an authorized institution, means any person-
(a) in accordance with whose directions or instructions the directors of the company or of another company of which it is a subsidiary are accustomed to act; or
(b) who is entitled to exercise, or control the exercise, of more than 50 per cent of the voting power at any general meeting of the company or of another company of which it is a subsidiary,
and references in this Ordinance to "control" shall be construed accordingly:
Provided that a person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a company are accustomed to act by reason only that the directors of the company act on advice given by him in a professional capacity;
"deposit"
(a) means a loan of money-
(i) at interest, at no interest or at negative interest; or (ii) repayable at a premium or repayable with any consideration in money or money's worth; but
(b) does not include a loan of money-
(i) upon terms involving the issue, by any company, of debentures or other securities in respect of which a prospectus has been registered under the Companies Ordinance; (Replaced, 64 of 1987, s. 2)
(ii) upon terms referable to the provision of property or services; or
(iii) by one company to another (neither company being an authorized institution) at a time when one is a subsidiary of the other or both are subsidiaries of another company,
and references in this Ordinance to the taking or the making of a deposit shall be construed accordingly;
"depositor" means a person entitled to repayment of a deposit, whether made by him or not;
"Deposit-taking Companies Advisory Committee" means the Deposit-taking Companies Advisory Committee established by section 5;
(Cap. 32.)
(Cap. 32.)
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