56
CAP. 155]
Banking
[1987 Ed.
(64 of 1987.)
Controllers of authorized institutions require Commissioner's approval.
(5) Any person who contravenes subsection (1) or (3) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 2 years; 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.
(6) (a) A person shall not be regarded for the purposes of subsection (1) as becoming a director of an authorized institution if he is appointed to serve as a director of it immediately on the expiration of a previous term by him as a director.
(b) A person who is a director or secretary of an authorized institution immediately prior to the commencement of this Ordinance shall for the purposes of this section be regarded as having the consent of the Commissioner under subsection (1) to continue to act as director or secretary, as the case may be.
(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. (Added 64 of 1987, s. 15)
(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 Commissioner under subsection (1) to be or continue to act as a director or secretary, as the case may be, of that institution. (Added 64 of 1987, s. 15)
72. (1) Any person who is a controller of an authorized institution incorporated in Hong Kong, irrespective of whether he became such controller before, on or after the commencement of this Ordinance, shall not, as such controller, give any directions or instructions to the directors of the institution-
(a) in the case of a person who became such controller before or on the commencement of this Ordinance, after the expiration of 3 months after that commencement or such further period as the Commissioner may allow in any particular case; and
(b) in the case of a person who becomes such controller after the commencement of this Ordinance, at any time after he has become such controller,
unless he has made an application to the Commissioner for the Commissioner's approval to give such directions and instructions