1987 Ed.]
Banking
[CAP. 155
57
and has received such approval, which approval may be given in a general or a particular case, shall be conveyed to the applicant and to the institution concerned as soon as practicable in writing, and shall be subject to such conditions as the Commissioner may think proper to attach thereto.
(2) Where the Commissioner refuses to give an approval under subsection (1), he shall notify the person and authorized institution concerned in writing of his refusal as soon as practicable.
(3) Any person aggrieved by the refusal by the Commissioner to grant approval under subsection (1), or by the imposition by the Commissioner of conditions under that subsection, may appeal to the Governor in Council against the refusal or the conditions but that refusal or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(4) Any person who contravenes 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; 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.
72A >
43. (1) No person who-
(a) is bankrupt or has entered into a composition with his creditors;
(b) has been convicted in any place of an offence involving fraud or dishonesty; or
(c) has been a director, or otherwise concerned in the management, of any authorized institution which has been wound up by a court or whose licence or registration, as the case may be, has been revoked,
shall, without the consent in writing of the Commissioner, become an employee of an authorized institution or, if becoming such an employee without such consent, act, or continue to act, as such employee.
(2) Any person who contravenes this section commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and to imprisonment for 12 months; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
74. (1) Every authorized institution shall appoint a chief executive of the institution who shall be-
Certain persons prohibited from acting as employees of authorized institutions except with consent of Commissioner.
Appointment of chief executive.