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CAP. 155]
43/9058
Grant of banking
licence to
unincorporated banks.
Application for banking licence under section 107.
Banking licence fee for
unincorporated
bank.
Second Schedule.
Auditor.
Banking
(1987 Ed.
(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.
(5) For the purposes of subsections (1) and (2)
"assets" includes assets outside Hong Kong;
"charge" includes lien, encumbrance, equitable interest and third
party right;
"value" shall have the same meaning assigned to it in section 79(1).
PART XIX
UNINCORPORATED BANKS
107. (1) The Governor in Council may, for the purposes of and in accordance with section 115(2), grant a banking licence to carry on banking business in Hong Kong to any unincorporated person or body of persons.
(2) A banking licence may be granted under subsection (1), notwithstanding that the unincorporated person or body of persons does not comply and does not propose to comply with the provisions of section 18, 75, 77, Part XVI or XVIII.
108. (1) An application for a banking licence under section 107 shall be made to the Governor in Council through the Commissioner.
(2) An application for a banking licence under section 107 shall be accompanied by such documents and information as the Commissioner or the Governor in Council may require.
109. (1) An unincorporated bank shall pay the annual banking licence fee specified in the Second Schedule.
(2) The fees payable under this section shall be paid upon the grant of a banking licence and thereafter upon every anniversary of the date of the grant of such banking licence.
110. (1) Every unincorporated bank shall appoint annually an auditor.
(2) The duties of the auditor so appointed shall be-
(a) to carry out for the year in respect of which he is appointed
an audit of the accounts of the bank;
(b) to make a report to the directors of the bank on the audited accounts, the balance sheet and the profit and loss account of the bank; and