42
CAP. 29]
(Cap. 155.)
2707 1986 5137
(Cap. 155.)
(Cap. 32.)
(Cap. 155.)
(23 of 1975.) [*1.7.75.]
(Cap. 32.)
2
Issue of certificate.
Trustee
[1985 Ed.
(ii) deposited in the name of the Director of Accounting Services with a finance company that is a subsidiary of a bank licensed under section 3 of the Banking Ordinance a sum not less than $500,000 and lodged a receipt issued by the finance company for that amount with the Director of Accounting Services; and
(f) the company is able to meet its obligations, apart from its liability to its shareholders, without taking into account the investments or sum deposited under paragraph (e). (Amended, L.N. 16(77))
(3) For the purposes of subsection (2)—
(a) “finance company" means a company whose principal business involves the receiving on deposit of money, whether repayable to depositors with or without interest or other consideration, and the lending of that money, or a substantial part of that money, to borrowers on terms that the money is repayable to the company or its nominee with interest or at a premium or with consideration in money or money's worth, but does not include a bank licensed under the Banking Ordinance;
(b) section 2(4), (5) and (6) of the Companies Ordinance shall apply as if each reference in those subsections to "a company" or "first-mentioned company" were read as a reference to a finance company and as if each reference in those subsections to "another company" or "other company" were read as a reference to a bank licensed under section 3 of the Banking Ordinance.
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(4) A trust company registered under this Ordinance before the date of commencement* of the Trustee (Amendment) Ordinance 1975 which has not previously complied with the requirements as to eligibility for registration as a trust company as set out in subsection (2) of this section shall, within 9 months after that date, comply with those requirements to the satisfaction of the Registrar of Companies. (Amended, 90 of 1975, s. 2)
(5) Notwithstanding section 7 of the Companies Ordinance, a trust company to which subsection (4) applies may, within the period of 9 months referred to in that subsection, alter any condition contained in its memorandum of association to such extent as may be required to enable it to comply with the requirements of subsection (2). (Added, 90 of 1975, s. 2)
(Replaced, 23 of 1975, s. 2)
78. (1) On the receipt of an application under section 77, the Registrar of Companies shall make such inquiry as he deems necessary, and, if satisfied that all the requirements of section 77 have been complied with, shall register the company applying for registration as a trust company in the register prescribed by section 79 and shall issue to it a certificate that the company is registered as a trust company.