Ordinance No. 39 of 1932.
Baoking business
to be Eransacted
only by a company.
Barking business
I be transacped
only by a company liecosed
For such purpose.
Restriction
an use
of title
entitling or being intended to entitle the holder without indorse- meat or without any further indorsement than may exist thereon at the time of issue to the payment of any sum of money on demand, whether the same be so expressed or pot;
*
company means a company incorporated under the Companies Ordinance, 1932 or a company which has complied with Part XI sections 918 to 327 thereof or a company formed in pursuance of some other Ordinance. Act of Parliament of the United Kingdom or of letters patent of the United Kingdom or a Chinese Native Bank ( 44 );
**
** licensed bank means a bunk licensed under section 4 of this Ordinance;
note-issuing bank means the Chartered Bank of Indio, Australia and China, the Hong Kong and Shanghai Banking Corporation and the Mercantile Bank of India Limited;
77 person means any person or body of persona whether incorporated or unincorporated.
3.
(1) No banking business shall be transacted in the Colony except by a company,
(9) Any person who acts in contravention of the provisions of sub-section (1) of this section shall be liable on conviction to the penalty prescribed by section 15 of this Ordinance.
4. (1) Notwithstanding anything in this or
any other Ordinance contained, no company shall continue or commence to carry on hanking business in the Colony without obtaining from the Governor in Council a licence so to do. The Governor in Council may in his discretion, and without assigning any reason therafor, refuse to grant such a licence.
(2) In the event of doubt as to whether a company is or is not carrying on hanking business the matter shall be submitted to the Governor in Council for his determination and the decision of the Governor in Council thereon shall be final and conclusive for all purposes of this Ordinance,
+
5. (1) No person other than a company licensed to carry on banking business in accordance with the provisions of section 4 of this Ordinance, shall, without the consent of the Governor in “bank" r
Council, use or continue to use the word bank or trust' or **brust''.
any derivative thereof in the name under which business is being carried on or continue to use any name implying that the business of banking is carried on.
(2) Any person who acts in contravention of the provisions of this section shall be liable on conviction to the penalty prescribed by section 15 of this Ordinance and in addition to a fine not
exceeding five hundred dollars for every day, subsequent to the day of conviction of such offence, during which such offence continues.
6. (1) The Governor may appoint an advisory committee Appoint- consisting of such persons and appointed on such terms as he may ment and think it to advise him on matters relating to banking business stitution of advisory and he may at any time determine any appointment so made. commlites. (2) The Governor may make rules providing for the procedure to be followed at any meeting held by the romaittee to be constituted under this section.
7. (1) The Governor in Council may, after consultation with Special the advisory committee and if he considers it to be in the public powers of interest so to do, order any licensed bank-—~
Governor in Council.
to) to produce to such person and within such period as may be nained in auch order any booka, accounts or documents of any such bank;
(b) to delete from the name under which it is carry- ing on business, within such period as shall be named in such order, the word 'bank' or trust' or any derivative thereof, or any other word or words forming part of its name;
(e) to refrain from carrying on banking business;
(d) ia retard for cancellation by the Financial Secretary any licence issued to such bank under section 4 of thin Ordinance:
Provided that before any order is made under paragraphs (6) or (c) or (d) of this sub-section the Governor în Council shall give such licensed bank notice in writing of his intention to make such an order and shall afford such licensed bank an opportunity of submitting to him a written statement of its case.
(2) Any licensed bank failing to comply with an order made under this section shall be liable on couviction to the penalty prescribed by section 15 of this Ordinance and in addition shall be liable to a penalty not exceeding five hundred dollars for every day during which the default continues.
(3) The Financial Secretary shall publish in the Gazette the one of any licensed hank the licence of which has been cancelled.
(1) Every licensed bank shall pay to the Government of Annual fee Hong Kong un annual fee of five thousand dollars. Such fee payable by shall be payable us at the date of the grant of a licence in licensed beeordance with the provisions of section 4 of this Ordinance and banka. thereafter upon each anniversary of such date.
(2) Auy licensed bank which fails to pay the annual fee required under this section shall be liable on conviction to the penalty prescribed by section 15 of this Ordinance and in addition