Exhibition
of audited balance sheet by liceased hanka.
Ordinance No. gg of 1932.
Individuals not eligible
la take part
in manage.
Mient of
licensed
backs
Issue and circula-
tion of
bank notes prohibited except by por-isping bank.
Transitional povisions.
shall be liable to a penalty not exceeding five hundred dollars for each day during which auch fee retains unpaid, and every director, manager, secretary or other officer of the bank who knowingly and wilfully authorises or permite such non-payment shall be liable to a like penalty.
(3) The Financial Secretary shall publish annually in the Gazette the name of every licensed bank which has paid the #nual fee prescribed in this section.
9. (1) Every licensed bank shall exhibit throughout the year in a conspicuous position in every office and branch of such bank in the Colony a copy of its last balance sheet:
(2) Any licensed bank which fails to comply with the requirements of this section shall be liable on conviction to the penalty prescribed by section 15 of this Ordínanew.
(3) The requirements of this section shall be in addition to and not in derogation of the requirements of the Companies Ordinauce, 1982, or of other Ordinance, Act of Parliament of the United Kingdom or letters patent of the United Kingdom.
10. (1) No person-
(a) who has been a director of, or directly or indirectly concerned in the management of, a bank which has been wound up by a court, or
(b) who has been sentenced by a competent court to a term of imprisonment for an offence involving dishonesty and has not received a full pardon for the offence for which he was sentenced, shall, without the express authorisation of the Governor, and or continue to act as a director of, or be directly or indirectly concerned in the management of, any licensed bank.
(2) Any person acting in contravention of sub-section (1) of this section shall be liable ou couviction to the penalty prescribed by section 15 of this Ordinance.
11. (1) The issue in the Colony of any bank notes by a licensed bank other than a note-issuing bank is prohibited.
(2) Auy licensed bank acting 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.
12. (1) Upon the commencement of this Ordinance any bank which at the date thereof desires to continue to carry on banking business in the Colony shall make application for a licence under section 4 of this Ordinance.
(2) Such application shall be made to the Financial Secretary within thirty days of the commencement of this Ordinance.
(3) All such applications shall be referred by tha Financial Secretary to the Governor in Council.
(4) The decision of the Governor in Council upon any such application shall be communicated by the Financial Secretary to the bank making such application.
(5) If upon such application by a bank the graut of a licence under section 4 of this Ordinance is refused by the Governor in Council such bank shall-
(a) forthwith delete from the name under which it is carrying on business the word 'bank' or 'trust or any derivative thereof;
(b) forthwith cease to do any new banking business and make all necessary arrangements for the termination of all banking business for which purpose such bank shall be allowed a period of ninety days within which to conclude all such necessary arrangements or such further period as the Governor in Council any deem fit to allow upon application addressed to the Financial Secretary and up the expiration of ninety days or such further period the carrying on of banking business hy any such bank shall wholly cease and determine.
(6) Any bank acting in contravention of the provisions of sub-section (5) of this section ahall be liable upon conviction to the penalty prescribed by section 15 of this Ordinance.
13. (1) Upon the commencement of this Ordinance any person Transitional not being a company who at the date thereof desires to continue provision. to carry on, conduct, manage or direct banking business in the Special Colony shall make application for a special licence.
(2) Such application shall be made to the Financial Secretary within thirty days of the commencement of this Ordinance.
(8) Any such application shall be referred by the Financial Secretary to the Governor in Council.
(4) The Governor in Council notwithstanding the pro- visions of section 3 of this Ordinance may grant to any such person a special licence to permit any such person to continue to carry on, conduct, manage or direct banking business in the Colony.
(5) If upon application made under sub-section (2) of this section the grant of a special licence is refused by the Governor in Council, any such person shall—
(a) forthwith delete from the name of such business the word 'bank' or 'trust' or any derivative thereof;
(b) forthwith cease to do say new banking business and take all necessary arrangements for the termination of all banking business for which purpose such person shall be allowed a period of ninety days within which to conclude all such necessary arrangements or such further period as the Governor in Council