Offence and penalty for production of false books.
Restriction on use of title "bank".
Oflence against section 41.
Consent of Attorney General
Saving of licences
Eranted under Banking Ordinance. (Cap. 155).
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66. If a bank produces any book, account, document or informa- tion whatsoever under section 39 which is false in a material particular, every director and every manager of such bank shall be guilty of an offence and shall be liable on summary conviction to a fine of ten thousand dollars and to imprisonment for two years.
67. (1) Any person, other than a bank, who, without the written consent of the Financial Secretary.—
(a) uses the word "bank" or any of its derivatives in English, or any translation thereof in any language or uses the Chinese expression “ugan hong" (#f ) in the description or title under which such person is carrying on business in the Colony; or (6) makes any representation in any bill head, letter paper, notice, advertisement or in any other manner whatsoever that such person is a bank or is carrying on banking business in the Colony.
shall be guilty of an offence and shall be liable on summary conviction to a fine of five thousand dollars and to imprisonment for twelve months.
(2) Nothing in this section shall apply to any association of banks formed for the protection or promotion of their mutual interests or to any association of employees of banks formed for the protection or promotion of the mutual interests of such employees.
68. Any person who contravenes any of the provisions of section 41 shall be guilty of an offence and shall be liable on summary conviction to a fine of five thousand dollars and to imprisonment for twelve months.
69. No prosecution in respect of any offence under this Ordinance shall be instituted without the consent in writing of the Attorney General.
PART IX.
TRANSITIONAL AND REPEAL.
70. (1) Any licence granted under section 4 of the Banking Ordio- ance repealed by this Ordinance and which is in force at the commence- ment of this Ordinance shall be deemed to be a licence granted under section 7 of this Ordinance.
(2) Any special licence granted under subsection (3) of section 3 of the Banking Ordinance repealed by this Ordinance and which is in force at the commencement of this Ordinance shall be deemed to be a licence granted under section 42 of this Ordinance.
29
to banks
71. This Ordinance shall apply to any bank, whether incorporated Application or unincorporated which is deemed to be licensed under this Ordinance of Ordinance by virtue of section 70 as if a licence had been granted under section 7 licensed by or 42, as the case may be.
virtue of section 70.
section 70.
72. (1) A Kcence deemed to be granted under this Ordinance by Duration of virtue of section 70 shall remain in force only for a period of six months tice under after the commencement of this Ordinance, or such longer period as the Financial Secretary may specify in any particular case, unless-
(a) such licence shall be earlier revoked under this Ordinance; or (b) the holder thereof shall cease to transact banking business and has fully met any liabilities which arose in respect of the transaction of such banking business.
(2) No fee shall be payable under this Ordinance for any licence deemed to be granted by virtue of section 70.
bank which
73. (1) The Financial Secretary may grant to a company, which Granting of is the holder, at the commencement of this Ordinance, of a valid licence licence to a issued under the provisions of section 4 of the Banking Ordinance, a does not licence under section 7 notwithstanding that the bank concerned does comply with not comply with the provisions of sections 8 and 20.
(2) Any bank which is granted a licence under the provisions of this section shall comply with the provisions of sections 8 and 20 within a period of two years from the commencement of this Ordinance.
(3) If any bank licensed under the provisions of this section fails to comply with the provisions of sections 8 and 20 in accordance with sub- section (2) of this section, the licence granted to it under this section shall become null and void except insofar as may be necessary for the purpose of winding up its banking business.
(4) The Financial Secretary may, in any particular case, extend the period provided by subsection (2) and the period of validity of the licence concerned.
Sections A and 20. (Cap. 155).
74. Notwithstanding the provisions of section 35, any bank which, Keeping of
books. at the commencement of this Ordinance, held a valid licence issued
(Cap. 155). under the Banking Ordinance repealed by this Ordinance and kept its books and accounts in some other language or in some other system of numerals than what is required by that section may continue to do so but shall provide on demand to its auditor or to the Commissioner such translations into the English language and the Arabic system of numerals as either may require, and the cost of so doing shall be borne by the bank concerned.