I
General
application
of Ordinance
to unincor-
porated
banks and members.
Application
of sections
of Ordinance
to unincor-
porated
banks.
Prohibition
on use of
22
45. (1) An unincorporated bank shall, subject to the provisions of this part, be deemed to be a bank for the purposes of this Ordinance.
(2) Any person to whom, and any member or pariner of any un- incorporated body of persons to which, a licence is granted under section 42 shall be deemed for the purposes of this Ordinance to be a director of a bank.
46. An unincorporated bank shall, subject to the provisions of this Part, be subject to all the provisions of this Ordinance, mutatis mutandis, except-
(a) paragraph (b) of subsection (2) of section 15;
(b) sections 15 to 32 inclusive;
(c) subsection (1) of section 33;
(d) paragraph (c) of subsection (1) of section 37; and
(e) any other provision of this Ordinance which is inconsistent with the provisions of this Part or which is inapplicable in the case of an unincorporated bank.
47. An unincorporated bank shall not use the word "bank” or word bank any of its derivatives in English, a translation thereof in any language or the Chinese expression "ngan hong" (SF) in the description or title under which it carries on business in the Colony.
Prohibition
on total of deposits.
Death of member of
unincor-
porated
bank.
48. An unincorporated bank shall not accept or hold deposits in excess, at any one time, of two million dollars or such other sum as the Governor in Council may from time to time specify either generally of in any particular case.
49. (1) Upon the death of a member or partner of an unincor- porated bank, the licence issued to the unincorporated bank shall become void and of no effect upon a date six calendar months after the date of the death except for the purpose of winding up the banking business of the unincorporated bank.
(2) Notwithstanding the provisions of subsection (1), the Financial Secretary may issue a new licence under section 42 to the remaining members or partners of that body of persons or to a body of persons consisting of the remaining members of that body of persons and other members or partners who have acquired their interest in the business and assets of the unincorporated bank of which the deceased was a member under the will or upon the intestacy of the deceased.
(3) The remaining members or partners of an unincorporated bank shall notify the Financial Secretary of the death of a member or partner of the unincorporated bank within one month after the death.
23
PART VII.
MISCELLANEOUS.
decide
50. (3) In the event of any dispute as to whether a person is carry- Governor in ing on a banking business, the matter, except in the case of a prosecution Council to for any offence against this Ordinance. shall be submitted to the whether ove Governor in Council for his determination: and the decision of the got banking Governor in Council shall be final and conclusive for all this Ordinance.
business is
purposes of being
(2) A submission under subsection (1) may be made by the Financial Secretary or by any bank or person which or who is interested in the determination of the matter.
conducted.
Bearch.
51. Whenever it appears to a magistrate, upon the cath of any Power of person, that there is reasonable cause to suspect that a contravention of entry, this Ordinance has been or is being committed in any building or place, detention such magistrate may by warrant directed to any police officer of or above and arrest. the rank of inspector empower him with such assistance as may be necessary by day or night-
(2) to enter, and, if necessary, to break into such building or place; (b) to search for, detain and take away or remove any machinery, type, appliance, paper, books, documents, accounts, or any thing whatsoever which appears to afford evidence of the com- mission of such contravention.
52. No public officer and no person authorized under section 13 or Indemnity. 16 exercising any power or performing any duty conferred or imposed by this Ordinance shall incur any liability as a result of anything done bona fide in the exercise of such power or the performance of such duty.
53. (1) Every person, other than an auditor appointed under Secrecy. section 36, who exercises any function or performs any duty under the provisions of this Ordinance shall preserve and aid in preserving secrecy with regard to all matters relating to the affairs of any person that may come to bis knowledge in the exercise or performance of his functions or duties under this Ordinance, and shall not communicate any such matter to any person other than the person to whom such matter relates or his executor or the authorized representative of such person or such executor, nor permit any person to have access to any records in the possession, custody or control of any public officer or any person authorized to assist the Commissioner under section 16, except as may be necessary for the performance of any function or duty under this Ordinance or for the carrying into effect of the provisions of this Ordinance.
(2) No person who exercises any function or performs any duty in the course of an investigation under section 15 or who receives reports,