Amendment of section 14.
Addition of new
section 14A.
deleting subsection (2) and substituting the following-- "(2) Save in the circumstances specified in paragraph (a) of subsection (1), the Commissioner shall not exercise the power conferred by paragraph (iv) of subsection (1) unless he has given to the bank not less than seven days" notice in writing of his intention to exercise such power and a statement in writing of his reasons for the exercise thereof, and has afforded the bank an opportunity to submit to him representations in writing thereon."; and (h) deleting subsection (4) and substituting the following-
**(4) The making of an appeal under subsection (3) shall not stay the exercise of the power pending the determination of the appeal.".
16. Section 14 of the principal Ordinance is amended by- (a) deleting "Financial Secretary" in paragraphs (e) and (1) of subsection (1) and substituting the following in each
CABO.....
**Commissioner":
(b) deleting "section 10" in subsection (1) and substituting
the following-
"paragraph (6) of section 9":
+
(c) deleting fixing of remuneration" in paragraph (1) of
subsection (1);
(d) deleting paragraph (ii) of subsection (1) and substituting
the following-
"(ii) to make such order as he may think fit io relation to the affairs of the bank and exercise any power which the Commissioner may exercise under subsection (1) of section 13% and
(e) deleting "to take steps" in paragraph (iii) of subsec-
tion (1).
17. The principal Ordinance is amended by adding the following new section after section 14–
"Remunera. tion and Expenses of Commis- sioner and others in
certain cases.
14A. (1) The Commissioner, after consultation with the Financial Secretary, may at any time, whether or not the appointment of such person has terminated, fix the remuneration and expenses to be paid by & bank to any person appointed by the Commissioner under subsection (1) of section 13 or by the Governor
9
in Council under subsection (1) of section 14 to advise the bank in the proper conduct of its business,
(2) Where the Commissioner has assumed con- trol of the business of a bank under paragraph (iii) of subsection (1) of section 13 or pursuant to an order of the Governor in Council under paragraph (1) of subsection (1) of section 14 or some other person has assumed control of the business of a bank pursuant to a direction of the Commissioner under paragraph (ii) af subsection (1) of section 13 or an order of the Governor in Council under paragraph (ii) of subsec- tion (1) of section 14, the Commissioner, after con- sultation with the Financial Secretary, may at any time, whether or not he or such other person has ceased to be in control of the business of the bank. fix the remuneration and expenses to be paid by the bank to him, and to any person employed or authorized by him under section 4A to assist him in the control of and the carrying on of the business of the bank, or to such other person, as the case may be.
(3) Any bank aggrieved by a decision of the Commissioner under subsection (1) or (2) may appeal by way of petition to the Governor in Council".
18. Section 15 of the principal Ordinance is repealed and replaced by the following--
"Inspection and investi- gation of banks.
15. (1) Without prejudice to the provisions of section 13, the Commissioner may at any time, with or without prior notice to the bank, inspect the books. accounts and transactions of any bank.
(2) Without prejudice to the provisions of sec- tion 13, the Commissioner shall investigate the books. accounts and transactions of a bank-
(a) if shareholders of the bank holding not less than one-third of the total number of issued shares in the bank, or depositors holding not less than one-tenth of the gross amount of the total deposit liabilitics in the Colony of the bank or a sum equal to the aggregate of the paid up capital of the bank and its published reserve, whichever is the greater. apply to him to make such an investigation and submit to him such evidence as he considers necessary to justify the investiga- tion and furnish such security for the pay-
Repeal and replacement of section 15.