Bustocen
exo At
COMMENCEment of UrdinoNDE,
Deposit-takit Company CON
to take depaklu lewe than the apeclied Burm. Fles Schedule.
4
(2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable
(a) on conviction upon indictment to a fine of $500,000 and to im-
prisonment for 3 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment
for 6 months.
(3) For the purposes of any proceedings for an offence under this section if it is proved that a person look deposits on at least 5 occasions within any period of 30 days, that person shall, until the contrary is proved, be deemed to have been carrying on a business of taking deposits.
7. (1) Any person who is carrying on a business of taking deposits ut the commencement of this Ordinance may continue to carry ou auch business for a period of 3 months immediately following the commence- ment of this Ordinance.
(2) Where a person to whom subsection (1) applies intends to continue carrying on the business of taking deposits after the expiry of the period specified in that subsection, he shall before the expiry of the said period- (a) if the person is not a company, form a company and transfer to
it the business carried on by much person;
(6) apply for registration in accordance with section 9.
(3) Where a company applies for registration in accordance with sub- section (2), the company may, subject to subsection (4), continue carrying on the business of taking deposits until the application for registration is dealt with by the Commissioner under section 10.
(4) Sections 8, 22 and 23 shall apply to a person who contigues carry- ing on a business of taking deposits under subsection (1) or (3) as if that person were a registered deposit-taking company.
B. (1) Subject to subsection (2), a registered deposit-taking company shall not take any deposit from a depositor of a sum less than that specified in the First Schedule (referred to in this section as the "specified süm').
(2) A registered deposit-taking company may take a deposit from a depositor of a gum less than the specified wum if—
(a) the depositor is a licensed bank;
(b) the depositor is a bona fide employer of the company, or
(c) the amount standing to the credit of the depositar with the com“ pany at the time any such deposit is taken is not less than the specified sum-
(3) Except where a depositor withdraws the whole amount standing to his credit with a registered deposit-taking company, the company shall not at the time of the withdrawal of any sum permit the amount of the balance standing to the credit of the depositor, other than a depositor who is a licensed bank or bona fide employes of the company, to be less than the specified sum.
(4) Any registered deposit-taking company that contravenes subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction upon indictment to a Ane of $50,000.
(5) Any person who holds himself out, whether as a broker or agent of a registered deposit-taking company or otherwise, as being prepared to take from any person, other than a person who is a licensed bank or bana fide employee of the company, any šum less than the specified sum for the purpose of depositing that sum, or that sum and other sums, with the company shall be guilty of an offence and shall be liable on conviction upon indictment to a fine of $50,000.
PART IV
REGISTRATION OF DEPOSIt-taking ComPANIES
(1) Subject to section 7, overy company shall, before it commences Application for
a business of taking deposits, apply for registration in accordance with this reparation.
section.
(2) An application for registration shall be in such form as may be specified by the Commissioner under section 361) and, subject to subsection (3), shall be accompanied by-
(0) a copy of the memorandum and articles of association or other
document constituting the company; and
(b) such other documents and information as may be required by the
Commissioner for the purposes of registration."
(3) Where an application for registration is made by a company that has been carrying on businosa for more than 18 months immediately preced- ing the date of the application and that has completed a financial year ending earlier than 6 months before the date of the application, the applica- tion shall also be accompanied by duly signed copies of→
(a) in the case of a company (other than a private company) registered
under Part I of the Companies Ordinance-
(1) the profit and loss account of the company for that financial YOKE
(i) the balance sheet as at the date to which such proft and loss account is made up;:
(i) the auditors' report attached to such balance sheet; and (iv) the report by the directors (with respect to the state of the company's affairs) attached to such balance sheet,
which are required to be laid before the company in general meel- ing in accordance with the Companies Ordinance;
(b) in the case of a private company registered under Part I of the Companies Ordinance, or a company registered under Part IX of the Companies Ordinance, the documents specified in paragraph (a) as if the company were a company to which paragraph (a) applics; and
(c) in the case of a company incorporated outside Hong Kong and which bas complied with Part Xl of the Companies Ordinance, the documents specified in paragraph (a) which are required to be delivered to the Registrar of Companies in accordance with section 336 of the Companies Ordinance.
(4) For the purposes of paragraph (c) of subsection (3), a company to which that paragraph applies shall be treated as if it were required to comply with section 336 of the Companies Ordinance notwithstanding that that section would not, by virtue of subsection (6) of that section, otherwise apply to it.
(5) If any document referred to in subsection (2) or (3) is not wrillen in the English language, there shall be annexed to the document a transla- tion of it in English, certified by a director or the secretary of the company as a true and correct translation of that document.
10p. 113
10. (1) Subject to subsection (2), the Commissioner shall, on receipt Registration of of an application in accordance with section 9. register a company as a deport-UAT deposit-taking company.
(2) Subject to subsection (4), the Commissioner shall refuse to register * company under subsection (1) if—
DO DODANĒCI.