Deductions for
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(2) Without prejudice to subsection (1), a registered deposit-taking company shall not grant any facility specified in subsection (3) to or où behalf of any person specified in subsection (4)(a) or (b) if the aggregate amount of such facilities for the time being granted by the registered deposit-taking company to or on behalf of that person or any of his relatives would thereby excred 1 per cent of the paid-up capital and reserves of the registered deposit-taking company or $250,000, whichever is the less. (3) For the purposes of subsections (1) and (2), the following facilities are specified-
(a) the granting or perauitting to be outstanding, of unsecured ad- vances, unsecured loans or unoccured credit facilities including unsecured irrevocable documentary letters of credit;
(b) the giving of unsecured financial guarantees; and
(c) the incurring of any other unsecured liability.
(4) For the purposes of subsections (1) and (2), the following persons and bodies are specified-
(a) any director of the registered deposit-taking company;
(6) any relative of any such director;
(c) any firm, partnership or private company in which the registered deposit-taking company or any of its directors or any relative of any of its directors is interested as director, partner, manager or *gent; and
(d) any individual, firm, partnership or private company of which any director of the registered deposit-taking company or any relative of any such director is a guarantor.
(5) The provisions of this section shall apply to a facility granted to or on behalf of a person or body jointly with another person or body as they apply to a facility granted to or on behalf of a person or body severally,
(6) This section shall not apply to-
(a) the purchase of telegraphic transfers; or
(b) transactions entered into before the commencement of this Ordin-
DICT.
() For the purposes of subsections (2) and (4), a facility granted to or on behalf of any firm, partnership or private company which a director of a registered deposit-taking company or a relative of such director is able to control, or to or on behalf of a business or undertaking of which a director of a registered deposit-taking company or a relative of such director is the sole proprietor, shall be deemed to be granted to or on behalf of such director or relative of such director.
(8) Any registered deposit-taking company that contravenes subsection () or (2) shall be guilty of an offence and shall-
(4) in the case of a continuing offence, be liable on conviction upon indictment to a fine of $2,000 for every day during which the offence continues; and
(6) in the case of an offence which is not a continuing offence, be
liable on conviction upon indictment to a fine of $50,000.
24. For the purposes of sections 22 and 23 there shall be deducted the purposes of from the paid-up capital and reserves of the registered deposit-taking com- pany any loss disclosed in the balance sheet of the deposit-taking company lodged with the Commissioner under this Ordinance.
sections 32 and
23.
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PART VI
MISCELLANEOUS
25. (1) Except as may be necessary for the exercise or performance of Oridal any function or duty under this Ordinance or for carrying into effect the me provisions of this Ordinance, every person who has been appointed under or who is or has been employed in carrying out or in assisting any person to carry out the provisions of this Ordinance-
(a) shall preserve and aid in preserving secrecy with regard to all matters relating to the affairs of any company that may come to his knowledge in the exercises or performance of any function or duty under this Ordinances;
(8) shall not communicate any such matter to any person other than
the person to whom such matter relates; and
(c) shall not suffer or permit any person to have access to any records in the possession, custody or control of any person to whom this subsection applies.
(2) Subsection (1) does not apply-
(a) to the disclosure of information in the form of a summary of similar information provided by a number of registered deposit- taking companies if the summary is so framed as to prevent partic- ulars relating to the business of any particular deposit-taking company being ascertained from it; or
(b) to the disclosure of information for the purpose of any legal proceedings brought under this Ordinance, or for the purpose of any report of any such proceedings.
(3) Any person who-
(0) contravenes subsection (I) or
(b) aids, abets, counsels or procures any person to contravene sub-
section (1)
shall be guilty of an offence and shall be liable on conviction upon indict- ment to a fine of $30,000 and to imprisonment for 2 years.
26. Any person who enters into a contract of arrangement, or uses any device or scheme, which has the effect of, or is designed to have the effect of, avoiding the provisions of section 6(1) or section 8(1) or (3) shall be guilty of an offence and shall be liable on conviction upon indictment to a fine of $50,000.
27, (1) Subject to subsection (5), no person shall-
(a) issue, or have in his possession for the purposes of isstie, any advertisement which to his knowledge is or contains an invitation to members of the public-
(i) to deposit money; or
(i) to enter into, or offer to enter into, any agreement to deposit money;
(b) issue, or have In his possession for the purposes of issue, any document which to his knowledge contains such an advertisement;
or
(c) in any other manner issue or make an invitation to members of
The public to do any of the acts referred to in paragraph (0), (2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction upon indictment to a fine of $10,000,
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