Ordinance No. 39 of 1932.
Baoking business to be transacted
only by company.
Banking Uusiness In be transacted
only by a company liceosed for such purpose.
Restriction ១៥ ឯ of title “bank" hr
entitling or being intended to entitle the bolder without indorae- meat or without any further indorsement than may exist thereon at the time of issue to the payment of any sum of money on demand, whether the same be so expressed or not;
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company means a company incorporated under the Companies Ordinance, 1932 or a company which has complied with Purt IT sections 818 to 327 thereof or a company formed in pursuance of wome other Ordinance. Act of Parliament of the United Kingdom or of letters patent of the United Kingdom or A Chinese Native Bank (44);
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** licensed bank means a bunk licensed under section 4 of this Ordiunnce;
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**uote-issuing bank means the Chartered Bank of India, Australia and China, the Hong Kong and Shanghai Banking Corporation und the Mercantile Bank of India Limited;
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17 person means any person or body of persona whether incorporated or unincorporated.
3. (1) No banking business shall be trapuncted in the Colony except by a company.
(2) Any person who acts in contravention of the provisions of sub-section (1) of this acction shall be liable on conviction to the penalty prescribed by section 15 of this Ordinance.
4. (1) Notwithstanding anything in this or
any other Ordinance contained, no company shall continue or commencs to carry an hanking business in the Colony without obtaining from the Governor in Council a licence so to do. The Governor in Council may in his discretion, and without assigning any reason therafor, refuse to grant such a licence.
(2) In the event of doubt as to whether a company is or is not carrying on hanking business the matter shall be submitted to the Governor in Council for his determination and the decision of the Governor in Council thereon shall be final and conclusive for all purposes of this Ordinance.
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5. (1) No person other than a company licensed to carry on banking business in accordance with the provisions of section 4 of this Ordinance, shall, without the consent of the Governor in Council, use or continue to use the word bank or 'trust' any derivative thereof in the name nuder which business is being carried ou or continue to use any name implying that the business of banking is carried on.
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(2) Any person who acts in contravention of the provisions of this section shall be liable on conviction to the penalty prescribed by section 15 of this Ordinance and in addition to a fine not
exceeding five hundred dollars for every day, subsequent to the day of conviction of such offence, during which such offence continues.
6. (1) The Governor may appoint an advisory committee Appoint- consisting of such persons and appointed an such terms as he
ment and think it to advise him on matters relating to banking business castitation of advisory and he may at any time determine any appointment so made. committee. (2) The Governor may make rules providing for the procedure to be followed at any meeting held by the rumlaittee to be constituted under this section.
7. (1) The Governor in Council may, after consultation with Special the advisory committee and if he considers it to be in the public powers of interest so to do, order any licensed bank-
Governor in Council,
(a) to produce to such person and within such period as may be nained in such order any books, accounts or documents of any such bank;
(b) to delete from the name under which it is carry. ing on business, within such period as shall be named in such order, the word 'bank' trust' or any derivative thereof, or any other word or words forming part of its name;
or
(c) to refrain from carrying ou banking business;
(d) to return for cancellation by the Financial Becretary any licence issued to such bank under section 4 of this Ordinance:
Provided that before any order is made under paragraphs (b) or (c) or (d) of this sub-section the Governor in Council shall give such licensed bank notice in writing of his intention to make such an order and shall afford soch licensed beak an opportunity of submitting to him a written statement of its case.
(2) Any licensed bank failing to comply with an order unde under this section shall be liable on couviction to the penalty prescribed by section 15 of thie Ordinance and in addition shall be liable to a penalty not exceeding five hundred dollars for every day during which the default continues.
(3) The Financial Secretary abali publish in the Gazette the name of any licensed hank the licence of which has been rancelled.
8. (1) Every licensed bank shall pay to the Government of Annus] fee Hong Kong an annual fee of five thousand dollars. Such fee payable by shall be payable us at the date of the grant of a licence in licensed Beeordare with the provisions of section 4 of this Ordinance and banks. thereafter upon each anniversary of such date.
(2) Auy licensed bank which fails to pay the annual fee required under this section shall be liable on conviction to the penalty prescribed by section 15 of this Ordinance and in addition
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