1964-HKRS29-8-31_Part02 — Page 26

Interpreta-

tion.

(Cap. 32).

2

2. (1) In this Ordinance, unless the context otherwise requires—

"accounts" means all methods of keeping accounts whether in writing,

print or by any machine or device;

"bank" means a company which carries on banking business and holds a

valid licence granted under section 7:

“Banking Advisory Committee" means the committee established by

section 3;

"banking business" means the business of either-

(0) (i) receiving money on current, deposite or other similar

account from the general public, and

(ii) paying and collecting cheques drawn by or paid in by customers, and

(ii) making advances to customers; or

(b) receiving money on savings account from the general public repayable on demand or within three months or at three months" notice or less,

or both;

"Commissioner" means the Commissioner of Banking:

"company" means a company----

(a) incorporated under the Companies Ordinance; or (b) incorporated by any other Ordinance; or

(c) which is incorporated outside the Colony and has complied with the provisions of section 318 of the Companies Ordinance;

"licence" means a licence granted under section 7 or 42;

"share" means share in the share capital of a company, and includes stock except where a distinction between stock or shares is expressed or implied; and the expression "shareholder" includes a stock- holder;

"specified liquid assets" means all or any of the assets specified in sub-

section (6) of section 18;

"unincorporated bank" means an unincorporated person or body of persons to whom or to which a licence to transact banking business in the Colony has been granted under section 42.

(2) Powers vested in the Financial Secretary by virtue of the provi- sions of this Ordinance shall not be exercised by any person other than the Financial Secretary or, in his absence or if he is unable to act, the person for the time being exercising his functions.

PART II.

APPOINTMENTS.

Committee.

3. (1) There is hereby established a Banking Advisory Committee Banking for the purpose of advising the Governor in Council upon any matter Advisory connected with this Ordinance or relating to banking and the carrying on of banking business.

(2) The Banking Advisory Committee shall consist of a chairman, who shall be the Financial Secretary, and such other persons, not being less than four nor more than seven, as the Governor may from time to time appoint.

(3) The members of the Banking Advisory Committee shall hold office for such period and upon such terms as the Governor may specify in their appointments.

4. The Governor may appoint & Commissioner of Banking who Appointment shall be a public officer.

PART III.

LICENSING OF BANKS.

of a Comm- missioner of Banking.

business

5. Except as may be otherwise provided in this Ordinance, no Banklor banking business shall be transacted in the Colony except by a company restricted to which is in possession of a valid licence issued by the Financial Secretary licensed authorizing it to transnet banking business in the Colony,

banks.

6. (1) A company which wishes to transact, or a body of persons Application proposing to form a company for the purpose of transacting, banking for licence. business in the Colony shall apply to the Financial Secretary, through the Commissioner, for a licence or, in the case of a body of persons proposing to form a company, for an intimation that a licence will be granted to the company upon the incorporation thereof.

(2) An application for a licence or for an intimation that a licence will be granted shall be accompanied by-

(a) a copy of the memorandum of association and articles of association under which the company is or is to be incorporated, verified by a statutory declaration made by a director of the company or by a person who has consented to be a director of the proposed company, as the case may be; and

(6) such other documents and information as may be required by

the Financial Secretary.