Repeal of section 10.
Amendment
of section 11.
Amendment of section 12.
Addition of new Part IIJA,
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(ii) proposes to make, or has made, any composition or arrangement with its creditors. or has gone into liquidation or has been wound up or otherwise dissolved; or (b) if the Commissioner has made a report to him under paragraph (iv) of subsection (1) of section 13 and the Governor in Council considers that it is in the public interest to rovoke the licence.".
11. Section 10 of the principal Ordinance is repealed.
12. Section 11 of the principal Ordinance is amended by deleting "or 10" in subsection (1).
13. Section 12 of the principal Ordinance is amended by-
(a) deleting "seven thousand five hundred” in subsection (1)
and substituting the following-
"fifteen thousand"; and
(5) deleting "Subject to the provisions of subsection (3) of section 44, the Financial Secretary" and substituting the following
"The Accountant General”.
14. The principal Ordinance is amended by adding the following new Part after Part III-
Control of establish-
ment of branches
of back.
Fees in respect of branches
of banks,
“PART IIA.
APPROVAL BY COMMISSIONER OF ESTABLISHMENT OF BRANCHES OF BANKS AND FEES IN RESPECT
OF BRANCHES OF BANKS.
IZA. (1) A bank shall not establish any branch thereof in the Colony without the approval of the Commissioner.
(2) Any bank aggrieved by the refusal of the Commissioner to give his approval under subsection (1) may appeal by way of petition to the Governor in Council.
12B. (1) Whenever the Commissioner gives his approval of the establishment by a bank of a branch thereof in the Colony, the bank shall pay to the
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Accountant General a fee of one thousand dollars in relation to that branch and thereafter, so long as the branch continues to be maintained by the bank, the bank shall pay to the Accountant General a fee of one thousand dollars on the anniversary in cach year of the date of the grant of the bank's licence under section 7.
(2) A bank that is maintaining a branch thereof in the Colony at the commencement of the Banking (Amendment) Ordinance 1967 shall, so long as the branch continues to be maintained by the back, pay to the Accountant General a fee of one thousand dollars on the anniversary in each year of the date of the grant of the bank's licence under section 7.".
15. Section 13 of the principal Ordinance is amended by
(2) deleting "Financial Secretary" in paragraphs (a) and (c) of subsection (1) and in subsection (3) and substituting the following in each case--
“Commissioner":
(6) inserting the following in paragraph (c) of subsection (1)
before "investigation”-
"an inspection or":
(c) inserting the following in paragraph (d) of subsection (1)
after "Financial Secretary"-
"advises the Commissioner that he';
(d) deleting "Financial Secretary" in the fourth place where those words occur in subsection (1) and substituting the following--
"Commissioner, after consultation with the Financial Secretary,"
K
*
(e) deleting and may fix the remuneration to be paid by
the bank to such person" in paragraph (ii) of subsec tion (1);
deleting paragraph (iii) of subsection (1) and substituting the following-
"(iii) to assume control of and carry on the business of the back, or direct some other person to assume control of and carry on the business of the bank;";
Amendment of section 13.
No comments yet.
Private notes are available after approval.