1967-HKRS28-8-34_Part02 — Page 35

Repeal and replacement of section 36.

Amendment

of section $9.

Repeal and replacement

of section 61.

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an unincorporated bank, to notice that the Commissioner or such other person as is referred to in paragraph (a) has so assumed control of the business of such person; and (vi) sections 129, 133, 134, 135 and 136 of the Bankruptcy Ordinance shall apply as if, in a case where the person referred to therein is an unincorporated bank, the reference or references therein to the presentation of a bankruptcy petition included in each case a reference to the assumption as aforesaid by the Commissioner or such other person as is referred to in paragraph (a) of control of the business of such person.".

53. Section 56 of the principal Ordinance is repealed and replaced by the following-

"Power of Commis- sioner to prescribe forms.

$6. The Commissioner may prescribe the form of any notice or other document required for the purposes of this Ordinance.".

54. Section 59 of the principal Ordinance is amended by (a) inserting the following in paragraph (a) after "makes" or causes to be mack.":

(b) inserting the following in paragraph (b) after "such

bank.

", or wilfully cause any such entry to be omitted": and

(c) inserting the following at the end of paragraph (c)-—

"or wilfully causes any such entry to be altered, abstracted, concealed or destroyed.".

55. Section 61 of the principal Ordinance is repealed and replaced by the following-

"Penalty in event of Contraven- tion of sec- tion 5 or 47.

61. (1) Any person who and every director and every manager of a company which contravenes sec- tion 5 shall be guilty of an offence and shall be liable on summary conviction to a fine of twenty-five thousand dollars and to imprisonment for two years.

(2) Every director and every manager of an un- incorporated bank which contravenes section 47 shall be guilty of an offence and shall be liable on summary conviction to a fine of twenty-five thousand dollars and to imprisonment for two years.".

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56. Section 62 of the principal Ordinance is amended by inserting the following after "advance"-

loan, financial guarantee",

57. Section 63 of the principal Ordinance is amended in subsection (1) by-

(a) deleting paragraphs (a) and (b) and substituting the

following

"(a) section 12A:

(b) subsection (1) of section 19;

(ba) section 19A;

(bb) subsection (1), (2) or (3) of section 20;";

(b) inserting the following in paragraph (§) after "subsection

(1)"

**or (2)"; and

(c) deleting "or (3)" in paragraph (p) and substituting the

following-

“. (3) or (6)".

58. Section 64 of the principal Ordinance is amended by- (a) inserting the following in paragraph (b) of subsection (1)

after "advance"

"*. loan"; and

N

(b) deleting "Financial Secretary” in paragraph (c) of sub-

section (1), and substituting the following-

"Commissioner".

59. Section 65 of the principal Ordinance is repealed and replaced by the following-

"Directors

and manag

ers liable if banks fail to comply with certain re- quirements or orders.

65. (1) Every director and every manager of a bank which fails to comply with-

(a) any requirements of the Commissioner under paragraph (1) of subsection (1) of section 13: (6) any requirement of the Commissioner under subsection (5) of section 37 or subsection (2A) of section 38; or

(c) any direction given by the Commissioner or some other person under subsection (1) of section 40,

shall be guilty of an offence and shall be liable on summary conviction to a fine of two thousand dollars for every day during which the offence continues.

Amendment

of section 60,

Amendment

of section $3.

Amendment

of section 64.

Repeal and replacement of section 65,