Praudulent
dupement to deports mancy.
ta. 1969 c. 14. ༣:』
Llabury Ja
at or Joducing
PATSAAR VO
deposit money
14
(3) For the purposes of any proceedings under this section, an adver- tisement or document in which a person named in the advertisement or document holds himself out as being prepared to take in Hong Kong any deposit shall, subject to subsection "(4), be presumed, unless such named person proves to the contrary, to have been issued by him.
(4) A person shall not be taken to contravene this section by reason only that he issues, or has in his possession for the purposes of issue, to purchasers copies of any newspaper, magazine, journal of other periodical publication of general and regular circulation, which contain an advertise- ment to which this section applies.
(5) This section shall not apply to any advertisement to deposit money or to enter into, or offer to enter into, any agreement to deposit money with a registered deposit-taking company or a licensed bank.
28. (1) Any person who, by any fraudulent or reckless misrepresenta- Lon, induces another person—
(a) to deposit money with him or any other person; or
(b) to enter into or to offer to enter into any agreement to deposit
money with him or any other person,
shall be guilty of an offence and shall be liable on conviction upon indict- ment to a fine of $1,000,000 and to imprisonment for 7 years.
(2) For the purposes of subsection (1) "fraudulent or neckless mis- representation” means—
(a) any statement-
(i) which, to the knowledge of the maker of the statement, was false, misleading or deceptive; or
(if) which was false, misleading or deceptive and was made recklessly;
(b) any promise-
(i) which the maker of the promise had no intention of ful- filling:
(ii) which, to the knowledge of the maker of the promise, was not capable of being fulfilled; or
(ii)})} which was made recklessly;
(e) any foreca}[~
which, to the knowledge of the maker of the forecast, was not justified on the basis of facts known to him at the time when he made it: or
() which was not justifled on the facts known to the maker of the forecast at the time when he made it and was made recklessly;
or
(d) any statement or forecast from which the maker intentionally or recklessly omitted a material fact with the result that the statement or forecast was thereby rendered false, misleading or deceptive.
29. (1) Any person who, by any fraudulent, reckless or negligent mis- representation, induces another person to deposit money with him or any other person shall be liable to pay compensation to the person so induced for any pecuniary loss that such person has sustained by reason of his
la certain cases reliance on that misrepresentation.
(2) For the purposes of subsection (1) "fraudulent, reckless or negligent misrepresentation" means-
(a) any statement-
15
(i) which, to the knowledge of the maker of the statement, was false, misleading or deceptive;
(ii) which was false, misleading or deceptive and was made recklessly; or
(ii) which was false, misleading or deceptive and was made without reasonable care having been taken to ensure its accuracy: (b) any promise—
()) which the maker of the promise had no intention of ful- filling:
(i) which, to the knowledge of the maker of the promise, was not capable of being fulfilled; or
(U) which was made recklessly or without reasonable care having beco taken to ensure that it could be fulfilled;
(c) any forecast-
(which, to the knowledge of the maker of the forecast, was not justified on the basis of facts known to him at the time when he made it; or
(i) which was not justified on the facts known to the maker of the forecast at the time when he made it and was made recklessly or without reasonable care having been taken to ascertain the accuracy of those facts; or
(d) any statement or forecast from which the maker Intentionally, recklessly or negligently omitted a material fact with the result that the statement or forecast was thereby rendered false, mis- leading or deceptive.
(3) For the purposes of this section-
(a) where any statement, promise or forecast to which this section relates was made by a company, every person who was a director of the company at the time when the statement, promise or fore- cast was made shall, until the contrary is proved, be deemed to have caused or permitted it to be made; and
(b) a person is deemed to be a director of a company if he occupies the position of a director, whatever the title of his office, or he is a person in accordance with whose directions or instructions the directors of the company or any of them act: but a person shall not, by reason only that the directors of a company act on advice given by him in a professional capacity, be taken to be a person in accordance with whose directions or instructions those directors act
(4) This section does not affect any liability of any person al common law.
(5) An action may be brought under this section notwithstanding that the evidence on which the action is or will be based, if substantiated, dis- closes the commission of an offence and no person has been charged with or convicted of the offence.
(6) For the purposes of this section "company" means, in addition to a company as defined in section 2, any other body of persons, corporate or unincorporate.
30. (1) Notwithstanding any rule of law, any deposit taken in con- Acton for travention of section 6 or 8, and any interest accrued therean, may be recovered by the depositor as money bad and received.
recovery of deposu, ne je 196 c. 16.
180.1
No comments yet.
Private notes are available after approval.