Addition of new
section 31A
und 31.
() bills of exchange payable on demand in the form of bank drafts, eight drafts drawn under export commercial or travellers letters of crodit, travellers cheques, money orders negotiable in Hong Kong and issued by or under the authority of the Govern- ment of any country in currency freely remittable to the registered deposit-taking company in Hong Kong and postal orders issued within the United Kingdoms of the Irish Republic;
(k) such securities (other than securities specified in paragraph (1) ) issued or guaranteed by the Govere- ment, or the Government of any other country, as may be specified by the Financial Secretary under section 18(6)(h) of the Banking Ordinance;
(!) securitics with less than 3 years to maturity issued or guaranteed by the Government or the Govern- ment of the United Kingdom it—
(1) they are quoted on a Stock Exchange in London. Hong Kong or New York;
(0) they have been dealt in during the preceding 6 months, and
(ii) payment of interest thereon is not in errear. (8) The Financial Secretary may, from time to time, in exceptional circumstances, by mctice raise or reduce for such period as he may think necessary and to such percentages as be may think the minimum percentages specified in pursuance of subsection (2) or subsection (4) of specified liquid assets in the case of any particular registered deposil- taking company.
(9) For the purpose of this section, the value of any specified liquid asset specified in paragraph (0) or (D) of subsection (7) shall be not more than the current market value of such asset.
(10) Any registered deposit-taking company that fails to comply with this section shall be guilty of ad offence and shall be liable on conviction upon indictment to a fine of $2,000 for every day during which the offence continues.".
10. The principat Ordinance is amended by adding after section 31 the following sections—
"laspreuken of
Meleted
Production at
Kompany's boola, M.
31A. Without prejudice to the provisions of sections 14 and 15, the Commissioner may at any time, with or without prior notice to a registered deposit-taking company, inspect the books, accounts and transactions of the company.
31B. (1) For the purpose of an inspection under sec tion 31A, a registered deposit-taking company shall afford the person carrying out the inspection access to its books and accounts, to documents of Elle to its assets and other documents, to all securities held by it in respect of its customers' transactions and its cash and to such information and facilities as may be required to conduct the inspection, and shall produce to the person carrying out the inspection such books, accounts, documents, securities, cash or other information as he may require:
Provided that, so far as is consistent with the conduct of the inspection, such books, accounts, documents, securities
7
and cash shall not be required to be produced at such times and such places as shall interfere with the proper conduct of the normal daily business of the company.
(2) Any registered deposit-taking company that fails to comply with subsection (1), or with any requirement under that subsection, shall be guilty of an offenco and shall-
(a) in the case of a continuing offence, be liable on conviction upon indictment to a fine of $2,000 for every day during which the offence continues; and (b) in the case of an offence which is not a continuing offence, be liable on convimion upon indictment to a fine of $50,000.
(3) Any registered deposit-taking company that pro duces any book, account, document, security or information whatsoever under subsection (1) which is false in a material particular shall be guilty of an offence and shall be liable on conviction upon indictment to a fine of $10,000.".
Passed by the Hong Kong Legislative Council this 15th day of November. 1978.
Pla
Clerk to the Legislative Council.
This printed impression has been carefully compared by me with the "bill, and is found by me to be a true and correctly printed copy of the said bi
Pla
Clerk to the Legislative Council.
No comments yet.
Private notes are available after approval.