1980-HKRS28-16-28_Part02 — Page 22

Llabilly for teri

by badlem.

corporate.

Petallet

and dig)- teados.

Burden of nr[,

Funk Schedule.

Pabalera,

16

(5) without reasonable cause fails to give the Registrar or any such person authorized by him such assistance of information as be may require in the performance of such functions,

commits an offence.

31. Where at any time a body corporate commits an offence under this Ordinance with the consent of connivance of, or because of neglect by, any individual, the individual commits the like offence if at that time-- (a) he is a director, manager, secretary or similar officer of the

body corporate; or

(6) he is purporting to act as such officer; or

(c) the body corporate is managed by its members, of whom he is

on

32. (1) Any person who commits an offence under this Ordinance shall be liable

(a) in the case of an offence under section 29, to a fine of $100,000

and to imprisonment for 2 year;

(8) in the case of any other offence for which no penalty is provided, to a fine of $10,000 and to imprisonment for 6 months,

(2) Where any person is convicted of an offenes under this Ordinance, the magistrate may order that such person shall be disqualified from holding a licence for such period not exceeding 5 years from the date of such conviction as may be specified in the order,

(3) A licence held by any person against whom an order is made under subsection (2) chall, as from the date of the order, cease to have effect for the purposes of this Ordinance.

33. (1) When in any proceedings under this Ordinance against any person it is alleged that such person is not the holder of a licence, it shall in the absence of proof to the contrary be presumed that such person is not licensed.

(2) When in any proceedings under this Ordinance against any persoo it is alleged that

(a) such person is not a person specified in Part 1 of the First

Schedule; or

(5) that a loan alleged to have been made by such person is not

a loan specified în Part 2 of the First Schedule,

the fact so alleged shall in the absence of proof to the contrary be presumed.

34. The Governor in Council may make regulations—

(a) prescribing anything required or permitted to be prescribed under

this Ordinance;

(5) specifying any particulars furnished under section 8 as partic- ulars which aball not be entered in the register under section 4;

(c) imposing restrictions in relation to the form in which security for any loan may be demanded or accepted by a money lender; (d) for the better carrying into effect of this Ordinance.

17

35. (1) The Money-lenders Ordinance is repealed.

(2) Any money leader who, at the commencement of this Ordinance, is registered under the Money-Ïenders Ordinance shall be deemed to be licensed as a money lender under this Ordinance until—

(a) the date on which such registration would, if this Ordinance had not been enacted, have expired by virtue of section 4(2) of that Ordinance; or

(b) if such money lender makes an application for a licence under this Ordinance within a period of 2 months after the commence- ment of this Ordinance, the date on which such application is fiually disposed of under this Ordinance.

(3) An application for a licence made by a money lender to whom subsection (2) applies shall be made under section 13 and shall be treated as an application for the renewal of a licence.

Repeal and

(Cap. 161)

SAYINKE-

(4) The Registrar shall take possession of the register and any docu- ments relating thereto kept at the office of the Registrar of Companies under the Money-lenders Ördinance, and such register and other documents (Cap. 161) shall be deemed to form part of the records kept by the Registrar under this Ordinance and shall be available for Inspection" in the same manner

as the register kept under this Ordinance.

36. (1) This section applies to any agreement made before the com- Existing konok. mencement of this Ordinance for the payment of any loan or for the payment of interest on any loan, and to any security given (whether given before or after the commencement of this Ordinatice) in respect of any such agreement or loan.

(2) Nothing in this Ordinance shall render any agreement or security to which this section applies void or unenforceable, but no such agreement or security shall be enforceable as against the borrower or suretý or any other person except to the extent that-

(a) any benefit accruing to the lender by virtue thereof is not more

favourable; and

(6) any obligation or liability incurred by the borrower or surety or

other person by virtue thereof is not more onerous,

that it would have been if such agreement had been made or, as the case may be, such security had been given on terms consistent with the require- ments of this Ordinance.

(3) Where proceedings are taken in any court for the enforcement of any agreement or security to which this section applica, the court may make such orders and give such directions in respect of the terms thereof or the rights and obligations of the parties in respect thereof as the court may deem necessary or desirable having regard to the requirements of this Ordinance relating to an agreement of security of the kind in question.

FIRST SCHEDULE

Part 1—Exempted PersONS

[ss. 2, & 33.)

1. A bank licensed under the Banking Ordinance and any subsidiary (Cap. 135.)

thereof.

2. A deposit-taking company registered under the Deposit-taking Com- (Cap. 328.)

panies Ordinance and any subsidiary thereof.