C144
Revocation of banking licence.
Procedure on and effect of revocation of banking licence.
Revocation of registration.
BANKING BILL
PART V
REVOCATION OF LICENCE Or RegistratioN OF AUTHORIZED INSTITUTION
29. The Governor in Council may revoke a banking licence—
(a) if he is satisfied that the holder of the banking licence-
(i) has ceased to transact banking business in Hong Kong; or
(ii) proposes to make, or has made, any composition or arrangement with its creditors or is insolvent or is being or has been wound up or is otherwise dissolved; or
(b) if-
(i) where the Commissioner has made a report to him under sec- tion 52(1)(D); or
(ii) where the Financial Secretary has referred a report and his recom- mendations thereon to the Governor in Council under section 121(5)(c),
he considers it is in the public interest to revoke the banking licence.
30. (1) Where the banking licence of a bank is revoked the Commissioner shall notify the bank in writing of such revocation and the bank shall, on and from the date specified in that notice, cease to transact any banking business in Hong Kong.
(2) Subsection (1) shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any
person.
31. (1) Subject to section 33(1), the Commissioner may revoke the registration of a registered deposit-taking company if→
(a) the company~-
(i) has ceased to carry on a business of taking deposits; or
(ii) proposes to make, or has made, any composition or arrangement with its creditors or is insolvent or is being or has been wound up or is otherwise dissolved;
(b) the paid-up share capital of the company is less than the amount specified in
section 21(2)(a);
(c) the objects of the company as stated in its memorandum of association or constitution no longer include the object of carrying on a business of taking deposits;
(d) it appears to him that—
(i) the company is not a fit and proper body to remain registered;
(ii) the company has not provided him, whether before or after being registered, with such information relating to it, and to any circumstances likely to affect its method of business, as is required by or under this Ordinance;
(iii) the chief executive of the company, with intent to defeat or delay its creditors, has departed out of Hong Kong, or being out of Hong Kong has remained out of Hong Kong, or has departed from his dwelling-place or usual place of business, or otherwise has failed or refused to attend any meeting of the governing board, by whatever name called, of the institution or any meeting otherwise required by or under this Ordinance; or
(iv) the business of the company is being carried on in a manner detrimental to the interests of its depositors;
(e) the company has contravened section 14(1) or (3);
(f) the company has failed to pay the registration fee or renewal of registration
fee in accordance with section 23;
BANKING BILL
(g) the company has failed to comply with section 60 or Part XVII or XVIII; (h) the company makes a report to him under section 67 that it is likely to become unable to meet its obligations or is about to suspend payment or it appears to him that the company is so unable or has suspended payment; (i) the Financial Secretary has referred a report and his recommendation
thereon to the Commissioner under section 121(5)(e).
(2) Without limiting the generality of subsection (1), the Commissioner may revoke the registration of a registered deposit-taking company on being requested in writing by the company to do so, if he is satisfied that the interests of depositors of that company are adequately safeguarded.
(3) Any company aggrieved by the revocation by the Commissioner of its registration under subsection (1) may appeal to the Governor in Council against the revocation, but that revocation shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
C145
32. (1) Subject to section 33(1), the Financial Secretary may revoke the Revocation of deposit-taking licence of a licensed deposit-taking company if—
(a) the company—
(i) has ceased to carry on a business of taking deposits; or
(ii) proposes to make, or has made, any composition or arrangement with its creditors or is insolvent or is being or has been wound up or is otherwise dissolved;
(b) the issued share capital or paid-up share capital of the company is less than
the amount specified in section 24(3);
(c) the objects of the company as stated in its memorandum of association or constitution no longer include the object of carrying on a business of taking deposits;
(d) it appears to him that—
(i) the company is not a fit and proper body to remain licensed;
(ii) the company has not provided him, whether before or after being licensed, with such information relating to it, and to any circumstances likely to affect its method of business, as is required by or under this Ordinance;
(iii) the chief executive of the company, with intent to defeat or delay its creditors, has departed out of Hong Kong, or being out of Hong Kong has remained out of Hong Kong, or has departed from his dwelling-place or usual place of business, or otherwise has failed or refused to attend any meeting of the governing board, by whatever name called, of the institution or any meeting otherwise required by or under this Ordinance; or
(iv) the business of the company is being carried on in a manner detrimental to the interests of its depositors;
(e) the company has contravened section 14(1) or (3);
(f) the company has failed to pay the deposit-taking licence fee or renewal of
deposit-taking licence fee in accordance with section 26;
(g) the company has failed to comply with section 60 or Part XVII or XVIII; (h) the company makes a report to the Commissioner under section 67 that it is likely to become unable to meet its obligations or is about to suspend payment or it appears to the Financial Secretary that the company is so unable or has suspended payment;
(i) he is of the opinion that, having regard to a report under section 121 in
respect of the company, it is proper for him to do so.
deposit-taking licence.
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