C186
BANKING BILL
BANKING BILL
C187
Investigations on
behalf of the
Financial
Secretary.
(ii) section 45(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to notice of the representation of any bankruptcy petition by or against the debtor or notice of the commission of any available act of bankruptcy by the debtor, a reference, in the case of a debtor which is an unincorporated bank, to notice that the Commis- sioner or such other person as is referred to in paragraph (a) has so assumed control of the business of the debtor;
(iii) section 49(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to the person first referred to therein being adjudged bankrupt on a bankruptcy petition presented within 3 months after the date specified therein, a reference, in a case where such person is an unincorporated bank, 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 within 3 months after such date;
(iv) section 50(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference in sub-paragraph (ii) of the proviso thereto to notice of any available act of bankruptcy committed by the bankrupt before the time referred to therein, a reference, in the case of a bankrupt which is an unincorporated bank, to notice that, before the said time, the Commissioner or such other person as is referred to in paragraph (a) has so assumed control of the business of the bankrupt;
(v) section 51 of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to notice of the presentation of a bankruptcy petition, a reference, in a case where the person referred to therein is 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.
PART XX
INVESTIGATIONS OF AUTHORIZED INSTITUTIONS
121. (1) If it appears to the Commissioner that it is in the interests of depositors of an authorized institution or a former authorized institution or in the public interest that an inquiry should be made into the affairs of that institution he may make a report to that effect to the Financial Secretary.
(2) The Financial Secretary, on receipt of a report under subsection (1), may appoint a competent person to investigate and report—
(a) to him; and
(b) in the case of an authorized institution which is or has been a registered
deposit-taking company, to the Commissioner,
on the state and conduct of the business of the authorized institution concerned, or any particular aspect of that business specified by him.
(3) The Financial Secretary may, from time to time after making an appoint- ment under subsection (2), and before the person so appointed reports to him, require that person to inquire into any further aspect of the authorized institution concerned.
(4) The person appointed under subsection (2) shall be paid such remuneration and allowances and be appointed on such terms as the Financial Secretary shall from time to time determine.
(5) On receipt of the report of the person appointed under subsection (2) the Financial Secretary may, without limiting the generality of the exercise by him of any other powers which he may exercise under this Ordinance-
(a) if he is of the opinion that it is in the public interest to do so, cause the whole or any part of a report under this section to be published in such manner as he thinks fit:
Provided that nothing in a report published under this paragraph shall enable any individual customer of an authorized institution to be identified or reveal details of the affairs of any such customer without the consent of that customer;
(b) require the person appointed under subsection (2) to report further on any
matters arising from the report;
(c) refer the report to the Governor in Council with the recommendation that the Governor in Council should exercise one or more of his powers under, in the case of an authorized institution which is a bank, sections 29 and 53 or, in the case of an authorized institution which is a deposit-taking company, section 53;
(d) if it appears that an offence may have been committed by any person, refer
the report to the Attorney General;
(e) in the case of an authorized institution which is a registered deposit-taking company, refer the report to the Commissioner with the recommendation that the Commissioner should exercise one or more of his powers under section 31 and Part VI;
(f) apply to the High Court for a winding-up order under section 126(5). (6) The Financial Secretary shall not exercise his powers under subsection (2) in the case of a former authorized institution which ceased to be an authorized institution 12 months or more before the date of the report under subsection (1).
(7) Any person who—
(a) with intent to defeat the purposes of this section or to delay or obstruct the
carrying out of an investigation under this section-
(i) conceals, destroys, mutilates or alters a document relating to a matter which is the subject of an investigation by a person appointed under subsection (2); or
(ii) sends, or causes to be sent, or conspires with another person to send, out of Hong Kong any such document; or
(b) knowingly furnishes to a person appointed under subsection (2) any
information which is false or misleading in a material particular,
commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $20,000 and to imprisonment for 2 years.
122. (1) Subject to this section, the inspector may determine the manner in Powers of the which an inquiry under section 121 is to proceed.
(2) If the inspector thinks it necessary for the purposes of his investigation, he may also investigate the business of any company which is or has at any relevant time been-
(a) a holding company or subsidiary of the body whose business is under
investigation;
(b) a subsidiary of a holding company of that body; or
(c) a holding company of a subsidiary of that body.
(3) It shall be the duty of every director, manager, employee, or agent of a company whose business is under investigation (whether by virtue of section 121(2) or subsection (2)) and any person who has in his possession books, papers or infor- mation relevant to the investigation-
inspector and offences in connexion with
the investigation.
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