C188
BANKING BILL
BANKING BILL
Governor in Council to decide whether or not banking business or business of taking deposits is being conducted.
Official secrecy.
(a) to produce to the inspector all books and papers relating to the company
conerned which are in his custody or power;
(b) to attend before the inspector when required to do so; and
(c) to answer truthfully and to the best of his ability any questions which may
be put to him by the inspector and which are relevant to the investigation:
Provided that an inspector shall not require the disclosure by a solicitor or counsel of any privileged communication, whether oral or written, made to or by him in that capacity.
(4) Anything said by any person in answer to a question put by the inspector under subsection (3)(c) shall be inadmissible in any criminal proceedings other than criminal proceedings brought under this section.
(5) Any director, manager, employee or agent of a company and any other person who
(a) without reasonable excuse fails to produce any books or papers which it is
his duty to produce under subsection (3); or
(b) without reasonable excuse fails to attend before the inspector when required
to do so under this section; or
(c) fails to answer to the best of his ability any question which is put to him by an inspector with respect to a business which is under investigation under section 121 or to the business of any body corporate which is being investigated by virtue of subsection (2),
commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $20,000 and to imprisonment for 6 months.
(6) In this section-
(a) "inspector" means a person appointed under section 121(2);
(b) any reference to a director, manager, employee or agent of a company includes a reference to a person who has been but no longer is a director,
employee or agent of that company; manager,
(c) "agent" in relation to a company whose business is under investigation includes its bankers and solicitors and any persons, whether officers of the body or not, who are employed as its auditors.
PART XXI
MISCELLANEOUS
123. (1) In the event of any dispute as to whether a person is carrying on a banking business or a business of taking deposits, the matter, except in the case of a prosecution for any offence against this Ordinance, shall be submitted to the Governor in Council for his determination; and the decision of the Governor in Council shall be final and conclusive for all purposes of this Ordinance.
(2) A submission under subsection (1) may be made by the Financial Secretary or by any bank or deposit-taking company or person which or who is interested in the determination of the matter.
124. (1) Except as may be necessary for the exercise of any function under this Ordinance or for carrying into effect the provisions of this Ordinance, every person who has been appointed under or who is or has been employed in carrying out or in assisting any person to carry out the provisions of this Ordinance---
(a) shall preserve and aid in preserving secrecy with regard to all matters relating to the affairs of any company that may come to his knowledge in the exercise of any function under this Ordinance;
(b) shall not communicate any such matter to any person other than the person
to whom such matter relates; and
(c) shall not suffer or permit any person to have access to any records in the possession, custody or control of any person to whom this subsection applies.
(2) Subsection (1) shall apply to-
(a) any public officer;
(b) any person authorized or employed by the Commissioner under section 8;
(c) any person appointed under section 52(1)(B), or by order of the Governor in Council under section 53(1)(ii), to advise an authorized institution in the proper conduct of its business;
(d) any person who has assumed control of the business of an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii);
(e) any person appointed under section 121(2); and
(f) any person employed by or assisting a person to whom this subsection
applies by virtue of paragraph (b), (c), (d), or (e),
who exercises any function under this Ordinance.
(3) Where under section 52(1)(C) or under section 53(1)(ii) the Commissioner assumes control of and carries on the business of an authorized institution or any other person is directed so to do, subsection (1) shall not apply if the the Commis- sioner or such other person is required to comply with a notice to furnish returns and information under section 51 of the Inland Revenue Ordinance.
(4) No person who exercises any function in the course of an examination or investigation under section 47, 50, 55 or 121 or who receives reports, returns or information submitted under section 47, 50, 55, 56, 63 or 64 shall be required to produce in any court any book, account or other document whatsoever or to divulge or communicate to any court any matter or thing coming under his notice in the exercise of his functions under this Ordinance, except as may be necessary in the course of a prosecution for any offence or of a winding-up by the High Court under section 126.
(5) Subsection (1) shall not apply—
(a) to the disclosure of information in the form of a summary of similar information provided by a number of authorized institutions if the summary is so framed as to prevent particulars relating to the business of any particular authorized institution being ascertained from it;
(b) to the disclosure of information with a view to the institution of, or otherwise for the purposes of, any criminal proceedings, whether under this Ordinance or otherwise;
(c) in connexion with any other legal proceedings arising out of this Ordinance; (d) to the disclosure of information to the police, at the request of the Attorney General, relevant to the proper investigation of any criminal complaint;
(Cap. 112.)
(e) to the disclosure of information by the Commissioner to the Disciplinary
Committee within the meaning of the Professional Accountants Ordinance (Cap. 50.) in respect of any complaint that can be made under section 34 of that Ordinance in respect of any auditor of an authorized institution, including an auditor appointed under section 59(2); or
(f) to the disclosure of information to the Financial Secretary, the Secretary for Monetary Affairs or to any public officer authorized by the Financial Secretary for the purposes of this paragraph or to the Disciplinary Commit- tee referred to in paragraph (e) where, in the opinion of the Commissioner, it is desirable or expedient that information should be disclosed in the interests of depositors or the public interest.
C189
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