A158
Ord. No. 27/86
Amendment of conditions of banking licence.
Minimum paid-up
share capital for grant of banking licence.
Banking licence
fees.
Second Schedule.
Application for registration as deposit-taking company.
Registration or refusal of registration of deposit-taking company.
BANKING
(c) without assigning any reason therefor, refuse to grant a banking licence or, in the case of a proposed company, intimate his intention to refuse to grant a banking licence upon receipt of notice of its incorporation.
(2) Every director and every manager of a bank which contravenes any condition attached under subsection (1)(b) to its banking licence commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000; or (b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
17. (1) Without limiting the generality of section 16(1)(b), the Governor in Council may at any time, by notice in writing served upon a bank, attach to its banking licence such conditions, or amend or cancel any conditions attached to the banking licence, as he may think proper.
(2) Every director and every manager of a bank which contravenes any condition attached under this section to its banking licence commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
18. (1) No company which is incorporated in Hong Kong shall be granted a banking licence unless its share capital issued and paid-up is not less than $100,000,000, deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the company.
(2) The Governor in Council may, by notice in the Gazette, amend the amount of share capital issued and paid-up specified in subsection (1).
19. (1) Every bank shall pay the annual banking licence fee specified in the Second Schedule.
(2) The fee payable under this section shall be paid upon the grant of the banking licence and thereafter upon every anniversary of the date of its grant.
20. (1) Every company shall, before it commences a business of taking deposits, apply for registration in accordance with this section.
(2) There shall be lodged with the Commissioner in respect of an application for registration--
(a) a copy of the memorandum and articles of association or other document
constituting the company; and
(b) such other documents and information as may be required by the Commis-
sioner.
21. (1) Subject to subsection (2), the Commissioner shall, on receipt of an application in accordance with section 20, register a company as a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular case.
(2) The Commissioner shall refuse to register a company under subsection (1) if-
(a) the paid-up share capital of the company, as determined under subsec- tion (3), is less than $10,000,000, or an equivalent amount in any other currency;
(b) the objects of the company as stated in its memorandum or constitution do
not include the object of carrying on a business of taking deposits;
BANKING
Ord. No. 27/86
A159
(c) the name of the company, or the name under which the company is carrying
on or intends to carry on business in Hong Kong, contains-
(i) any word which by virtue of any Ordinance cannot be contained in the name of any company; or
(ii) any word which by virtue of any Ordinance cannot without consent be contained in the name of any company and in respect of which such consent has not been given; or
(d) it appears to the Commissioner that, by reason of any circumstances whatsoever, the company is not a fit and proper body to be registered.
(3) For the purposes of determining the paid-up share capital of ----
(a) a company which has made an application for registration, there shall be deducted from such share capital any debit balance appearing in the profit and loss account lodged by the company with the application; and
(b) a registered deposit-taking company, there shall be deducted from such share capital any debit balance appearing in the profit and loss account of the company.
(4) The Governor in Council may, by notice in the Gazette, amend the amount of paid-up share capital specified in subsection (2)(a).
(5) The registration of a company under subsection (1) as a registered deposit- taking company shall be effected by entering in the register the relevant particulars specified in section 27 and the Commissioner shall notify the company in writing of the registration and date of registration.
(6) Where the Commissioner refuses to register a company under subsec- tion (2), he shall notify the company in writing of the refusal.
(7) Any company aggrieved by the refusal of the Commissioner to register it under subsection (2), or by the imposition by him of conditions under subsection (1), may appeal to the Governor in Council against the refusal or the conditions but that refusal or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(8) Every director and every manager of a deposit-taking company which contravenes any condition attached under subsection (1) to its registration commits an offence and is liable-.
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
22. (1) Without limiting the generality of section 21(1), the Commissioner may Amendment of at any time, by notice in writing served on a registered deposit-taking company, conditions of
registration. attach to the registration of the company such conditions, or amend or cancel any conditions attached to the registration, as he may think proper.
(2) Any company aggrieved by any conditions to which its registration is made subject by the Commissioner under subsection (1) may appeal against the conditions to the Governor in Council, but those conditions shall take effect immediately notwithstanding that an appeal has been or may be made under this subsection.
(3) Every director and every manager of a deposit-taking company which contravenes any condition attached under this section to its registration commits an offence and is liable--
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
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