TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 41

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Ord. No. 27/86

Publication of

names entered in

or removed from

register and

suspensions.

Revocation of banking licence.

BANKING

(a) until the contrary is proved, the court before which such document is

produced shall presume--

(i) that the document is certified by the Commissioner; and

(ii) that the document is a true copy of the entry in or extract from the ' register, or of the document lodged with the Commissioner, to which it refers; and

(b) such document shall be prima facie evidence of all matters contained

therein.

28. (1) Where the name of a bank, local representative office, registered deposit-taking company or licensed deposit-taking company is entered in the register, the Commissioner shall publish in the Gazette notice of such entry.

(2) Where a company ceases to be a registered deposit-taking company by virtue of section 25(2), the Commissioner shall-

(a) remove from the register the name of the former registered deposit-taking

company; and

(b) publish in the Gazette notice of such removal.

(3) Where the licence or registration of an authorized institution is revoked under this Ordinance, the Commissioner shall-

(a) remove from the register the name of the former authorized institution

concerned; and

(b) publish in the Gazette notice of such removal.

(4) Where the registration of a registered deposit-taking company or the deposit-taking licence of a licensed deposit-taking company is suspended under this Ordinance, the Commissioner shall-

(a) make a notation in the register against the name of the deposit-taking company concerned that its registration or deposit-taking licence, as the case may be, has been so suspended and, if such suspension is for a specified period, shall, in that notation, give particulars of such period; and

(b) publish in the Gazette notice of such notation.

(5) Where approval for the establishment of a local representative office is revoked under this Ordinance, the Commissioner shall --

(a) remove from the register the name of the local representative office; and (b) publish in the Gazette notice of such removal.

(6) On the date of commencement of this Ordinance, the Commissioner shall publish in the Gazette-

(a) the name of every bank, local representative office, registered deposit-taking

company and licensed deposit-taking company entered in the register; and

(b) every notation in the register referred to in subsection (4).

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 carry on 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

BANKING

Ord. No. 27/86

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(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 117(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 carry on 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.

Procedure on and effect of

revocation of banking licence.

31. (1) Subject to section 33(1), the Commissioner may revoke the registration Revocation of 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;

(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 117(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.

registration.