TNAG-1487-FCO40-2044-Hong-Kong-banking-Banking-Bill-1986-1986 — Page 44

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Fees in respect of local branches.

Second Schedule.

Second Schedule.

Control of

Ord. No. 27/86

BANKING

45. (1) Where the establishment by an authorized institution of a local branch is approved under section 44, the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch and thereafter, so long as the branch continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.

(2) An authorized institution that is maintaining, at the commencement of this Ordinance, a local branch to which section 44(3) applies shall, so long as the branch continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.

46. (1) A bank incorporated outside Hong Kong which is not licensed under establishment, etc. section 16 and is not recognized as the central bank of the place in which it is incorporated shall not establish or maintain any local representative office thereof without the approval of the Commissioner.

of local

representative offices.

Supply of

information and

examination of local

representative ollices.

(2) Approval under subsection (1) shall be deemed to have been granted in respect of any local representative office lawfully established prior to the commence- ment of this Ordinance.

(3) Approval under subsection (1) shall not be granted unless the Commissioner is satisfied that the bank is adequately supervised by a recognized banking super- visory authority of the place in which the bank is incorporated or established.

(4) The Commissioner may at any time, by notice in writing served upon a bank, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (2), in respect of any local representative office thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.

(5) The Commissioner may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (2), in respect of any local representative office.

(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the bank concerned in writing of the refusal or revocation.

(7) Any bank aggrieved by the refusal to grant approval under subsection (1) or by the revocation of an approval under subsection (5) by the Commissioner, or by any conditions to which an approval is made subject by the Commissioner under subsection (4), may appeal to the Governor in Council against the refusal, the revoca- tion or the conditions, but that refusal, that revocation 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) Any person in charge, or who appears to be in charge, of a local representa- tive office established or maintained in contravention of subsection (1) or in respect of which any condition attached under subsection (4) is contravened, 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.

47. (1) A bank incorporated outside Hong Kong which maintains a local representative office thereof pursuant to section 46 shall—

(a) submit to the Commissioner such information as he may require regarding

the functions and activities of the representative office;

(b) if the Commissioner wishes to examine the functions and activities of the representative office, for that purpose afford to the person carrying out the examination access to the documents maintained by the representative office

BANKING

Ord. No. 27/86

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and to such information and facilities as may be required to conduct the examination, and shall produce to the person carrying out the examination such documents or other information as he may require.

(2) Any person who fails to comply with any requirement of the Commissioner under this section 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.

(3) Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable-

(a) on conviction upon indictment to a fine of $500,000 and to imprisonment

for 2 years; or

(b) on summary conviction to a fine of $50,000 and to imprisonment for 6

months.

(4) If a bank produces any book, account, document, security or information whatsoever under this section which is false in a material particular, every director and every manager of the bank commits an offence and is liable—

(a) on conviction upon indictment to a fine of $500,000 and to imprisonment

for 2 years; or

(b) on summary conviction to a fine of $50,000 and to imprisonment for 6

months.

48. (1) Where the establishment by a bank incorporated outside Hong Kong of Fees in respect a local representative office is approved under section 46(1), the bank shall pay to the of local

representative Director of Accounting Services the fee specified in the Second Schedule in relation to offices. that representative office and thereafter, so long as the representative office continues Second Schedule. to be maintained by the bank, the bank shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of the approval under that section.

(2) A bank incorporated outside Hong Kong that is maintaining, at the commencement of this Ordinance, a local representative office to which section 46(2) applies and which representative office was established prior to I April 1982 shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on 1 April of each year.

(3) A bank incorporated outside Hong Kong that is maintaining, at the commencement of this Ordinance, a local representative office to which section 46(2) applies and which representative office was established on or after 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of approval, under section 12C(1) of the Banking Ordinance repealed by this Ordinance, of the establishment of that local (Cap. 155.) representative office.

PART IX

Overseas Branches, Overseas Representative Offices and Fees

49. (1) Without prejudice to section 44, an authorized institution which is Control of incorporated in Hong Kong shall be subject to a condition that the institution shall establishment, etc. not establish or maintain any overseas branch or overseas representative office thereof without the approval of the Commissioner.

of overseas branches and

overseas

representative

offices.