A180
Ord. No. 27/86
Alteration in constitution.
Authorized
institution
to notify
Commissioner
when it ceases to
take deposits.
Duty to report inability to meet obligations.
Examination by
BANKING
(6) If an authorized institution produces any book, account, document, security or information under this section which is false in a material particular, every director and every manager of the institution 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.
65. (1) An authorized institution, within 30 days after the making of any alteration to the memorandum of association, articles of association or other instru- ment under which it is incorporated, shall furnish to the Commissioner particulars of such alteration in writing, verified by a director of the institution.
(2) Every director and every manager of an authorized institution which contravenes this section commits an offence and is liable on conviction upon indictment or 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.
66. (1) An authorized institution which ceases to carry on the business of taking deposits or, as the case may be, banking business, shall forthwith notify the Commissioner in writing of that fact.
(2) Every director and every manager of an authorized institution which fails to comply with this section commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $10,000.
67. (1) If any authorized institution is likely to become unable to meet its obligations or if it is about to suspend payment it shall forthwith report all relevant facts, circumstances and information to the Commissioner.
(2) Every director and every manager of an authorized institution which fails without reasonable excuse to comply with subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
68. The appropriate recognized banking supervisory authority of a place out- authorities outside side Hong Kong may, with the approval of the Commissioner, examine the books, accounts and transactions of the principal place of business in Hong Kong or any local branch, or the documents of any local representative office-
Hong Kong.
Amalgamation
requires Financial
Secretary's approval.
(a) of an authorized institution which is incorporated in that place; or (b) of an authorized institution which is incorporated in or outside Hong Kong and is a subsidiary of a bank or other body corporate which is incorporated in that place.
$
PART XIII
OWNERSHIP AND MANAGEMENT OF AUTHORIZED INSTITUTIONS
69. (1) An authorized institution incorporated in Hong Kong shall not
without the prior approval in writing of the Financial Secretary
(a) make any arrangement or enter into any agreement for the sale or disposal
of its business by amalgamation or otherwise; or
(b) make any reconstruction of its capital.
BANKING
Ord. No. 27/86
A181
(2) An authorized institution aggrieved by a decision of the Financial Secretary refusing his approval for the purposes of subsection (1) may appeal to the Governor in Council against the decision, but that decision shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(3) Every director and every manager of an authorized institution which con- travenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment
for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months.
70. (1) Subject to subsection (2), a person who, after the commencement of this Ordinance, becomes, by whatever means and whether alone or in concert with others, entitled to exercise or control the exercise of 10 per cent or more of the voting power at any general meeting of an authorized institution incorporated in Hong Kong, shall not exercise such of that voting power which he has acquired after that commence- ment unless he has made an application to the Commissioner for the Commissioner's approval to exercise such of that voting power he has so acquired and has received such approval, which approval may be given in a general or a particular case, shall be conveyed to the applicant as soon as practicable, and shall be subject to such con- ditions as the Commissioner may think proper to attach thereto.
(2) Subsection (1) shall not apply to voting power acquired by any person after the commencement of this Ordinance where the voting power was so acquired in pursuance of an agreement entered into before that commencement.
(3) Where a person has acquired voting power in respect of an authorized institution such that the person is subject to subsection (1), the institution shall forthwith inform the Commissioner of the name of that person.
(4) Where the Commissioner refuses to give an approval under subsection (1), he shall notify the person and authorized institution concerned in writing of his refusal as soon as practicable.
(5) Any person aggrieved by the refusal to grant approval under subsection (1) by the Commissioner or the imposition of conditions by him under that subsection may appeal to the Governor in Council against the refusal or conditions, but that refusal or, as the case may be, those conditions shall take effect immediately, notwith- standing that an appeal has been or may be made under this subsection.
(6) Nothing done in contravention of subsection (1), or in reliance on the exercise in contravention of that subsection of any voting power, shall be invalid by reason only of that contravention.
(7) Any person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment
for 5 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months.
(8) Every director and every manager of an authorized institution which fails to comply with subsection (3) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment
for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6
months.
71. (1) No person shall-
Commissioner's approval required certain acquired for exercise of voting power.
Director and
secretaries require
approval.
(a) become a director or secretary of an authorized institution incorporated in Commissioner's
Hong Kong without the consent in writing of the Commissioner; or
No comments yet.
Private notes are available after approval.