A212
Defence where director or manager, etc. prosecuted.
Indemnity.
Execution of
seal.
Ord. No. 27/86
BANKING
126. (1) Subject to subsection (2), any person who is prosecuted in respect of any offence under this Ordinance shall have a good defence if he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to his position in the authorized institution in respect of which the offence was committed.
(2) Subsection (1) shall not apply to an offence under section 46(8), 47(2) or (3), 50(6), 64(5), 72(4), 73(2), 97(1), 117(7), 118(5), 120, 123 or 124.
127. No liability shall be incurred by—
(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); or
(e) any person appointed under section 117(2),
as a result of anything done or omitted to be done by him bona fide in the exercise or purported exercise of any functions conferred or imposed by or under this Ordinance.
128. Notwithstanding anything contained in the articles of association or instruments under regulations of any authorized institution incorporated in Hong Kong with respect to the execution of instruments under its seal, but without prejudice to anything in such articles or regulations not inconsistent herewith, the seal of the institution shall not be affixed to any instrument except in the presence of a director of the institution and of one other person being either a director or an officer of the institution duly authorized in that behalf, and that director and such other person shall sign every instrument to which the seal of the institution is so affixed in their presence.
Validity of contract in contravention of
this Ordinance.
Action for
recovery of deposits, etc.
Recovery of fees,
expenses, etc.
129. (1) The contravention of any prohibition in this Ordinance on the entering into of any contract shall not render that contract unenforceable.
(2) Subsection (1) shall be deemed to have had effect from 1 April 1976, so, however, that nothing in that subsection as read with this subsection shall have effect in relation to any legal proceedings commenced before the commencement of this Ordinance.
130. (1) Notwithstanding any rule of law, any deposit taken in contravention of section 12 or 14, and any interest accrued thereon, may be recovered by the depositor as money had and received.
(2) Where the licence or, as the case may be, the registration of an authorized institution is revoked or suspended under this Ordinance, such revocation or suspen- sion shall not affect any right-
(a) of any person against the institution; or
(b) of the institution against any person.
131. (1) There shall be recoverable at the suit of the Attorney General as a civil debt due to the Crown from the authorized institution concerned, or in the case of an unincorporated bank, from the directors jointly and severally thereof
(a) the amount of any fees payable under section 19, 23, 26, 45, 48, 51 or 109; (b) any remuneration and expenses payable by the authorized institution to any person appointed under section 52(1)(B) or by order of the Governor in Council under section 53(1)(ii) to advise the institution in the proper conduct of its business;
i
BANKING
Ord. No. 27/86
A213
(c) any remuneration and expenses payable by the authorized institution to the Commissioner or to any person employed or authorized by the Com- missioner under section 8 to assist him in the control and carrying on of the business of the institution or to any other person who has assumed control of the business of the institution pursuant to a direction under sec- tion 52(1)(C) or an order of the Governor in Council under section 53(1)(ii); (d) any expenses ordered by the Financial Secretary to be defrayed by the
authorized institution under section 55(3); and
(e) any remuneration payable by the authorized institution to an auditor
appointed under section 59(2).
(2) There shall be recoverable, at the suit of the Attorney General, as a civil debt due from the applicants, jointly and severally, to the Crown, any expenses ordered by the Financial Secretary to be defrayed by the applicants under section 55(3).
(3) Any sum recoverable under this section at the suit of the Attorney General shall be a debt due to the Crown within the meaning of section 265(1)(a) of the Companies Ordinance and section 38(1)(a) of the Bankruptcy Ordinance.
132. (1) All entries in books and accounts kept by authorized institutions shall be recorded in the English language and the Arabic system of numerals shall be employed.
(2) All forms and information required to be sent and all returns required to be made to the Commissioner pursuant to any of the provisions of this Ordinance shall be compiled in the English language and the Arabic system of numerals and, if any such form, information or return is a translation, be certified to the satisfaction of the Commissioner as a true and correct translation.
(3) Every director and every manager of an authorized institution which contravenes subsection (1) or (2) 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.
(Cap. 32.) (Cap. 6.)
Use of English language.
133. The Commissioner may specify the form of application for licensing or Power to specify registration and of any notice, certificate or other document required for the purposes forms. of this Ordinance.
134. Without limiting the generality of section 356 of the Companies Ordinance, Service of a document may be served on an authorized institution by leaving it at or sending it documents. by post to its principal place of business in Hong Kong.
(Cap. 32.)
135. (1) The Governor in Council may, by notice in the Gazette, amend the Power to amend First Schedule.
Schedules.
First Schedule.
Second Schedule.
(2) The Legislative Council may, by resolution, amend the Second Schedule.
(3) The Financial Secretary may, by notice in the Gazette, amend the Third and Third Schedule. Fourth Schedules.
Fourth Schedule.
(4) The Commissioner may, by notice in the Gazette, amend the Fifth Schedule. Fifth Schedule.
136. No prosecution in respect of any offence under this Ordinance shall be Consent of instituted without the consent in writing of the Attorney General.
Attorney General.
137. The enactments specified in the first column of the Sixth Schedule are Consequential amended to the extent and in the manner specified in the second column thereof.
amendments.
Sixth Schedule.
No comments yet.
Private notes are available after approval.