BANKING
Ord. No. 27/86
A217
A216
Date of payment of certain fees.
Second Schedule.
Conditions attached to former licences, etc. deemed to be conditions under
this Ordinance.
Ord. No. 27/86
BANKING
(4) Notwithstanding Part VII of the former Deposit-taking Companies Ordin- ance, any former registration or former deposit-taking licence which was, immedi- ately before the commencement of this Ordinance, suspended under that Part shall, on and from that commencement, but subject to section 146, be deemed, for the purposes of subsections (2) and (3) and the definitions of "former registration" and "former deposit-taking licence" in section 138, to be in force immediately before that
commencement.
144. Where, under this Ordinance, a bank (including an unincorporated bank), registered deposit-taking company or licensed deposit-taking company is required to pay any fee specified in the Second Schedule, irrespective of whether the words "authorized institution" are used to create any such requirement, by reference to the anniversary of the date on which the bank, registered deposit-taking company or licensed deposit-taking company was licensed or registered, as the case may be, or words to that effect, and the banking licence, registration or deposit-taking licence, as the case may be, held by that bank, registered deposit-taking company or licensed deposit-taking company is deemed by virtue of section 143 to be a banking licence, registration or deposit-taking licence, as the case may be, then, for the purposes of paying any such fee, and notwithstanding any other provision of this Ordinance, such reference to the anniversary of the date on which the bank, registered deposit-taking company or licensed deposit-taking company was licensed or registered shall be the anniversary of the date on which the bank, registered deposit-taking company or licensed deposit-taking company was licensed or registered, as the case may be, under the former Banking Ordinance or former Deposit-taking Companies Ordinance, as the case may be.
145. (1) Where, immediately before the commencement of this Ordinance, there was in force any condition attached to a former banking licence under section 7(1)(b) or 7A of the former Banking Ordinance and, on and from that commencement, the former banking licence is deemed by virtue of section 143 to be a banking licence, then, on and from that commencement, any such condition shall be deemed to be a condition attached to the banking licence as if, on that commencement, the Governor in Council had attached such condition under section 17 to the banking licence, and the provisions of this Ordinance shall apply accordingly.
(2) Where, immediately before the commencement of this Ordinance, there was in force any condition attached to a former deposit-taking licence under sec- tion 16B(1)(a) or (3) of the former Deposit-taking Companies Ordinance and, on and from that commencement, the former deposit-taking licence is deemed by virtue of section 143 to be a deposit-taking licence, then, on and from that commencement, any such condition shall be deemed to be a condition attached to the deposit-taking licence as if, on that commencement, the Financial Secretary had attached such condition under section 25(3) to the deposit-taking licence, and the provisions of this Ordinance shall apply accordingly.
(3) Where any local branch to which section 44(3) applies had in force, im- mediately before the commencement of this Ordinance, an approval under section 12A(1) or (3) of the former Banking Ordinance or section 16H(1) or (3) of the former Deposit-taking Companies Ordinance to which was attached any condition under section 12A(4) of the former Banking Ordinance or section 16H(4) of the former Deposit-taking Companies Ordinance and which condition was in force immediately before that commencement, then, on and from that commencement, any such condition shall be deemed to be attached to the approval under section 44 of the local branch as if, on that commencement, the Commissioner had attached such condition under section 44(4) to the approval, and the provisions of this Ordinance shall apply accordingly.
(4) Where any local representative office to which section 46(2) applies had in force, immediately before the commencement of this Ordinance, an approval under section 12C(1) or (2) of the former Banking Ordinance to which was attached any condition under section 12C(4) of the former Banking Ordinance and which condi- tion was in force immediately before that commencement, then, on and from that commencement, any such condition shall be deemed to be attached to the approval
under section 46 of the local representative office as if, on that commencement, the Commissioner had attached such condition under section 46(4) to the approval, and the provisions of this Ordinance shall apply accordingly.
(5) Where any overseas branch or overseas representative office to which section 49(3) applies had in force, immediately before the commencement of this Ordinance, an approval under section 12F(1) or (3) of the former Banking Ordinance or section 16J(1) or (3) of the former Deposit-taking Companies Ordinance to which was attached any condition under section 12F(4) of the former Banking Ordinance or section 16J(4) of the former Deposit-taking Companies Ordinance and which condi- tion was in force immediately before that commencement, then, on and from that commencement, any such condition shall be deemed to be attached to the approval under section 49 of the overseas branch or overseas representative office, as the case may be, as if, on that commencement, the Commissioner had attached such condition under section 49(4) to the approval, and the provisions of this Ordinance shall apply accordingly.
146. Where any former registration or former deposit-taking licence which is, on Suspension and from the commencement of this Ordinance, deemed by virtue of section 143 to be of former
registration, etc. registration or a deposit-taking licence, was, immediately before that commencement, deemed to be suspended under Part VII of the former Deposit-taking Companies Ordinance, then, suspension under on and from that commencement, that registration or that deposit-taking licence, as this Ordinance. the case may be, shall, in the like manner, be deemed to be suspended under Part VI for the period concerned of such suspension left to serve immediately before that commencement as if, on that commencement and for that period, the designated authority under Part VI had suspended that registration or deposit-taking licence, as the case may be, and the provisions of this Ordinance shall apply accordingly.
this Ordinance.
147. Where an act, matter or thing has been done under Part IV of the former Actions, etc. Banking Ordinance by the Commissioner, the Financial Secretary or the Governor in under Part IV of
former Banking Council to or in relation to a former bank and, on and from the commencement of Ordinance deemed this Ordinance, the former banking licence held by the former bank is deemed by to be actions virtue of section 143 to be a banking licence, then, on and from that commencement, under Part X of to the extent that but for the enactment of this Ordinance that act, matter or thing would on or after that commencement have had any force or effect or been in operation, shall, in the like manner, be deemed to have been done under Part X by the Commissioner, the Financial Secretary or the Governor in Council, as the case may be, to or in relation to the bank which holds that banking licence as if, on that commencement, that act, matter or thing were, to that extent, done under Part X by the Commissioner, the Financial Secretary or the Governor in Council, as the case may be, to or in relation to the bank, and the provisions of this Ordinance shall apply accordingly.
148. (1) A letter of comfort which was, immediately before the commencement Transitional of this Ordinance, deemed by virtue of section 23(5) of the former Banking Ordinance provisions
in relation to to at all times to have been accepted under paragraph (bb) of the proviso to section section 81. 23(1) of the former Banking Ordinance shall, on and from that commencement, be deemed at all times to have been accepted under paragraph (c) of the proviso to section 81(2), and the provisions of this Ordinance shall, subject to subsection (2), apply accordingly.
(2) Where the former Commissioner had not, before the commencement of this Ordinance, exercised his powers under section 23(6) of the former Banking Ordinance in relation to the former bank for which a letter of comfort referred to in subsection (1) was provided, then, on and from that commencement, and until such time as the Commissioner exercises his powers under section 81(7) in relation to the bank for which that letter of comfort is provided, the provisions of section 81(5) shall not apply in relation thereto.
(3) A letter of comfort which was, immediately before the commencement of this Ordinance, deemed by virtue of section 22(5) of the former Deposit-taking Companies Ordinance to at all times to have been accepted under paragraph (bb) of the proviso to section 22(1) of the former Deposit-taking Companies Ordinance shall,
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