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(Cap. 32.)
Registration or refusal of registration of deposit-taking
company.
(4) For the purposes of subsection (3)(c), a company to which that subsection applies shall be treated as if it were required to comply with section 336 of the Companies Ordinance notwithstanding that that section would not, by virtue of subsection (6) of that section, otherwise apply to it.
21. (1) Subject to subsection (2), the Commissioner shall, on receipt of an application in accordance with section 20, register a company as a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular case.
(2) The Commissioner shall refuse to register a company under subsection (1) if-
(a) the paid-up share capital of the company, as determined under subsec- tion (3), is less than $10,000,000, or an equivalent amount in any other currency;
(b) the objects of the company as stated in its memorandum or constitution do
not include the object of carrying on a business of taking deposits;
(c) the name of the company, or the name under which the company is carrying
on or intends to carry on business in Hong Kong, contains-
(i) any word which by virtue of any Ordinance cannot be contained in the name of any company; or
(ii) any word which by virtue of any Ordinance cannot without consent be contained in the name of any company and in respect of which such consent has not been given; or
(d) it appears to the Commissioner that, by reason of any circumstances whatsoever, the company is not a fit and proper body to be registered.
(3) For the purposes of determining the paid-up share capital of—
(a) a company which has made an application for registration, there shall be deducted from such share capital any loss disclosed in the balance sheet lodged by the company with the application; and
(b) a registered deposit-taking company, there shall be deducted from such share capital any loss disclosed in the most recent balance sheet lodged by the company under section 60(2).
(4) The registration of a company under subsection (1) as a registered deposit- taking company shall be effected by entering in the register the relevant particulars specified in section 27 and the Commissioner shall notify the company in writing of the registration and date of registration.
(5) Where the Commissioner refuses to register a company under subsec- tion (2), he shall notify the company in writing of the refusal.
(6) Any company aggrieved by the refusal of the Commissioner to register it under subsection (2) may appeal to the Governor in Council against the refusal, but that refusal shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(7) Every director and every manager of a deposit-taking company which contravenes any condition attached under subsection (1) to its registration 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.
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22. (1) Without limiting the generality of section 21(1), the Commissioner may Amendment of at any time, by notice in writing served on a registered deposit-taking company, conditions of
registration. attach to the registration of the company such conditions, or amend or cancel any conditions attached to the registration, as he may think proper.
(2) Every director and every manager of a deposit-taking company which contravenes any condition attached under this section to its registration 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 offience continues.
23. (1) A registered deposit-taking company shall, within 14 days after the Registration fees. receipt of a notice of registration under section 21(4), pay to the Director of Accounting Services the registration fee specified in the Second Schedule.
(2) Every registered deposit-taking company shall pay to the Director of Accounting Services annually the renewal of registration fee specified in the Second Schedule-
(a) in the case of a company which was carrying on a business of taking deposits at 1 April 1976, within 14 days after the anniversary of such date; and
(b) in the case of any other company, within 14 days after the anniversary of the
date of registration of such company.
Second Schedule.
24. (1) Every company shall, before it commences a business of taking deposits Application for as a licensed deposit-taking company, apply for a deposit-taking licence in accord- deposit-taking ance with this section.
(2) An application for a deposit-taking licence shall be made to the Financial Secretary, through the Commissioner, and there shall be lodged with the application such documents and information as may be required by the Financial Secretary or the Commissioner.
(3) An application for a deposit-taking licence may be made only by a registered deposit-taking company which has
(a) an issued share capital of not less than $100,000,000 or an equivalent
amount in any other currency; and
(b) a paid-up share capital of not less than $75,000,000 or an equivalent amount
in any other currency.
(4) For the purposes of determining the issued share capital or paid-up share capital of-
(a) a registered deposit-taking company which has made an application for a deposit-taking licence, there shall be deducted from any such share capital any loss disclosed in the most recent balance sheet lodged by the company under section 60(2); and
(b) a licensed deposit-taking company, there shall be deducted from any such share capital any loss disclosed in the most recent balance sheet lodged by the company under section 60(2).
(5) The Governor in Council may, by notice in the Gazette, amend the amount of issued share capital or paid-up share capital specified in subsection (3).
(6) After receiving an application for a deposit-taking licence, the Commis- sioner shall forward to the Financial Secretary the application and his advice as to whether or not the applicant should be granted a deposit-taking licence.
licence.
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