20
20
21
Grant or refusal of deposit-taking licence.
Deposit-taking licence fees.
Second Schedule.
Register of
authorized institutions, etc.
Second Schedule.
25. (1) After receiving an application forwarded under section 24 and the advice of the Commissioner in respect thereof, the Financial Secretary may-
(a) grant a deposit-taking licence to a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular case; or
(b) without assigning any reason therefor, refuse to grant a deposit-taking
licence.
(2) On the grant of a deposit-taking licence to a registered deposit-taking company, the company shall cease to be a registered deposit-taking company.
(3) Without limiting the generality of the power to attach conditions under subsection (1)(a) and to section 49, the Financial Secretary may at any time, by notice in writing served upon a licensed deposit-taking company, attach to the deposit- taking licence held by that company such conditions, or amend or cancel any conditions attached to the deposit-taking licence, as he may think proper.
(4) Where the Financial Secretary refuses to grant a deposit-taking licence under subsection (1)(b), he shall notify the registered deposit-taking company in writing of the refusal.
(5) Any registered deposit-taking company aggrieved by the refusal of the Financial Secretary to grant a deposit-taking licence to it under subsection (1) 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.
(6) Every director and every manager of a licensed deposit-taking company which contravenes any condition attached under subsection (1)(a) or (3) to its deposit-taking licence 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.
26. (1) A licensed deposit-taking company shall, within 14 days after the grant to it of a deposit-taking licence, pay to the Director of Accounting Services the deposit-taking licence fee specified in the Second Schedule.
(2) Every licensed deposit-taking company shall pay to the Director of Ac- counting Services annually the renewal of deposit-taking licence fee specified in the Second Schedule within 14 days after the anniversary of the date of grant of the deposit-taking licence.
27. (1) The Commissioner shall maintain a register, in such form as he thinks fit, which shall contain-
(a) the name and business address of every licensed bank;
(b) the name and business address of every local representative office;
(c) the name and business address of every registered deposit-taking company; (d) the name and business address of every licensed deposit-taking company;
and
(e) such other particulars of licensed banks, local representative offices, regis- tered deposit-taking companies or licensed deposit-taking companies as the Commissioner thinks fit.
(2) The register shall be kept at the office of the Commissioner or at such other place as may be notified by the Commissioner in the Gazette.
(3) Any member of the public may, with effect from such date and during such hours as shall be notified by the Commissioner in the Gazette, on payment of the fee specified in the Second Schedule—
(a) inspect the register or obtain a copy of an entry in the register or an extract
from the register; or
(b) inspect or obtain a copy of or an extract from any document lodged with the Commissioner under section 15 (other than any document or information referred to in subsection (2)(b) of that section) and section 20 (other than any document or information referred to in subsection (2)(b) of that section).
(4) A document purporting to be a copy of any entry in or extract from the register, or of any document lodged with the Commissioner by a company under this Ordinance, and purporting to be certified by the Commissioner shall be admitted in evidence in criminal or civil proceedings before any court on its production without further proof, and—
(a) until the contrary is proved, the court before which such document is
produced shall presume-
(i) that the document is certified by the Commissioner; and
(ii) that the document is a true copy of the entry in or extract from the register, or of the document lodged with the Commissioner, to which it refers; and
(b) such document shall be prima facie evidence of all matters contained
therein.
28. (1) Where the name of a licensed bank, local representative office, registered deposit-taking company or licensed deposit-taking company is entered in the register, the Commissioner shall publish in the Gazette notice of such entry.
(2) Where a company ceases to be a registered deposit-taking company by virtue of section 25(2), the Commissioner shall
(a) remove from the register the name of the former registered deposit-taking
company; and
(b) publish in the Gazette notice of such removal.
(3) Where the licence or registration of an authorized institution is revoked under this Ordinance, the Commissioner shall—
(a) remove from the register the name of the former authorized institution
concerned; and
(b) publish in the Gazette notice of such removal.
(4) Where the registration of a registered deposit-taking company or the deposit-taking licence of a licensed deposit-taking company is suspended under this Ordinance, the Commissioner shall-
(a) make a notation in the register against the name of the deposit-taking company concerned that its registration or deposit-taking licence, as the case may be, has been so suspended and, if such suspension is for a specified period, shall, in that notation, give particulars of such period; and
(b) publish in the Gazette notice of such notation.
(5) Where approval for the establishment of a local representative office is revoked under this Ordinance, the Commissioner shall-
(a) remove from the register the name of the local representative office; and (b) publish in the Gazette notice of such removal.
(6) On the date of commencement of this Ordinance, the Commissioner shall publish in the Gazette---
(a) the name of every licensed bank, local representative office, registered deposit-taking company and licensed deposit-taking company entered in the register; and
(b) every notation in the register referred to in subsection (4).
Publication of names entered in
or removed from register and suspensions.
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