24
25
Procedure on and effect of revocation of registration or deposit-taking licence.
Interpretation.
Temporary suspension of registration or deposit-taking licence in an emergency,
Suspension of registration or deposit-taking licence for a period up to 6 months.
(2) Without limiting the generality of subsection (1), the Financial Secretary may revoke the deposit-taking licence of a licensed deposit-taking company on being requested in writing by the company to do so, if he is satisfied that the interests of depositors of that company are adequately safeguarded.
(3) Any company aggrieved by the revocation by the Financial Secretary of its deposit-taking licence under subsection (1) may appeal to the Governor in Council against the revocation, but that revocation shall take effect immediately, notwith- standing that an appeal has been or may be made under this subsection.
33. (1) Before exercising his powers under section 31(1) or 32(1), the Commis- sioner or the Financial Secretary, as the case may be, shall inform the deposit-taking company concerned of the grounds therefor and give it an opportunity, within such period as the Commissioner or the Financial Secretary, as the case may be, may specify in writing, being a period reasonable in the circumstances, of being heard.
(2) Where the registration of a registered deposit-taking company or the deposit-taking licence of a licensed deposit-taking company is revoked the Commis- sioner shall notify the company in writing of such revocation and the company shall, on and from the date specified in that notice, cease to carry on a business of taking deposits.
(3) Without prejudice to any other provision of this Ordinance, a company referred to in subsection (2) may continue to hold until maturity any deposit taken prior to the date referred to in that subsection.
PART VI
SUSPENSION OF DEPOSIT-TAKING COMPANY
34. In this Part, "the designated authority" means the Commissioner in the case of a registered deposit-taking company, and the Financial Secretary in the case of a licensed deposit-taking company.
35. (1) In any case where---
(a) the powers of the designated authority under section 31(1) or 32(1) have
become exercisable with respect to a deposit-taking company; and
(b) the designated authority considers that urgent action is expedient,
he may, by notice in writing served on the company---
(i) suspend the registration of the company if it is a registered deposit-taking
company; or
(ii) suspend the deposit-taking licence of the company if it is a licensed
deposit-taking company,
for a period not exceeding 14 days and he may if he thinks fit, by reason of the urgency of the matter or otherwise, do so without giving the company an opportunity to be heard.
(2) Any notice of suspension under subsection (1) may be accompanied by a notice stating that the designated authority is considering whether to exercise his powers under section 31(1), 32(1) or 36.
(3) Any such accompanying notice as is mentioned in subsection (2) shall inform the company of its rights under sections 33(1) and 37 and the manner in which it may exercise its rights.
(4) Any suspension under this section or section 36 shall cease on such date prior to the expiration of the period thereof as the designated authority may, by notice in writing served on the company, determine.
36. (1) Subject to section 37, in any case where the powers of the designated authority under section 31(1) or 32(1) have become exercisable with respect to a deposit-taking company, the designated authority may, by notice in writing served on the company, suspend its registration or deposit-taking licence for a period not exceeding 6 months.
(2) A suspension under this section may, before the expiration of the period thereof, be renewed by the designated authority-
(a) by notice in writing served on the company the subject of the suspension;
and
(b) for a period not exceeding 6 months commencing immediately upon the
expiration of the suspension.
(3) Any company aggrieved by the suspension by the designated authority of its registration or deposit-taking licence under this section may appeal to the Governor in Council against the suspension, but that suspension shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
37. Before exercising his powers under section 36, the designated authority shall Opportunity of inform the deposit-taking company concerned of the grounds therefor and give it an being heard. opportunity, within such period as the designated authority may specify in writing, being a period reasonable in the circumstances, of being heard.
38. (1) Without prejudice to any other provision of this Ordinance, where the Effect of registration or deposit-taking licence of a company is suspended under section 35 or suspension. 36 the company shall, on and from the date specified in the notification to it by the designated authority of such suspension, cease to carry on a business of taking deposits, until and unless the period of suspension is terminated without revocation of the registration or deposit-taking licence of the company and without a further period of suspension under this Part.
(2) Without prejudice to any other provision of this Ordinance, a company referred to in subsection (1) may continue to hold until maturity any deposit taken prior to the date referred to in that subsection.
(3) Notwithstanding the suspension of the registration or deposit-taking licence of a company it shall continue to be a deposit-taking company for the purposes of section 23 or 26, as the case may be, and also of Parts VIII and IX and all the duties imposed on a registered deposit-taking company or a licensed deposit-taking com- pany, as the case may be, under this Ordinance, during the period of its suspension.
PART VII
TRANSFER OF LICENCE OR REGISTRATION OF AUTHORIZED INSTITUTIONS
39. In this Part-
"designated authority" means-
(a) the Governor in Council in the case of an authorized institution which is a
bank;
(b) the Commissioner in the case of an authorized institution which is a
registered deposit-taking company; and
(c) the Financial Secretary in the case of an authorized institution which is a
licensed deposit-taking company;
"licence" does not include a banking licence granted under section 111.
Interpretation.
40. (1) Subject to this Ordinance, the licence or registration of an authorized Transfer of licence institution may be transferred from that institution to another person.
or registration.
(2) A transfer of the licence or registration of an authorized institution does not take effect until the designated authority grants the transfer or until such later date as the designated authority specifies.
41. (1) The person to whom it is proposed to transfer a licence or registration Application for shall lodge an application for the transfer of the licence or registration with the transfer. designated authority, which application shall, in the case of a licence, be made through the Commissioner.
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