Certificate of transfer, etc.
Liabilities and privileges of transferer and transferee.
Control of
establishment, etc.
of local branches.
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(2) Subject to such modifications as may be necessary, the provisions of— (a) sections 15 to 19 inclusive shall apply to an application for the transfer of a banking licence as if that application were an application for the grant of a banking licence under section 15(1);
(b) sections 20 to 23 inclusive shall apply to an application for the transfer of registration as if that application were an application for registration under section 20(1); and
(c) sections 24 to 26 inclusive shall apply to an application for the transfer of a deposit-taking licence as if that application were an application for the grant of a deposit-taking licence under section 24(1).
42. Where the designated authority grants the transfer of a licence or of registration, the Commissioner shall
(a) issue a certificate of transfer to the applicant; and
(b) comply with such provisions of section 28 in respect of the transfer of the
licence or registration as he may think appropriate.
43. Upon the issue of a certificate of transfer under section 42---
(a) the applicant shall have and may exercise the same privileges and be subject to the same liabilities and penalties as if the licence or registration trans- ferred had been originally granted to the applicant; and
(b) the person whose licence or registration is transferred shall cease to be licensed or registered, but shall remain liable for an act or omission done, caused, permitted or made by the person prior to the transfer.
PART VIII
LOCAL BRANCHES, LOCAL REPRESENTATIVE OFFICES AND FEES
44. (1) An authorized institution shall not establish or maintain any local branch thereof without the approval of the Commissioner.
(2) Subsection (1) applies to every authorized institution whether the institution was licensed or registered before, on or after the commencement of this Ordinance, and subsections (4) and (5) apply to an approval granted under subsection (1) whether the approval was granted before, on or after such commencement.
(3) Approval under subsection (1) shall be deemed to have been granted in respect of any local branch lawfully established prior to the commencement of this Ordinance.
(4) The Commissioner may at any time, by notice in writing served upon an authorized institution, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any local branch thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.
(5) The Commissioner may at any time revoke, in such case as he thinks fit, an approval granted under subsection (I), or deemed to have been granted under subsection (3), in respect of any local branch.
(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the authorized institution concerned in writing of the refusal or revocation.
(7) Any authorized institution aggrieved by the refusal to grant approval under subsection (1) or by the revocation of an approval under subsection (5) by the Commissioner may appeal to the Governor in Council against the refusal or revocation, but that refusal or revocation shall take effect immediately, notwith- standing that an appeal has been or may be made under this subsection.
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(8) Every director and every manager of an authorized institution which contravenes subsection (1) or any condition attached under subsection (4) 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.
45. (1) Where the establishment by an authorized institution of a local branch Fees in respect of is approved under section 44, the institution shall pay to the Director of Accounting local branches. Services the fee specified in the Second Schedule in relation to that branch and Second Schedule. thereafter, so long as the branch continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
(2) An authorized institution that is maintaining, at the commencement of this Ordinance, a local branch to which section 44(3) applies shall, so long as the branch continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the Second Schedule. date on which the institution was licensed or registered, as the case may be.
46. (1) A bank incorproated outside Hong Kong which is not licensed under Control of section 16 and is not recognized as the central bank of the place in which it is establishment, etc. incorporated shall not establish or maintain any local representative office thereof of local without the approval of the Commissioner.
(2) Approval under subsection (1) shall be deemed to have been granted in respect of any local representative office lawfully established prior to the commence- ment of this Ordinance.
(3) Approval under subsection (1) shall not be granted unless the Commissioner is satisfied that the bank is adequately supervised by a recognized banking super- visory authority of the place in which the bank is incorporated.
(4) The Commissioner may at any time, by notice in writing served upon a bank, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (2), in respect of any local representative office thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.
(5) The Commissioner may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (2), in respect of any local representative office.
(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (2), he shall notify the bank concerned in writing of the refusal or revocation.
(7) Any bank aggrieved by the refusal to grant approval under subsection (1) or by the revocation of an approval under subsection (5) by the Commissioner may appeal to the Governor in Council against the refusal or revocation, but that refusal or revocation shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(8) Any person in charge, or who appears to be in charge, of a local representa- tive office established or maintained in contravention of subsection (1) or in respect of which any condition attached under subsection (4) is contravened, 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.
representative offices.
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