A476
Ord. No. 64/87
BANKING (AMENDMENT)
in the case of an authorized institution which is a registered deposit-taking company, without the prior approval of Commissioner—
(a) make any arrangement or enter into any agreement
for the sale or disposal of all or any part of—
(i) in the case of a bank, its banking business;
and
(ii) in the case of a deposit-taking company, its business of taking deposits; or
(b) make any reconstruction of its capital to reduce
such capital.
(2) An authorized institution incorporated in Hong Kong which--
(a) makes any arrangement or enters into any agree- ment for the sale or disposal of all or any part of its business, irrespective of whether the arrangement or agreement is pursuant to an approval under subsec- tion (1)(a); or
(b) makes any reconstruction of its capital, irrespective of whether the reconstruction is pursuant to an approval under subsection (1)(b),
shall give notice in writing of the arrangement, agreement or reconstruction, as the case may be, to the Commissioner as soon as practicable after making that arrangement, entering into that agreement or making that reconstruction, and—
(i) the notice shall be signed by a director of the
institution; and
(ii) the institution shall provide the Commissioner with such information in respect of that arrangement, agreement or reconstruction as he may require.
(3) An authorized institution aggrieved by a decision of the Financial Secretary or the Commissioner refusing his approval for the purposes of subsection (1) may appeal to the Governor in Council against the decision, but the decision shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(4) Every director and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000
and to imprisonment for 2 years; or
(b) on summary conviction to a fine of $50,000 and to
imprisonment for 6 months.
(5) Every director and every manager of an authorized institution which contravenes subsection (2) commits an offence and is liable on conviction upon indictment or 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.
BANKING (AMENDMENT)
Ord. No. 64/87
A477
(6) If an authorized institution produces any informa- tion whatsoever under this section which is false in a material particular, every director and every manager of the institution commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000
and to imprisonment for 2 years; or
(b) on summary conviction to a fine of $50,000 and to
imprisonment for 6 months.".
15. Section 71 of the principal Ordinance is amended—
(a) in subsection (1), by deleting paragraphs (a) and (b) and substitut-
ing the following---
"(a) become the chief executive of an authorized institution, or a director or secretary of an authorized institution incorporated in Hong Kong, without the consent in writing of the Commissioner; or
(b) if he becomes such chief executive, director or secretary without such consent, act or continue to act as such chief executive, director or secretary, as the case may be, without such consent,";
(b) in subsection (3)—
(i) in paragraph (a), by inserting after "given to the" the following
"chief executive,”;
(ii) in paragraph (b), by inserting after "from the" the follow-
ing--
“chief executive,”; and
(iii) by inserting after "such case the" the following-
"chief executive,";
(c) in subsection (4), by deleting from paragraphs (b) and (c) “subsec-
tion (2)" and substituting in both places the following--
"subsection (3)";
(d) in subsection (6), by inserting after paragraph (b) the following—
(64 of 1987.)
"(c) A person who is the chief executive of an authorized institution immediately prior to the commencement of the Banking (Amendment) Ordinance 1987 shall for the purposes of this section be regarded as having the consent of the Commissioner under subsection (1) to continue to act as chief executive."; and
(e) by inserting after subsection (6) the following—
"(7) For the purposes of this section, where a person has the consent of the Commissioner under subsection (1) or by virtue of subsection (6)(c) to be or continue to act as the chief executive of an authorized institution, and is such chief executive, he is not required to have the consent of the
Amendment of section 71.
No comments yet.
Private notes are available after approval.