TNAG-2245-FCO40-3228-Bank-of-Credit-and-Commerce-Hong-Kong-Limited-(BCCHK)-1991 — Page 194

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~~(2) An authorized institution incorporated in Hong Kong that is maintaining, at the commencement of this Ordinance, en overseas branch or overseas representative office to which section 49(3) applies shall, so long as the branch or reprezentative office 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 date on which the institution was licensed or registered, as the case may be.

PART X

POWERS OF COntrol Over AUTHORIZED INSTITUTIONS

52. Powers of Commissioner

•

(1) Where--

(a) an authorized institution informs the Commissioner—

(i) that it is likely to become unable to meet its obligations; or (ii) that it is insolvent or about to suspend payment;

(b) an authorized institution becomes unable to meet its obligations

or suspends payment;

(c) after an examination or investigation is made under section 55, the Commissioner is of the opinion that an zuthorized insti- tution-

(i) is carrying on its business in a manner detrimental to the

interests of its depositors or of its creditors;

(ii) is insolvent or is likely to become unable to meet itţ

obligations or is about to suspend payment;

joj das comutarenců or falicú io comply with any of dic

provisions of this Ordinance; or

(iv) has contravened or failed to comply with any condition attached to its licence or registration, the condition specifiod

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the condition specified in section 50(2); or

(d) the Financial Secretary advises the Commissioner that he con-

siders it in the public interest to do so,

the Commissioner, after consultation with the Financial Secretary, may exercise such one or more of the following powers as may from time to time appear to him to be necessary—

(A) to require the institution forthwith to take any action or to do any act or thing whatsoever in relation to its business as he may consider necessary;

(B) to appoint a person to advise the institution in the proper

conduct of its business,

(C) to assume control of and carry on the business of the institution.

or direct some other person to assume control of and carry on the business of the institution;

(D) to report the circumstances to the Governor în Council. (2) Except in the circumstances specified in subsection (1)(a), the Commissioner shall not exercise the power conferred by subsection {1}{D} unless he has given to the authorized institution not less than 7 days' notice in writing of his intention to exercise such power and a statement in writing of his reasons for the exercise thereof, and has afforded the institution an opportunity to submit to him representations in writing thereon, and any such repre- sentations shall form part of his report to the Governor in Council.

(3) Any person aggrieved by the exercise by the Commissioner of any of the pawers conferred on him by subsection (1)(A), (B) and (C) may appeal to the Governor in Council against the exercise of those powers, but that exercise of those powers 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 fails to comply with any requirement of the Commissioner under subsec- lion (1XA) commits an offence and is liable--

(a) on conviction upon indictment to a fine of $1,000,000 and to imprisonment for 5 years and, in the case of a continuing offence, iʊ a further fine of $50,000 for every day during which the offence continucs; or

(b) on summary conviction to a fine of $50,000 and to imprisonment for 2 years and, in the case of a continuing offence, io a further fine of $5,000 for every day during which the offence continues.

53. Powers of Governor in Council

(1) Where-

Gde Cuminiissioner makes a report to the Governor in Council

under section 52(IMD);

(b) any person appeals to the Governor in Council under

section 343); or

(c) the Financial Secretary refers a report and his recommendations thereon to the Governor in Council under section 117(5)({c}),

the Governor in Council may, without prejudice to the powers conferred on him, the Commissioner or the Financial Secretary, as the case may be, by section 29(5), 31(1X) or 32(1)(?) or Part VI, exercise one or more of the following powers-

f) lo confirm, vary or reverse any requirement, appointment or

direction made by the Commissioner

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COMMS OFFICE (GOVT HOUSE)

852 845 0995

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