63770-1919-Supplementary-Bills-read-a-first-time--Non-Ferrous-Metal-Industry-Banking-Business-Prohibited-Control--Summary-Offences-Union-Insurance-Society-of-Canton-Limited-Capital-Conversion- — Page 7

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A BILL

INTITULED

An Ordinance to prohibit the carrying on of banking business for the benefit of or under the control of certain persons.

Be it enacted by the Governor of Hongkong, with the advice and consent of the Legislative Council thereof, as follows:-

1. This Ordinance may be cited as the Banking Short title. Business (Prohibited Control) Ordinance, 1919.

2. In this Ordinance :-

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Corporation under prohibited control" means

any corporation—

(a) where the majority of the directors or the persons occupying the posi- tion of directors, by whatever name called, are prohibited persons; or (b) where the majority of the voting power is in the hands of persons who are prohibited persons, or who exercise their voting powers directly or indirectly on behalf of prohibited persons; or

(e) where the control is by any means whatever in the hands of prohibited persons; or

(d) where the executive is an enemy controlled corporation, or where the majority of the executive are appointed by an enemy controlled corporation, within the meaning of paragraphs (a), (b) or (c) of this clause.

Prohibited person" includes every person who is or at any time has been a subject or a citizen of any state which on the 31st day of December, 1918, was at war with His Majesty.

Interpreta- tion.

8 & 9 Geo. 5,

c. 31, s. 13.

3. This Ordinance shall continue in force only during Duration. the continuance of the present war and for a period of five years after the termination thereof.

4.-(1.) No banking business shall be carried on Restrictions within the Colony---

in, carrying on banking (a) by a corporation which is a corporation under business for

prohibited control within the meaning of the benefit this Ordinance; or (b) by a firm or individual, if the business is one of certain

which is carried on wholly or mainly for the persons. benefit of or under the control of prohibited 8 & 9 Geo. 5, c. 31, s. 2(1),

persons.

(2.) It shall be lawful for the Governor in Council to make regulations defining what business is to be deemed banking business for the purposes of this Ordinance.

of or under the control

(4).

5. If any person is concerned in carrying on any Penalty. such business in contravention of this Ordinance he

8 & 9 Geo. 5, shall be guilty of a misdemeanour and shall be liable c. 31, s. 2(1). upon summary conviction to imprisonment for any term not exceeding twelve months and to a fine not exceeding five thousand dollars, or upon conviction on indictment to imprisonment for any term not exceeding seven years and to a fine not exceeding five thousand dollars.