Banking.
CHAPTER 155.
BANKING.
To provide for the regulation and licensing of the business
of banking.
[30th January, 1948.]
[CAP. 155
2 of 1948.
49 of 1948. 24 of 1950.
1. This Ordinance may be cited as the Banking Ordinance.
Short title.
2. In this Ordinance--
"bank” means any person carrying on banking business or using the words "bank" or "trust" or any derivative thereof as part of the title under which business is carried on or using any name implying that such person carries on the business of banking but shall not include a registered co-operative society;
"banking business" means the business of a bank engaged in the receipt of money on current or deposit account or in payment and collection of cheques drawn by or paid in by a customer or in the making or receipt of remittances or in the purchase and sale of gold or silver coin or bullion;
"bank note" means any bill, draft or note issued by any bank for the payment of money to the bearer on demand or entitling or being intended to entitle the holder without indorsement or without any further indorsement than may exist thereon at the time of issue to the payment of any sum of money on demand, whether the same be so expressed or not;
"company" means a company incorporated under the Companies Ordinance, or a company which complied with Part XI sections 317 to 326 thereof or a company formed in pursuance of some other Ordinance, Act of Parliament of the United Kingdom or of letters patent of the United Kingdom, or a Chinese Native Bank ( );
Interpretation.
(Cap. 32.)
"licensed bank" means a bank licensed under section 4.
3. (1) No banking business shall be transacted in the Colony except by a company.
(2) Any person who acts in contravention of the provisions of subsection (1) shall be liable on conviction to the penalty prescribed by section 14.
Banking business to be transacted only by a company.
199
Banking.
CHAPTER 155.
BANKING.
To provide for the regulation and licensing of the business
of banking.
[30th January, 1948.]
[CAP. 155
2 of 1948.
49 of 1948. 24 of 1950.
1. This Ordinance may be cited as the Banking Short title. Ordinance.
2. In this Ordinance--
"bank” means any person carrying on banking business or using the words "bank" or "trust" or any deriva- tive thereof as part of the title under which business is carried on or using any name implying that such person carries on the business of banking but shall not include a registered co-operative society;
"banking business" means the business of a bank engaged in the receipt of money on current or deposit account or in payment and collection of cheques drawn by or paid in by a customer or in the making or receipt of remittances or in the purchase and sale of gold or silver coin or bullion;
"bank note" means any bill, draft or note issued by any bank for the payment of money to the bearer on demand or entitling or being intended to entitle the holder without indorsement or without any further indorse- ment than may exist thereon at the time of issue to the payment of any sum of money on demand, whether the same be so expressed or not; "company" means a company incorporated under the
Companies Ordinance, or a company which complied with Part XI sections 317 to 326 thereof or a company formed in pursuance of some other Ordin- ance, Act of Parliament of the United Kingdom or of letters patent of the United Kingdom, or a Chinese Native Bank ( );
Interpretation.
has (Cap. 32.)
"licensed bank" means a bank licensed under section 4.
3. (1) No banking business shall be transacted in the Banking Colony except by a company.
(2) Any person who acts in contravention of the pro- visions of subsection (1) shall be liable on conviction to the penalty prescribed by section 14.
business to be transacted only by a company.
199
ན ཝཾ r.-
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