CAP. 155]
[s. 3 cont.]
24 of 1950, Schedule.
(Cap. 32.)
Banking business to be transacted only by a licensed company.
49 of 1948, s.2.
24 of 1950, Schedule.
Restriction on use of title 'bank' or 'trust'.
24 of 1950, Schedule.
Appointment and constitution of advisory committee.
Banking.
(3) Notwithstanding this section the Governor in Council may in his discretion grant a special licence to any person who on the 30th day of January, 1948, not being a company, carried on, conducted, managed or directed banking business in the Colony, and such banking business shall thereupon be deemed to be a licensed bank to which all the provisions of this Ordinance relating to a licensed bank shall apply: Provided that nothing in this subsection shall affect the operation of section 33 of the Companies Ordinance.
4. Notwithstanding anything in this or any other Ordinance contained, no company shall carry on banking business in the Colony without obtaining from the Governor in Council a licence so to do. The Governor in Council may in his discretion, and without assigning any reason therefor, refuse to grant such a licence.
5. (1) No person other than a company licensed to carry on banking business in accordance with the provisions of section 4 shall, without the consent of the Governor in Council, use the word 'bank' or 'trust' or any derivative thereof in the name under which business is being carried on or use any name implying that the business of banking is carried on.
(2) Any person who acts in contravention of the provisions of this section shall be liable on conviction to the penalty prescribed by section 14 and in addition to a fine of five hundred dollars for every day, subsequent to the day of conviction of such offence, during which such offence continues.
6. (1) The Governor may appoint an advisory committee consisting of such persons and appointed on such terms as he may think fit to advise him on matters relating to banking business and he may at any time determine any appointment so made.
(2) The Governor may make rules providing for the procedure to be followed at any meeting held by the committee to be constituted under this section.
200
CAP. 155]
[s. 3 cont.]
24 of 1950, Schedule.
(Cap. 32.)
Banking
business to be transacted only by a licensed
company.
49 of 1948, s.2.
24 of 1950, Schedule.
Restriction
on use of title 'bank' or 'trust'.
24 of 1950, Schedule.
Appointment
and constitution
of advisory committee.
Banking.
(3) Notwithstanding this section the Governor in Council may in his discretion grant a special licence to any person who on the 30th day of January, 1948, not being a company, carried on, conducted, managed or directed banking business in the Colony, and such banking business shall thereupon be deemed to be a licensed bank to which all the provisions of this Ordinance relating to a licensed bank shall apply: Provided that nothing in this subsection shall affect the operation of section 331 of the Companies Ordinance.
4.
Notwithstanding anything in this or any other Ordinance contained, no company shall carry on banking business in the Colony without obtaining from the Governor in Council a licence so to do. The Governor in Council may in his discretion, and without assigning any reason therefor, refuse to grant such a licence.
5.
(1) No person other than a company licensed to carry on banking business in accordance with the provisions of section 4 shall, without the consent of the Governor in Council, use the word 'bank' or 'trust' or any derivative thereof in the name under which business is being carried on or use any name implying that the business of banking is carried on.
(2) Any person who acts in contravention of the pro-
visions of this section shall be liable on conviction to the penalty prescribed by section 14 and in addition to a fine. of five hundred dollars for every day, subsequent to the day of conviction of such offence, during which such offence continues.
6. (1) The Governor may appoint an advisory com- mittee consisting of such persons and appointed on such terms as he may think fit to advise him on matters relating to banking business and he may at any time determine any appointment so made.
(2) The Governor may make rules providing for the procedure to be followed at any meeting held by the com- mittee to be constituted under this section.
200
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