Banking.
[CAP. 155
powers of
Governor in
Council.
7. (1) The Governor in Council may, after consulta-
Special
tion with the advisory committee and if he considers it to be in the public interest so to do, order any licensed bank-
(a) to produce to such person and within such period as may be named in such order any books, accounts or documents of any such bank;
(b) to delete from the name under which it is carrying on business, within such period as shall be named in such order, the word 'bank' or 'trust' or any derivative thereof, or any other word or words forming part of its name;
(c) to refrain from carrying on banking business;
(d) to return for cancellation by the Financial Secretary any licence issued to such bank under section 4 of this Ordinance:
Provided that before any order is made under paragraphs (b), (c) and (d) the Governor in Council shall give such licensed bank notice in writing of his intention to make such an order and shall afford such licensed bank an opportunity of submitting to him a written statement of its case.
(2) Any licensed bank failing to comply with an order made under this section shall be liable on conviction to the penalty prescribed by section 14 and in addition shall be liable to a penalty of five hundred dollars for every day during which the default continues.
(3) The Financial Secretary shall publish in the Gazette the name of any licensed bank the licence of which has been cancelled.
Annual fee
payable by
banks.
8. (1) Every licensed bank shall pay an annual fee of five thousand dollars. Such fee shall be payable as at the date of the grant of a licence in accordance with the provisions of section 4 and thereafter upon each anniversary of such date.
(2) Any licensed bank which fails to pay the annual fee required under this section shall be liable on conviction to the penalty prescribed by section 14 and in addition shall be liable to a penalty of five hundred dollars for each day during which such fee remains unpaid, and every director, manager, secretary or other officer of the bank who knowingly and wilfully authorizes or permits such non-payment shall be liable to a like penalty.
201:
Banking.
[CAP. 155
powers of
Governor in
Council.
7. (1) The Governor in Council may, after consulta- Special tion with the advisory committee and if he considers it to be in the public interest so to do, order any licensed bank- (a) to produce to such person and within such period as may be named in such order any books, accounts or documents of any such bank;
(b) to delete from the name under which it is carrying on business, within such period as shall be named in such order, the word 'bank' or 'trust' or any derivative thereof, or any other word or words forming part of its name;
(c) to refrain from carrying on banking business; (d) to return for cancellation by the Financial Secretary any licence issued to such bank under section of
4
this Ordinance :
Provided that before any order is made under para- graphs (b), (c) and (d) the Governor in Council shall give such licensed bank notice in writing of his intention to make such an order and shall afford such licensed bank an opportunity of submitting to him a written statement of its case.
(2) Any licensed bank failing to comply with an order made under this section shall be liable on conviction to the penalty prescribed by section 14 and in addition shall be liable to a penalty of five hundred dollars for every day during which the default continues.
(3) The Financial Secretary shall publish in the Gazette the name of any licensed bank the licence of which has been cancelled.
Annual fee
payable by
banks.
8. (1) Every licensed bank shall pay an annual fee of five thousand dollars. Such fee shall be payable as at licensed the date of the grant of a licence in accordance with the provisions of section 4 and thereafter upon each anniversary of such date.
(2) Any licensed bank which fails to pay the annual fee required under this section shall be liable on conviction to the penalty prescribed by section 14 and in addition shall be liable to a penalty of five hundred dollars for each day during which such fee remains unpaid, and every director, other officer of the bank who manager, secretary or knowingly and wilfully authorizes or permits such non- payment shall be liable to a iike penalty.
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