1987 Ed.]
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127. No liability shall be incurred by-
(a) any public officer;
(b) any person authorized or employed by the Commissioner under section 8;
(c) any person appointed under section 52(1)(B), or by order of the Governor in Council under section 53(1)(ii), to advise an authorized institution in the proper conduct of its business:
(d) any person who has assumed control of the business of an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii); or
(e) any person appointed under section 117(2),
as a result of anything done or omitted to be done by him bona fide in the exercise or purported exercise of any functions conferred or imposed by or under this Ordinance.
128. Notwithstanding anything contained in the articles of association or regulations of any authorized institution incorporated in Hong Kong with respect to the execution of instruments under its seal, but without prejudice to anything in such articles or regulations not inconsistent herewith, the seal of the institution shall not be affixed to any instrument except in the presence of a director of the institution and of one other person being either a director or an officer of the institution duly authorized in that behalf, and that director and such other person shall sign every instrument to which the seal of the institution is so affixed in their presence.
129. (1) The contravention of any prohibition in this Ordinance or in any Ordinance repealed by this Ordinance on the entering into of any contract shall not render that contract unenforceable. (Amended, 64 of 1987, s. 27)
(2) Subsection (1) shall be deemed to have had effect from 1 April 1976, so, however, that nothing in that subsection as read with this subsection shall have effect in relation to any legal proceedings commenced before the commencement of this Ordinance.
130. (1) Notwithstanding any rule of law, any deposit taken in contravention of section 12 or 14, and any interest accrued thereon, may be recovered by the depositor as money had and received.
(2) Where the licence or, as the case may be, the registration of an authorized institution is revoked or suspended under this Ordinance, such revocation or suspension shall not affect any right-
(a) of any person against the institution; or
(b) of the institution against any person.
Indemnity.
Execution of instruments under seal.
Validity of contract in contravention of this Ordinance or any Ordinance repealed by this Ordinance.
Action for recovery of deposits, etc.
Page 100
Page 101
1987 Ed.]
Banking
ICAP. 155
99
127. No liability shall be incurred by-
(a) any public officer;
(b) any person authorized or employed by the Commissioner
under section 8;
(c) any person appointed under section 52(1)(B), or by order of the Governor in Council under section 53(1)(ii), to advise an authorized institution in the proper conduct of its business:
(d) any person who has assumed control of the business of an authorized institution pursuant to a direction under sec- tion 52(1)(C) or an order of the Governor in Council under section 53(1)(ii); or
(e) any person appointed under section 117(2),
as a result of anything done or omitted to be done by him bona fide in the exercise or purported exercise of any functions conferred or imposed by or under this Ordinance.
128. Notwithstanding anything contained in the articles of association or regulations of any authorized institution incor- porated in Hong Kong with respect to the execution of instruments under its seal, but without prejudice to anything in such articles or regulations not inconsistent herewith, the seal of the institution shall not be affixed to any instrument except in the presence of a director of the institution and of one other person being either a director or an officer of the institution duly authorized in that behalf, and that director and such other person shall sign every instrument to which the seal of the institution is so affixed in their presence.
129. (1) The contravention of any prohibition in this Ordin- ance or in any Ordinance repealed by this Ordinance on the entering into of any contract shall not render that contract unenforceable. (Amended, 64 of 1987, s. 27)
(2) Subsection (1) shall be deemed to have had effect from 1 April 1976, so, however, that nothing in that subsection as read with this subsection shall have effect in relation to any legal proceedings commenced before the commencement of this Ordinance.
130. (1) Notwithstanding any rule of law, any deposit taken in contravention of section 12 or 14, and any interest accrued thereon, may be recovered by the depositor as money had and received.
(2) Where the licence or, as the case may be, the registration of an authorized institution is revoked or suspended under this Ordin- ance, such revocation or suspension shall not affect any right-
(a) of any person against the institution; or
(b) of the institution against any person.
Indemnity.
Execution of instruments under seal.
Validity of contract in contravention of this Ordinance or any Ordinance repealed by this Ordinance.
Action for recovery of deposits, etc.
Page 100Page 101
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