16
Reports by Commissioner.
Power of Governor to give directions.
Banking business restricted to
licensed banks.
CAP. 155]
Banking
[1987 Ed.
9. (1) The Commissioner shall, as soon as practicable after each 31 December, prepare and furnish to the Financial Secretary for presentation to the Governor in Council a report on the working of this Ordinance and on the activities of his office during the preceding year and, in that report, may set out any measures that he considers necessary for improving the working of this Ordinance and of the activities of his office.
(2) In the report under subsection (1), the Commissioner shall draw attention to any breach or avoidance of this Ordinance that has come to his notice during the preceding year or any irregularity discovered by him in the accounts and records of the financial transactions of any authorized institution for that period which is, in his opinion, of sufficient importance to justify him so doing.
(3) The Commissioner shall, at such times as he considers necessary, report to the Financial Secretary on improvements that he considers to be desirable in the operation and management of his office.
(4) The Governor may, at any time, request the Commissioner to report to him on any matter relating to the working of this Ordinance or the activities of the office of the Commissioner, and the Commissioner shall, forthwith, prepare and furnish a report to the Governor accordingly.
(5) The Financial Secretary shall present to the Governor in Council each report furnished to him under subsection (1) as soon as practicable after it is so furnished.
(6) Where the Governor in Council is presented under subsection (5) with a report furnished under subsection (1) to the Financial Secretary, the Governor in Council may, as he thinks fit, publish the report, in whole or in part, in such manner as he thinks fit or decline to publish any part of the report.
10. (1) The Governor may give to the Financial Secretary and the Commissioner such directions as he thinks fit with respect to the exercise of their respective functions under this Ordinance, either generally or in any particular case.
(2) The Financial Secretary and the Commissioner shall, in the exercise of their respective functions under this Ordinance, comply with any directions given by the Governor under this section.
PART III
BANKING BUSINESS AND BUSINESS OF TAKING DEPOSITS TO BE CARRIED ON BY AUTHORIZED INSTITUTIONS ONLY
11. (1) No banking business shall be carried on in Hong Kong except by a bank.
(2) Any person who and every director and every manager of a company which contravenes this section commits an offence and is liable-
16
Reports by Commissioner.
Power of Governor to give directions.
Banking business restricted to
licensed banks.
CAP. 155]
Banking
[1987 Ed.
9. (1) The Commissioner shall, as soon as practicable after each 31 December, prepare and furnish to the Financial Secretary for presentation to the Governor in Council a report on the working of this Ordinance and on the activities of his office during the preceding year and, in that report, may set out any measures that he considers necessary for improving the working of this Ordinance and of the activities of his office.
(2) In the report under subsection (1), the Commissioner shall draw attention to any breach or avoidance of this Ordinance that has come to his notice during the preceding year or any irregularity discovered by him in the accounts and records of the financial transactions of any authorized institution for that period which is, in his opinion, of sufficient importance to justify him so doing.
(3) The Commissioner shall, at such times as he considers necessary, report to the Financial Secretary on improvements that he considers to be desirable in the operation and management of his office.
(4) The Governor may, at any time, request the Commissioner to report to him on any matter relating to the working of this Ordinance or the activities of the office of the Commissioner, and the Commissioner shall, forthwith, prepare and furnish a report to the Governor accordingly.
(5) The Financial Secretary shall present to the Governor in Council each report furnished to him under subsection (1) as soon as practicable after it is so furnished.
(6) Where the Governor in Council is presented under subsec- tion (5) with a report furnished under subsection (1) to the Financial Secretary, the Governor in Council may, as he thinks fit, publish the report, in whole or in part, in such manner as he thinks fit or decline to publish any part of the report.
10. (1) The Governor may give to the Financial Secretary and the Commissioner such directions as he thinks fit with respect to the exercise of their respective functions under this Ordinance, either generally or in any particular case.
(2) The Financial Secretary and the Commissioner shall, in the exercise of their respective functions under this Ordinance, comply with any directions given by the Governor under this section.
PART III
BANKING BUSINESS AND BUSINESS OF TAKING DEPOSITS TO BE CARRIED ON BY AUTHORIZED INSTITUTIONS ONLY
11. (1) No banking business shall be carried on in Hong Kong except by a bank.
(2) Any person who and every director and every manager of a company which contravenes this section commits an offence and is liable-
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