1987 Ed.]
Banking
[CAP. 155
17
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
12. (1) No business of taking deposits shall be carried on in Hong Kong except by an authorized institution.
(2) A registered deposit-taking company shall not take any short-term deposit in Hong Kong.
(3) A registered deposit-taking company shall not, without the written permission of the Commissioner, repay any deposit within a period of less than 3 months from the date on which the deposit was taken by the company or restricted licence bank.
(4) No deposit-taking company shall receive money on savings account.
Restriction on business of taking deposits.
3/9034
(5) Subject to section 14, a licensed deposit-taking company or restricted licence bank may take or hold short-term deposits.
(6) Any person who contravenes subsection (1), and every director and every manager of a deposit-taking company which contravenes subsection (2), (3) or (4), commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
(7) Any person who enters into a contract or arrangement, or uses any device or scheme, which has the effect of, or is designed to have the effect of, avoiding subsection (1), (2), (3) or (4) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
(8) For the purposes of any proceedings for an offence under subsection (6), if it is proved that a person took deposits on at least 5 occasions within any period of 30 days, that person shall, until the contrary is proved, be deemed to have been carrying on a business of taking deposits.
13. (1) The Financial Secretary may, by notice in the Gazette, exempt any person or class of persons from section 12(1) and, if the Financial Secretary thinks fit, in that notice also exempt that person or class of persons from section 92(1) in respect of the business of taking deposits to which the exemption from section 12(1) relates. (Replaced, 64 of 1987, s. 4)
Power to grant exemptions.
Простень
1987 Ed.]
Banking
[CAP. 155
17
(a) on conviction upon indictment to a fine of $500,000 and to
imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
12. (1) No business of taking deposits shall be carried on in Hong Kong except by an authorized institution.
(2) A registered deposit-taking company shall not take any short-term deposit in Hong Kong.
(3) A registered deposit-taking company shall not, without the written permission of the Commissioner, repay any deposit within a period of less than 3-months from the date on which the deposit was taken by the companyer restricted licence bank.
(4) No deposit-taking company shall receive money on sav- ings account.
Restriction on business of taking deposits.
3/9034
(5) Subject to section 14, a licensed deposit-taking company restricted licence bank may take or hold short-term deposits.
(6) Any person who contravenes subsection (1), and every director and every manager of a deposit-taking company which. contravenes subsection (2), (3) or (4),commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to
imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
(7) Any person who enters into a contract or arrangement, or uses any device or scheme, which has the effect of, or is designed to have the effect of, avoiding subsection (1), (2), (3) or (4) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to
imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
(8) For the purposes of any proceedings for an offence under subsection (6), if it is proved that a person took deposits on at least 5 occasions within any period of 30 days, that person shall, until the contrary is proved, be deemed to have been carrying on a business of taking deposits.
13. (1) The Financial Secretary may, by notice in the Gazette, exempt any person or class of persons from section 12(1) and, if the Financial Secretary thinks fit, in that notice also exempt that person or class of persons from section 92(1) in respect of the business of taking deposits to which the exemption from section 12(1) relates. (Replaced, 64 of 1987, s. 4)
Power to grant exemptions.
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