1964_BANKING_ORDINANCE — Page 19

18

CAP. 155]

Banking

[1987 Ed.

Deposit-taking company not to take deposits less than specified

sum.

First Schedule.

3/9055

Acra restricted

licence bank.

3/9055

(2) An exemption under subsection (1) shall be subject to such conditions as are specified in the notice.

(3) The Financial Secretary may at any time by notice in the Gazette-

(a) revoke an exemption under subsection (1); or

(b) revoke, vary, or add to, any condition subject to which

such exemption is granted.

14. (1) Subject to subsection (2)-

(a)

a registered deposit-taking company shall not take any deposit from a depositor of a sum less than the amount specified in item 2 of the First Schedule; and restricted licence bank.

(b) a licensed-deposit taking company, shall not take any deposit from a depositor of a sum less than the amount specified in item 3 of the First Schedule.

or a restricted licence bank

(2) A deposit-taking company may take a deposit from a depositor of a sum less than the specified sum applying at the date of that deposit if the amount standing to the credit of the depositor with the company at the time any such deposit is taken is not less than the specified sum applying at the date of that deposit.

(3) Except where a depositor withdraws the whole amount standing to his credit with a deposit-taking company the company- shall not at the time of the withdrawal of any sum permit the amount of the balance standing to the credit of the depositor to be less than the specified sum.

(4) Notwithstanding subsection (3), where a depositor has an amount standing to his credit with a deposit-taking company at a time when the specified sum is amended by being increased the- company may permit the amount of the balance to be reduced by withdrawals to any amount that is not less than the specified sum as it was before being so amended.

(5) Every director and every manager of a deposit-taking company which contravenes subsection (1) or (3) commits an offence and is liable-

(a) on conviction upon indictment to a fine of $500,000 and to

imprisonment for 2 years; or

(b) on summary conviction to a fine of $50,000 and to impri-

sonment for 6 months.

(6) Any person who holds himself out, whether as a broker or agent of a deposit-taking company or otherwise, as being prepared to take from any person, any sum less than the specified sum for the purpose of making a deposit of that sum, or of that sum and other sums, with the company commits an offence and is liable—

(a) on conviction upon indictment to a fine of $500,000 and to

imprisonment for 2 years; or