1987 Ed.]
Banking
[CAP. 155
19
(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) or (3) 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.
PART IV
LICENSING AND REGISTRATION OF AUTHORIZED INSTITUTIONS AND KEEPING OF REGISTER
15. (1) A company which wishes to carry on, or a body of persons proposing to form a company for the purpose of carrying on, banking business in Hong Kong shall apply to the Governor in Council, through the Commissioner, for a banking licence or, in the case of a body of persons proposing to form a company, for an intimation that a banking licence will be granted to the company upon its incorporation.
(2) There shall be lodged with the Commissioner in respect of an application for a banking licence or for an intimation that a banking licence will be granted-
(a) a copy of the charter, Ordinance (other than the Companies Ordinance), statutes, memorandum of association and articles of association, or other instrument, under which the company is or is to be incorporated, which shall be verified in such manner as the Commissioner or the Governor in Council may require; and
(b) such other documents and information as may be required by the Commissioner or the Governor in Council.
(3) After receiving an application for a banking licence, the Commissioner shall forward to the Governor in Council the application and his advice as to whether or not the applicant should be granted a banking licence or, in the case of a proposed company, whether or not the company upon incorporation should be granted a banking licence.
16. (1) After receiving an application forwarded under section 15 and the advice of the Commissioner in respect thereof the Governor in Council may—
(a) grant a banking licence or, in the case of a proposed company, intimate his intention to grant a banking licence upon receipt of notice of its incorporation;
Application for banking licence.
(Cap. 32.)
3/9€5€.
Grant or refusal of banking licence.
Page 20
Page 21
1987 Ed.]
Banking
[CAP. 155
19
(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) or (3) 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.
PART IV
LICENSING AND REGISTRATION OF AUTHORIZED INSTITUTIONS AND KEEPING OF REGISTER
15. (1) A company which wishes to carry on, or a body of persons proposing to form a company for the purpose of carrying on, banking business in Hong Kong shall apply to the Governor in Council, through the Commissioner, for a banking licence or, in the case of a body of persons proposing to form a company, for an intimation that a banking licence will be granted to the company upon its incorporation.
(2) There shall be lodged with the Commissioner in respect of an application for a banking licence or for an intimation that a banking licence will be granted-
(a) a copy of the charter, Ordinance (other than the Compan- ies Ordinance), statutes, memorandum of association and articles of association, or other instrument, under which the company is or is to be incorporated, which shall be verified in such manner as the Commissioner or the Gover- nor in Council may require; and
(b) such other documents and information as may be required
by the Commissioner or the Governor in Council.
(3) After receiving an application for a banking licence, the Commissioner shall forward to the Governor in Council the applica- tion and his advice as to whether or not the applicant should be granted a banking licence or, in the case of a proposed company, whether or not the company upon incorporation should be granted a banking licence.
16. (1) After receiving an application forwarded under sec- tion 15 and the advice of the Commissioner in respect thereof the Governor in Council may—
(a) grant a banking licence or, in the case of a proposed company, intimate his intention to grant a banking licence upon receipt of notice of its incorporation;
Application for banking licence.
(Cap. 32.)
3/9€5€.
Grant or refusal of banking licence.
Page 20Page 21
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