20
CAP. 155]
Amendment of conditions of banking licence.
Minimum paid-up share
capital for grant of banking licence.
3/9057
Banking licence fees.
Second Schedule.
Banking
[1987 Ed.
(b) grant a banking licence subject to such conditions as he may think proper to attach thereto in any particular case or, in the case of a proposed company, intimate his intention, upon receipt of notice of its incorporation, to grant a banking licence subject to the attachment of such conditions; or
(c) without assigning any reason therefor, refuse to grant a banking licence or, in the case of a proposed company, intimate his intention to refuse to grant a banking licence upon receipt of notice of its incorporation.
(2) Every director and every manager of a bank which contravenes any condition attached under subsection (1)(b) to its banking licence commits an offence and is liable--
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
17. (1) Without limiting the generality of section 16(1)(b), the Governor in Council may at any time, by notice in writing served upon a bank, attach to its banking licence such conditions, or amend or cancel any conditions attached to the banking licence, as he may think proper.
(2) Every director and every manager of a bank which contravenes any condition attached under this section to its banking licence commits an offence and is liable
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
18. (1) No company which is incorporated in Hong Kong shall be granted a banking licence unless its share capital issued and paid-up is not less than $100,000,000 or an equivalent amount in any other approved currency, deduction having been made in respect of a debit balance, if any, appearing in the most recent audited profit and loss account of the company. (Amended, 64 of 1987, s. 5)
(2) The Governor in Council may, by notice in the Gazette, amend the amount of share capital issued and paid-up specified in subsection (1).
19. (1) Every bank shall pay the annual banking licence fee specified in the Second Schedule.
(2) The fee payable under this section shall be paid within 14 days after the grant of the banking licence and thereafter upon every anniversary of the date of its grant. (Amended, 64 of 1987, s. 6)
20
CAP. 155]
Amendment of conditions of banking licence.
Minimum paid-up share
capital for grant of banking licence.
3/9057
Banking licence fees.
Second Schedule.
Banking
[1987 Ed.
(b) grant a banking licence subject to such conditions as he may think proper to attach thereto in any particular case or, in the case of a proposed company, intimate his intention, upon receipt of notice of its incorporation, to grant a banking licence subject to the attachment of such conditions; or
(c) without assigning any reason therefor, refuse to grant a banking licence or, in the case of a proposed company, intimate his intention to refuse to grant a banking licence upon receipt of notice of its incorporation.
(2) Every director and every manager of a bank which con- travenes any condition attached under subsection (1)(b) to its banking licence commits an offence and is liable--
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
17. (1) Without limiting the generality of section 16(1)(b), the Governor in Council may at any time, by notice in writing served upon a bank, attach to its banking licence such conditions, or amend or cancel any conditions attached to the banking licence, as he may think proper.
(2) Every director and every manager of a bank which con- travenes any condition attached under this section to its banking licence commits an offence and is liable
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
18. (1) No company which is incorporated in Hong Kong shall be granted a banking licence unless its share capital issued and paid-up is not less than $100,000,000 or an equivalent amount in any other approved currency, deduction having been made in respect of a debit balance, if any, appearing in the most recent audited profit and loss account of the company. (Amended, 64 of 1987, s. 5)
(2) The Governor in Council may, by notice in the Gazette, amend the amount of share capital issued and paid-up specified in subsection (1).
19. (1) Every bank shall pay the annual banking licence fee specified in the Second Schedule.
(2) The fee payable under this section shall be paid within 14 days after the grant of the banking licence and thereafter upon every anniversary of the date of its grant. (Amended, 64 of 1987, s. 6)
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