1987 Ed.]
Banking
[CAP. 155
21
20. (1) Every company shall, before it commences a business of taking deposits, apply for registration in accordance with this section,
(2) There shall be lodged with the Commissioner in respect of an application for registration--
(a) a copy of the memorandum and articles of association or other document constituting the company; and
(b) such other documents and information as may be required by the Commissioner.
21. (1) Subject to subsection (2), the Commissioner shall, on receipt of an application in accordance with section 20, register a company as a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular case.
(2) The Commissioner shall refuse to register a company under subsection (1) if-
(a) the paid-up share capital of the company, as determined under subsection (3), is less than $10,000,000, or an equivalent amount in any other approved currency; (Amended, 64 of 1987, s. 7)
(b) the objects of the company as stated in its memorandum or constitution do not include the object of carrying on a business of taking deposits;
(c) the name of the company, or the name under which the company is carrying on or intends to carry on business in Hong Kong, contains-
(i) any word which by virtue of any Ordinance cannot be contained in the name of any company; or
(ii) any word which by virtue of any Ordinance cannot without consent be contained in the name of any company and in respect of which such consent has not been given; or
(d) it appears to the Commissioner that, by reason of any circumstances whatsoever, the company is not a fit and proper body to be registered.
(3) For the purposes of determining the paid-up share capital-
(a) a company which has made an application for registration, there shall be deducted from such share capital any debit balance appearing in the most recent audited profit and loss account lodged by the company with the application; and (Amended, 64 of 1987, s. 7)
(b) a registered deposit-taking company, there shall be deducted from such share capital any debit balance appearing in the most recent audited profit and loss account of the company. (Amended, 64 of 1987, s. 7)
Application for registration as deposit-taking company.
Registration or refusal of registration of deposit-taking
17589
3/9059
1987 Ed.]
Banking
[CAP. 155
21
20. (1) Every company shall, before it commences a business of taking deposits, apply for registration in accordance with this section,
(2) There shall be lodged with the Commissioner in respect of an application for registration--
(a) a copy of the memorandum and articles of association or
other document constituting the company; and
(b) such other documents and information as may be required
by the Commissioner.
> 21. (1) Subject to subsection (2), the Commissioner shall, on receipt of an application in accordance with section 20, register a company as a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular
case.
(2) The Commissioner shall refuse to register a company under subsection (1) if-
of
(a) the paid-up share capital of the company, as determined under subsection (3), is less than $10,000,000, or an equivalent amount in any other approved currency; (Amended, 64 of 1987, s.(7)
(b) the objects of the company as stated in its memorandum or constitution do not include the object of carrying on a business of taking deposits;
(c) the name of the company, or the name under which the company is carrying on or intends to carry on business in Hong Kong, contains-
(i) any word which by virtue of any Ordinance cannot be contained in the name of any company; or
(ii) any word which by virtue of any Ordinance cannot without consent be contained in the name of any company and in respect of which such consent has not been given; or (d) it appears to the Commissioner that, by reason of any circumstances whatsoever, the company is not a fit and proper body to be registered.
(3) For the purposes of determining the paid-up share capital
(a) a company which has made an application for registration, there shall be deducted from such share capital any debit balance appearing in the most recent audited profit and loss account lodged by the company with the application; and (Amended, 64 of 1987, s. 7)
(b) a registered deposit-taking company, there shall be deducted from such share capital any debit balance appearing in the most recent audited profit and loss account of the company. (Amended, 64 of 1987, s. 7)
Application for registration as deposit-taking company.
Registration or refusal of registration of deposit-taking
17589
3/9059
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