1964_BANKING_ORDINANCE — Page 24

1987 Ed.]

Banking

[CAP. 155

2333

23. (1) A registered deposit-taking company shall, within 14 days after the receipt of a notice of registration under section 21(5), pay to the Director of Accounting Services the registration fee specified in the Second Schedule.

(2) Every registered deposit-taking company shall pay to the Director of Accounting Services annually the renewal of registration fee specified in the Second Schedule-

(a) in the case of a company which was carrying on a business of taking deposits on 1 April 1976, on 1 April in each year; and (Amended, 64 of 1987, s. 8)

(b) in the case of any other company, upon the anniversary of the date of registration of such company. (Amended, 64 of 1987, s. 8)

24. (1) Every company shall, before it commences a business of taking deposits as a licensed deposit-taking company, apply for a deposit-taking licence in accordance with this section.

(2) An application for a deposit-taking licence shall be made to the Financial Secretary, through the Commissioner, and there shall be lodged with the application such documents and informa- tion as may be required by the Financial Secretary or the Commis- sioner.

(3) An application for a deposit-taking licence may be made only by a registered deposit-taking company which has-

(a) an issued share capital of not less than $100,000,000 or an equivalent amount in any other approved currency; and (Amended, 64 of 1987, s. 9,

(b) a paid-up share capital of not less than $75,000,000 or an equivalent amount in Jany other approved currency. (Amended, 64 of 1987, s. 9)

(4) For the purposes of determining the issued share capital or paid-up share capital of-

(a) a registered deposit-taking company which has made an application for a deposit-taking licence, there shall be deducted from any such share capital any debit balance appearing in the most recent audited profit and loss account of the company; and (Amended, 64 of 1987, s. 9) (b) a licensed deposit-taking company, there shall be deducted from any such share capital any debit balance appearing in the most recent audited profit and loss account of the company. (Amended, 64 of 1987, s. 9)

(5) The Governor in Council may, by notice in the Gazette, amend the amount of issued share capital or paid-up share capital specified in subsection (3).

(6) After receiving an application for a deposit-taking licence, the Commissioner shall forward to the Financial Secretary the

Registration fees.

Second Schedule.

3/90511

Application for deposit-taking licence.

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