24
24
CAP. 155]
Banking
[1987 Ed.
Grant or refusal of deposit-taking licence.
Deposit-taking licence fees.
Second Schedule.
application and his advice as to whether or not the applicant should be granted a deposit-taking licence.
25. (1) After receiving an application forwarded under section 24 and the advice of the Commissioner in respect thereof, the Financial Secretary may-
(a) grant a deposit-taking licence to a registered deposit-taking company subject to such conditions as he may think proper to attach thereto in any particular case; or
(b) without assigning any reason therefor, refuse to grant a deposit-taking licence.
(2) On the grant of a deposit-taking licence to a registered deposit-taking company, the company shall cease to be a registered deposit-taking company.
(3) Without limiting the generality of the power to attach conditions under subsection (1)(a), the Financial Secretary may at any time, by notice in writing served upon a licensed deposit-taking company, attach to the deposit-taking licence held by that company such conditions, or amend or cancel any conditions attached to the deposit-taking licence, as he may think proper.
(4) Where the Financial Secretary refuses to grant a deposit-taking licence under subsection (1)(b), he shall notify the registered deposit-taking company in writing of the refusal.
(5) Any registered deposit-taking company aggrieved by the refusal of the Financial Secretary to grant a deposit-taking licence to it under subsection (1), or by the imposition by him of conditions under subsection (1) or (3), may appeal to the Governor in Council against the refusal or the conditions, but that refusal or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(6) Every director and every manager of a licensed deposit-taking company which contravenes any condition attached under subsection (1)(a) or (3) to its deposit-taking 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.
26. (1) A licensed deposit-taking company shall, within 14 days after the grant to it of a deposit-taking licence, pay to the Director of Accounting Services the deposit-taking licence fee specified in the Second Schedule.
(2) Every licensed deposit-taking company shall pay to the Director of Accounting Services annually the renewal of deposit-
Page 25
Page 26
24
24
CAP. 155]
Banking
[1987 Ed.
Grant or refusal of deposit-taking licence.
Deposit-taking licence fees.
Second Schedule.
application and his advice as to whether or not the applicant should be granted a deposit-taking licence.
25. (1) After receiving an application forwarded under sec- tion 24 and the advice of the Commissioner in respect thereof, the Financial Secretary may-
(a) grant a deposit-taking licence to a registered deposit- taking company subject to such conditions as he may think proper to attach thereto in any particular case; or
(b) without assigning any reason therefor, refuse to grant a
deposit-taking licence.
(2) On the grant of a deposit-taking licence to a registered deposit-taking company, the company shall cease to be a registered deposit-taking company.
(3) Without limiting the generality of the power to attach conditions under subsection (1)(a), the Financial Secretary may at any time, by notice in writing served upon a licensed deposit-taking company, attach to the deposit-taking licence held by that company such conditions, or amend or cancel any conditions attached to the deposit-taking licence, as he may think proper.
(4) Where the Financial Secretary refuses to grant a deposit- taking licence under subsection (1)(b), he/shall notify the registered deposit-taking company in writing of the refusal.
(5) Any registered deposit-taking company aggrieved by the refusal of the Financial Secretary to grant a deposit-taking licence to it under subsection (1), or by the imposition by him of conditions under subsection (1) or (3), may appeal to the Governor in Council against the refusal or the conditions, but that refusal or, as the case may be, those conditions shall take effect immediately, notwith- standing that an appeal has been of may be made under this subsection.
(6) Every director and every manager of a licensed deposit- taking company which contravenes any condition attached under subsection (1)(a) or (3) to its deposit-taking 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.
26. (1) A licensed deposit-taking company shall, within 14 days after the grant to it of a deposit-taking licence, pay to the Director of Accounting Services the deposit-taking licence fee spe- cified in the Second Schedule.
(2) Every licensed deposit-taking company shall pay to the Director of Accounting Services annually the renewal of deposit-
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