1964_BANKING_ORDINANCE — Page 28

1987 Ed.]

Banking

[CAP. 155

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(a) if he is satisfied that the holder of the banking licence-

(i) has ceased to carry on banking business in Hong Kong; or

(ii) proposes to make, or has made, any composition or arrangement with its creditors or is insolvent or is being or has been wound up or is otherwise dissolved; or

(b) if

(i) where the Commissioner has made a report to him under section 52(1)(D); or

(ii) where the Financial Secretary has referred a report and his recommendations thereon to the Governor in Council under section 117(5)(c),

he considers it is in the public interest to revoke the banking licence.

30. (1) Where the banking licence of a bank is revoked the Commissioner shall notify the bank in writing of such revocation and the bank shall, on and from the date specified in that notice, cease to carry on any banking business in Hong Kong.

(2) Subsection (1) shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.

31. (1) Subject to section 33(1), the Commissioner may revoke the registration of a-registered deposit-taking company if-

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(a) the company-

or

(1) has ceased to carry on a business of taking deposits;

(ii) proposes to make, or has made, any composition or arrangement with its creditors or is insolvent or is being or has been wound up or is otherwise dissolved;

(b) the paid-up share capital of the company is less than the

amount specified in section 21(2)(a);

(c) the objects of the company as stated in its memorandum of association or constitution no longer include the object of carrying on a business of taking deposits;

(d) it appears to him that-

Procedure on and effect of revocation of banking licence.

Revocation of registration.

3/90515

(i) the company is not a fit and proper body to remain 310515

registered:

(ii) the company has not provided him, whether before

or after being registered, with such information relating to it, and to any circumstances likely to affect its method of business, as is required by or under this Ordinance;