1964_BANKING_ORDINANCE — Page 29

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CAP. 155]

Revocation of deposit-taking licence.

Banking

[1987 Ed.

(iii) the chief executive of the company, with intent to defeat or delay its creditors, has departed out of Hong Kong, or being out of Hong Kong has remained out of Hong Kong, or has departed from his dwelling-place or usual place of business, or otherwise has failed or refused to attend any meeting of the governing board, by whatever name called, of the institution or any meeting otherwise required by or under this Ordinance; or

(iv) the business of the company is being carried on in a manner detrimental to the interests of its depositors;

(e) the company has contravened section 14(1) or (3);

(f) the company has failed to pay the registration fee or renewal of registration fee in accordance with section 23;

(g) the company has failed to comply with section 60 or Part XVII or XVIII;

(h) the company makes a report to him under section 67 that it is likely to become unable to meet its obligations or is about to suspend payment or it appears to him that the company is so unable or has suspended payment;

(i) the Financial Secretary has referred a report and his recommendation thereon to the Commissioner under section 117(5)(e).

(2) Without limiting the generality of subsection (1), the Commissioner may revoke the registration of a registered deposit-taking company on being requested in writing by the company to do so, if he is satisfied that the interests of depositors of that company are adequately safeguarded.

(3) Any company aggrieved by the revocation by the Commissioner of its registration under subsection (1) may appeal to the Governor in Council against the revocation, but that revocation shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.

32. (1) Subject to section 33(1), the Financial Secretary may revoke the deposit-taking licence of a licensed deposit-taking company if

restricted licence banks

(a) the company---

or

(i) 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 issued share capital or paid-up share capital of the company is less than the amount specified in section 24(3);