30
Procedure on and effect of revocation of registration or deposit-taking licence.
CAP. 155]
Banking
[1987 Ed.
33. (1) Before exercising his powers under section 31(1) or 32(1), the Commissioner or the Financial Secretary, as the case may be, shall inform the deposit-taking company concerned of the grounds therefor and give it an opportunity, within such period as the Commissioner or the Financial Secretary, as the case may be, may specify in writing, being a period reasonable in the circumstances, of being heard.
(2) Where the registration of a registered deposit-taking company or the deposit-taking licence of a licensed deposit-taking company is revoked the Commissioner shall notify the company in writing of such revocation and the company shall, on and from the date specified in that notice, cease to carry on a business of taking deposits.
(3) Without prejudice to any other provision of this Ordinance, a company referred to in subsection (2) may continue to hold until maturity any deposit taken prior to the date referred to in that subsection.
(4)
3/90518
Interpretation.
Temporary suspension of registration or deposit-taking licence in an emergency.
PART VI
SUSPENSION OF DEPOSIT-TAKING COMPANY AND RESTRICTED LICENCE BANK
34. In this Part, "the designated authority" means the Commissioner in the case of a registered deposit-taking company, and the Financial Secretary in the case of a licensed deposit-taking company.
35. (1) In any case where-
(a) the powers of the designated authority under section 31(1) or 32(1) have become exercisable with respect to a deposit-taking company; and
(b) the designated authority considers that urgent action is expedient,
may, by notice in writing served on the company
(i) suspend the registration of the company if it is a registered deposit-taking company; or
(ii) suspend the deposit-taking licence of the company if it is a licensed deposit-taking company,
for a period not exceeding 14 days and he may if he thinks fit, by reason of the urgency of the matter or otherwise, do so without giving the company an opportunity to be heard.
(2) Any notice of suspension under subsection (1) may be accompanied by a notice stating that the designated authority is considering whether to exercise his powers under section 31(1), 32(1) or 36.
30
Procedure on and effect of revocation of registration or deposit-taking licence.
CAP. 155]
Banking
[1987 Ed.
33. (1) Before exercising his powers under section 31(1) or 32(1), the Commissioner or the Financial Secretary, as the case may be, shall inform the deposit-taking company concerned of the grounds therefor and give it an opportunity, within such period as the Commissioner or the Financial Secretary, as the case may be, may specify in writing, being a period reasonable in the circum- stances, of being heard.
(2) Where the registration of a registered deposit-taking com- pany or the deposit-taking licence of a licensed deposit-taking company is revoked the Commissioner shall notify the company in writing of such revocation and the company shall, on and from the date specified in that notice, cease to carry on a business of taking deposits.
(3) Without prejudice to any other provision of this Ordin- ance, a company referred to in subsection (2) may continue to hold until maturity any deposit taken prior to the date referred to in that subsection.
(4)
3/90518
Interpretation.
Temporary suspension of registration or deposit-taking licence in an emergency.
PART VI
SUSPENSION OF DEPOSIT-TAKING COMPANY AND RESTRICTED LICENCE
BANK
34. In this Part, "the designated authority" means the Com- missioner in the case of a registered deposit-taking company, and the Financial Secretary in the case of a licensed deposit-taking company.
restricted licence bank
he
35. (1) In any case where-
(a) the powers of the designated authority under section 31(1) or 32(1) have become exercisable with respect to a deposit- taking company; and
(b) the designated authority considers that urgent action is
expedient,
may, by notice in writing served on the company
(i) suspend the registration of the company if it is a registered
deposit-taking company; or
(ii) suspend the deposit-taking licence of the company if it is a
licensed deposit-taking company,
for a period not exceeding 14 days and he may if he thinks fit, by reason of the urgency of the matter or otherwise, do so without giving the company an opportunity to be heard.
(2) Any notice of suspension under subsection (1) may be accompanied by a notice stating that the designated authority is considering whether to exercise his powers under section 31(1), 32(1) or 36.
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