1964_BANKING_ORDINANCE — Page 32

1987 Ed.]

Banking

[CAP. 155

31

(3) Any such accompanying notice as is mentioned in subsec- tion (2) shall inform the company of its rights under sections 33(1) and 37 and the manner in which it may exercise its rights.

(4) Any suspension under this section or section 36 shall cease on such date prior to the expiration of the period thereof as the designated authority may, by notice in writing served on the company, determine.

36. (1) Subject to section 37, in any case where the powers of the designated authority under section 31(1) or 32(1) have become exercisable with respect to a deposit-taking company, the designated authority may, by notice in writing served on the company, suspend suspend its registration or deposit-taking licence for a period not exceeding 6 months.

(2) A suspension under this section may, before the expiration of the period thereof, be renewed by the designated authority-

(a) by notice in writing served on the company t

company the subject of

the suspension; and (b) for a period not exceeding 6 months commencing imme-

diately upon the expiration of the suspension.

(3) Any company aggrieved by the suspension by the de- signated authority of its registration or deposit-taking licence under this section may appeal to the Governor in Council against the suspension, but that suspension shall take effect immediately, not- withstanding that an appeal has been or may be made under this subsection.

37. Before exercising his powers under section 36 the cr liang. designated authority shall inform the deposit-taking company con- cerned of the grounds therefor and give it an opportunity, within such period as the designated authority may specify in writing, being a period reasonable in the circumstances, of being heard.

Suspension of registration or deposit-taking licence for a period up to 6

months.

Opportunity of barbeing heard.

3/90522

Effect of

38. (1) Without prejudice to any other provision of this Ordinance, where the registration or deposit-taking licence of a suspension. company is suspended under section 35 or 36 the company shall, on and from the date specified in the notification to it by the designated authority of such suspension, cease to carry on a business of taking deposits, until and unless the period of suspension is terminated without revocation of the registration or deposit-taking licence of the company and without a further period of suspension under this

Part.

(2) Without prejudice to any other provision of this Ordin- ance, a company referred to in subsection (1) may continue to hold until maturity any deposit taken prior to the date referred to in that subsection.

(3) Notwithstanding the suspension of the registration or deposit-taking licence of a company it shall continue to be a deposit-taking company for the purposes of section 23 or 26, as the

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