32
CAP. 155]
Banking
[1987 Ed.
case may be, and also of Parts VIII and IX and all the duties imposed on a registered deposit-taking company or a licensed deposit-taking company, as the case may be, under this Ordinance, during the period of its suspension.
PART VII
TRANSFER OF LICENCE OR REGISTRATION OF AUTHORIZED INSTITUTIONS
Interpretation.
Transfer of licence or registration.
Application for transfer.
39. In this Part-
"designated authority" means---
(a) the Governor in Council in the case of an authorized institution which is a bank;
(b) the Commissioner in the case of an authorized institution which is a registered deposit-taking company; and
(c) the Financial Secretary in the case of an authorized institution which is a licensed deposit-taking company;
"licence" does not include a banking licence granted under section 107.
40. (1) Subject to this Ordinance, the licence or registration of an authorized institution may be transferred from that institution to another person.
(2) A transfer of the licence or registration of an authorized institution shall not take effect until the designated authority grants the transfer or until such later date as the designated authority specifies.
41. (1) The person to whom it is proposed to transfer a licence or registration shall lodge an application for the transfer of the licence or registration with the designated authority, which application shall, in the case of a licence, be made through the Commissioner.
(2) Subject to such modifications as may be necessary, the provisions of
(a) sections 15 to 19 inclusive shall apply to an application for the transfer of a banking licence as if that application were an application for the grant of a banking licence under section 15(1);
(b) sections 20 to 23 inclusive shall apply to an application for the transfer of registration as if that application were an application for registration under section 20(1);
(c) sections 24 to 26 inclusive shall apply to an application by a registered deposit-taking company for the transfer of a deposit-taking licence as if that application were an application for the grant of a deposit-taking licence under section 24(1), and (Replaced, 64 of 1987, s. 11)
32
CAP. 155]
Banking
[1987 Ed.
case may be, and also of Parts VIII and IX and all the duties imposed on a registered deposit-taking company or a licensed deposit-taking company, as the case may be, under this Ordinance, during the period of its suspension.
PART VII
TRANSFER OF LICENCE OR REGISTRATION OF AUTHORIZED INSTITUTIONS
Interpretation.
3/90524
Transfer of licence or registration.
Application for transfer.
39. In this Part-
"designated authority" means---
(a) the Governor in Council in the case of an authorized
institution which is a bank;
(b) the Commissioner in the case of an authorized institution
which is a registered deposit-taking company; and
(c) the Financial Secretary in the case of an authorized institu-
tion which is a licensed deposit-taking company;
restricted licence bank
"licence" does not include a banking licence granted under section
107.
40. (1) Subject to this Ordinance, the licence or registration of an authorized institution may be transferred from that institution to another person.
(2) A transfer of the licence or registration of an authorized institution shall not take effect until the designated authority grants the transfer or until such later date as the designated authority specifies.
41. (1) The person to whom it is proposed to transfer a licence or registration shall lodge an application for the transfer of the licence or registration with the designated authority, which application shall, in the case of a licence, be made through the Commissioner.
(2) Subject to such modifications as may be necessary, the provisions of
(a) sections 15 to 19 inclusive shall apply to an application for the transfer of a banking licence as if that application were an application for the grant of a banking licence under section 15(1);
(b) sections 20 to 23 inclusive shall apply to an application for the transfer of registration as if that application were an application for registration under section 20(1);
(c) sections 24-to-26 inclusive shall apply to an application by a registered deposit-taking company for the transfer of a deposit-taking licence as if that application were an application for the grant of a deposit-taking licence under section 24(1), and (Replaced, 64 of 1987, s. 11)
No comments yet.
Private notes are available after approval.