1964_BANKING_ORDINANCE — Page 34

1987 Ed.]

Banking

[CAP. 155

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(d) sections 24 to 26 inclusive shall apply to an application by a person other than a registered deposit-taking company for the transfer of a deposit-taking licence as if-

(i) that person were a registered deposit-taking company; and

(ii) that application were an application for the grant of a deposit-taking licence under section 24(1).

(Added, 64 of 1987, s. 11)

42. Where the designated authority grants the transfer of a licence or of registration, the Commissioner shall-

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(a) issue a certificate of transfer to the applicant; and

(b) comply with such provisions of section 28 in respect of the transfer of the licence or registration as he may think appropriate.

43. Upon the issue of a certificate of transfer under section

(a) the applicant shall have and may exercise the same privileges, and be subject to the same liabilities and penalties, under this Ordinance as if the licence or registration transferred had been originally granted to the applicant; and

(b) the person whose licence or registration is transferred shall cease to be licensed or registered, but the transfer shall not affect the liability of that or any other person for any act or omission done, caused, permitted or made prior to the transfer.

3/90525

Certificate of transfer, etc.

Liabilities and privileges of transferer and transferee.

PART VIII

LOCAL BRANCHES, LOCAL REPRESENTATIVE OFFICES

AND FEES

44. (1) An authorized institution shall not establish or maintain any local branch thereof without the approval of the Commissioner.

(2) Subsection (1) applies to every authorized institution whether the institution was licensed or registered before, on or after the commencement of this Ordinance, and subsections (4) and (5) apply to an approval granted under subsection (1) whether the approval was granted before, on or after such commencement.

(3) Approval under subsection (1) shall be deemed to have been granted in respect of any local branch lawfully established prior to the commencement of this Ordinance.

(4) The Commissioner may at any time, by notice in writing served upon an authorized institution, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (3), ...

Control of establishment, etc. of local branches.