34
CAP. 155]
Banking
[1987 Ed.
Fees in respect of local branches.
Second Schedule.
Second Schedule.
Control of establishment, etc. of local representative offices.
tion (3), in respect of any local branch thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.
(5) The Commissioner may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any local branch.
(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the authorized institution concerned in writing of the refusal or revocation.
(7) Any authorized institution aggrieved by the refusal to grant approval under subsection (1) or by the revocation of an approval under subsection (5) by the Commissioner, or by any conditions to which an approval is made subject by the Commissioner under subsection (4), may appeal to the Governor in Council against the refusal, the revocation or the conditions, but that refusal, that revocation or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(8) Every director and every manager of an authorized institution which contravenes subsection (1) or any condition attached under subsection (4) commits an offence and is liable—
(a) on conviction upon indictment to a fine of $200,000; or
(b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
45. (1) Where the establishment by an authorized institution of a local branch is approved under section 44, the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch and thereafter, so long as the branch continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
(2) An authorized institution that is maintaining, at the commencement of this Ordinance, a local branch to which section 44(3) applies shall, so long as the branch continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
46. (1) A bank incorporated outside Hong Kong which is not licensed under section 16 and is not recognized as the central bank of the place in which it is incorporated shall not establish or maintain any local representative office thereof without the approval of the Commissioner.
Page 35
Page 36
34
CAP. 155]
Banking
[1987 Ed.
Fees in respect of local branches.
Second Schedule.
Second Schedule.
Control of establishment, etc. of local representative offices.
tion (3), in respect of any local branch thereof such conditions, or amend or cancel any conditions so attached, as he may think proper.
(5) The Commissioner may at any time revoke, in such case as he thinks fit, an approval granted under subsection (1), or deemed to have been granted under subsection (3), in respect of any local branch.
(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the authorized institution concerned in writing of the refusal or revocation.
(7) Any authorized institution aggrieved by the refusal to grant approval under subsection (1) or by the revocation of an approval under subsection (5) by the Commissioner, or by any conditions to which an approval is made subject by the Commis- sioner under subsection (4), may appeal to the Governor in Council against the refusal, the revocation or the conditions, but that refusal, that revocation or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(8) Every director and every manager of an authorized in- stitution which contravenes subsection (1) or any condition attached under subsection (4) commits an offence and is liable—
(a) on conviction upon indictment to a fine of $200,000; or (b) on summary conviction to a fine of $50,000,
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
45. (1) Where the establishment by an authorized institution of a local branch is approved under section 44, the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch and thereafter, so long as the branch continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
(2) An authorized institution that is maintaining, at the com- mencement of this Ordinance, a local branch to which section 44(3) applies shall, so long as the branch continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
46. (1) A bank incorporated outside Hong Kong which is not licensed under section 16 and is not recognized as the central bank of the place in which it is incorporated shall not establish or maintain any local representative office thereof without the approval of the Commissioner.
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