1964_BANKING_ORDINANCE — Page 36

1987 Ed.]

Banking

[CAP. 155

35

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

(3) Approval under subsection (1) shall not be granted unless the Commissioner is satisfied that the bank is adequately supervised by a recognized banking supervisory authority of the place in which the bank is incorporated or established.

(4) The Commissioner may at any time, by notice in writing served upon a bank, attach to an approval granted under subsection (1), or deemed to have been granted under subsection (2), in respect of any local representative office 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 (2), in respect of any local representative office.

(6) Where the Commissioner refuses to grant approval under subsection (1) or revokes an approval under subsection (5), he shall notify the bank concerned in writing of the refusal or revocation.

(7) Any bank 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 revoca- tion or the conditions, but that refusal, that revocation or, as the case may be, those conditions shall take effect immediately, notwith- standing that an appeal has been or may be made under this subsection.

(8) Any person in charge, or who appears to be in charge, of a local representative office established or maintained in contraven- tion of subsection (1) or in respect of which any condition attached under subsection (4) is contravened, 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.

47. (1) A bank incorporated outside Hong Kong which main- tains a local representative office thereof pursuant to section 46 shall-

(a) submit to the Commissioner such information as he may require regarding the functions and activities of the repre- sentative office;

Supply of

information and examination of

representative offices.

local