1964_BANKING_ORDINANCE — Page 37

36

CAP. 155]

Fees in respect of local

representative

offices.

Second Schedule.

Banking

[1987 Ed.

(b) if the Commissioner wishes to examine the functions and activities of the representative office, for that purpose afford to the person carrying out the examination access to the documents maintained by the representative office and to such information and facilities as may be required to conduct the examination, and shall produce to the person carrying out the examination such documents or other information as he may require.

(2) Any person who fails to comply with any requirement of the Commissioner under this section 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.

(3) Any person who signs any document for the purposes of this section which he knows or reasonably ought to know to be false in a material particular commits an offence and is liable-

(a) on conviction upon indictment to a fine of $500,000 and to

imprisonment for 2 years; or

(b) on summary conviction to a fine of $50,000 and to impri-

sonment for 6 months.

(4) If a bank produces any book, account, document, security or information whatsoever under this section which is false in a material particular, every director and every manager of the bank commits an offence and is liable-

(a) on conviction upon indictment to a fine of $500,000 and to

imprisonment for 2 years; or

(b) on summary conviction to a fine of $50,000 and to impri-

sonment for 6 months.

48. (1) Where the establishment by a bank incorporated outside Hong Kong of a local representative office is approved under section 46(1), the bank shall pay to the Director of Account- ing Services the fee specified in the Second Schedule in relation to that representative office and thereafter, so long as the representative office continues to be maintained by the bank, the bank shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date of the grant of the approval under that section.

(2) A bank incorporated outside Hong Kong that is maintain- ing, at the commencement of this Ordinance, a local representative office to which section 46(2) applies and which representative office was established prior to 1 April 1982 shall, so long as the repre- sentative office continues to be maintained by the bank, pay to the Director of Accounting Services the fee specified in the Second Schedule on 1 April of each year.