1987 Ed.]
Banking
(CAP. 155
37
(3) A bank incorporated outside Hong Kong that is maintaining, at the commencement of this Ordinance, a local representative office to which section 46(2) applies and which representative office was established on or after 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, 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the anniversary in each year of the date of the grant of approval, under section 12C(1) of the Banking Ordinance 1964 repealed by this Ordinance, of the establishment of that local representative office.
(Cap. 155, 1983 Ed.)
## PART IX
## OVERSEAS BRANCHES, OVERSEAS REPRESENTATIVE OFFICES AND FEES
49. (1) Without prejudice to section 44, an authorized institution which is incorporated in Hong Kong shall be subject to a condition that the institution shall not establish or maintain any overseas branch or overseas representative office thereof without the approval of the Commissioner.
(2) Subsection (1) applies to every authorized institution incorporated in Hong Kong 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 overseas branch or overseas representative office 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), in respect of any overseas branch or overseas 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 (3), in respect of any overseas branch or overseas representative office.
(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,
**Control of establishment, etc. of overseas branches and overseas representative offices.**
1987 Ed.]
Banking
(CAP. 155
37
(3) 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 on or after 1 April 1982 shall, so long as the representative office continues to be maintained by the bank, 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 approval, under section 12C(1) of the Banking Ordinance 1964 repealed by this Ordinance, of the establishment of that local representative office.
(Cap. 155, 1983 Ed.)
PART IX
OVERSEAS BRANCHES, OVERSEAS RepresentativE OFFICES AND FEES
49. (1) Without prejudice to section 44, an authorized institu- tion which is incorporated in Hong Kong shall be subject to a condition that the institution shall not establish or maintain any overseas branch or overseas representative office thereof without the approval of the Commissioner.
(2) Subsection (1) applies to every authorized institution in- corporated in Hong Kong 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 overseas branch or overseas represen- tative office 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 subsec- tion (3), in respect of any overseas branch or overseas 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 (3), in respect of any overseas branch or overseas representative office.
(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-
Control of establishment, etc. of overseas branches and
overseas
representative offices.
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