38
CAP. 155]
Banking
[1987 Ed.
1
Conditions regarding
overseas branches and
overseas
representative offices.
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 institution which contravenes the condition in 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.
50. (1) Every authorized institution incorporated in Hong Kong which maintains an overseas branch thereof shall be subject to a condition that--
(a) the institution shall submit to the Commissioner a return in such form, and at such intervals, as he may specify showing the assets and liabilities of the overseas branch;
(5) the institution shall submit to the Commissioner such further information as he may consider necessary for the proper understanding of the functions and activities of the overseas branch, and that such information shall be submitted within such period and in such manner as the Commissioner may require;
(b) the institution shall submit to the Commissioner such further information as he may consider necessary for the proper understanding of the functions and activities of the overseas branch, and that such information shall be submitted within such period and in such manner as the Commissioner may require;
(c) if the Commissioner requires any return submitted to him pursuant to paragraph (a), or any information submitted to him pursuant to a requirement under paragraph (b), to be accompanied by a certificate of an auditor, the institution shall submit a certificate of the auditor appointed under section 59(1) or of the auditors appointed under section 59(1) and (2), as the case may be, as to whether or not, in the opinion of the auditor or auditors, the return or information is correctly compiled from the books and records of the overseas branch;
(d) if the Commissioner wishes to examine the books, accounts and transactions of the overseas branch, the institution shall for that purpose afford the person carrying out the examination at the place where the branch is maintained access to the books and accounts of the branch, to documents of title to the assets and other documents and to all securities held by the branch in respect of its customers' transactions and its cash and to such information and facilities as may be required to conduct the examination, and that the institution shall produce to the
38
CAP. 155]
Banking
[1987 Ed.
1
Conditions regarding
overseas branches and
overseas
representative offices.
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 institu- tion which contravenes the condition in 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.
50. (1) Every authorized institution incorporated in Hong Kong which maintains an overseas branch thereof shall be subject to a condition that--
(a) the institution shall submit to the Commissioner a return in such form, and at such intervals, as he may specify showing the assets and liabilities of the overseas branch;
(5) the institution shall submit to the Commissioner such further information as he may consider necessary for the proper understanding of the functions and activities of the overseas branch, and that such information shall be sub- mitted within such period and in such manner as the Commissioner may require;
(c) if the Commissioner requires any return submitted to him pursuant to paragraph (a), or any information submitted to him pursuant to a requirement under paragraph (b), to be accompanied by a certificate of an auditor, the institu- tion shall submit a certificate of the auditor appointed under section 59(1) or of the auditors appointed under section 59(1) and (2), as the case may be, as to whether or not, in the opinion of the auditor or auditors, the return or information is correctly compiled from the books and records of the overseas branch;
(d) if the Commissioner wishes to examine the books, ac- counts and transactions of the overseas branch, the institu- tion shall for that purpose afford the person carrying out the examination at the place where the branch is main- tained access to the books and accounts of the branch, to documents of title to the assets and other documents and to all securities held by the branch in respect of its customers' transactions and its cash and to such informa- tion and facilities as may be required to conduct the examination, and that the institution shall produce to the
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