1987 Ed.]
Banking
[CAP. 155
39
person carrying out the examination such books, accounts, documents, securities, cash or other information as he may require:
Provided that, so far as is consistent with the conduct of the examination, such books, accounts, documents, securities and cash shall not be required to be produced at such times and such places as shall interfere with the proper conduct of the normal daily business of the overseas branch.
(2) Every authorized institution incorporated in Hong Kong which maintains an overseas representative office thereof shall be subject to a condition that-
(a) the institution shall submit to the Commissioner such information as he may require regarding the functions and activities of the overseas representative office;
(b) if the Commissioner wishes to examine the functions and activities of the overseas representative office, the institution shall for that purpose afford the person carrying out the examination at the place where the representative office is maintained access to the documents maintained by the representative office and to such information and facilities as may be required to conduct the examination, and that the institution shall produce to the person carrying out the examination such documents or other information as he may require.
(3) This section 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.
(4) Every director and every manager of an authorized institution which contravenes any condition in subsection (1) or (2), or fails to comply with any requirement under those subsections, commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 12 months; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
(5) If an authorized institution 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 institution commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 2 years; or
Page 40
Page 41
1987 Ed.]
Banking
[CAP. 155
39
person carrying out the examination such books, accounts, documents, securities, cash or other information as he may require:
Provided that, so far as is consistent with the conduct of the examination, such books, accounts, documents, securities and cash shall not be required to be produced at such times and such places as shall interfere with the proper conduct of the normal daily business of the over- seas branch.
(2) Every authorized institution incorporated in Hong Kong which maintains an overseas representative office thereof shall be subject to a condition that-
(a) the institution shall submit to the Commissioner such information as he may require regarding the functions and activities of the overseas representative office;
(b) if the Commissioner wishes to examine the functions and activities of the overseas representative office, the institu- tion shall for that purpose afford the person carrying out the examination at the place where the representative office is maintained access to the documents maintained by the representative office and to such information and facilities as may be required to conduct the examination, and that the institution shall produce to the person carrying out the examination such documents or other information as he may require.
3) This section applies to every authorized institution incor- porated in Hong Kong whether the institution was licensed or registered before, on or after the commencement of this Ordinance.
(4) Every director and every manager of an authorized institu- tion which contravenes any condition in subsection (1) or (2), or fails to comply with any requirement under those subsections, commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to
imprisonment for 12 months; or
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
(5) If an authorized institution 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 institution commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to
imprisonment for 2 years; or
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