40
CAP. 155]
[1987 Ed.
Banking
Fees in respect of
overseas branches and
overseas
representative offices.
Second Schedule.
Powers of Commissioner.
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
(6) 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 imprisonment for 6 months.
51. (1) Whenever the establishment by an authorized institution incorporated in Hong Kong of an overseas branch or overseas representative office is approved under section 49(1), the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch or representative office and thereafter, so long as the branch or representative office continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
(2) An authorized institution incorporated in Hong Kong that is maintaining, at the commencement of this Ordinance, an overseas branch or overseas representative office to which section 49(3) applies shall, so long as the branch or representative office continues to be maintained by the institution, pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
PART X
POWERS OF CONTROL OVER AUTHORIZED INSTITUTIONS
52. (1) Where-
(a) an authorized institution informs the Commissioner-
(i) that it is likely to become unable to meet its obligations; or
(ii) that it is insolvent or about to suspend payment;
(b) an authorized institution becomes unable to meet its
obligations or suspends payment;
(c) after an examination or investigation is made under section 55, the Commissioner is of the opinion that an authorized institution---
(i) is carrying on its business in a manner detrimental to the interests of its depositors or of its creditors;
(ii) is insolvent or is likely to become unable to meet its obligations or is about to suspend payment;
16
40
CAP. 155]
Banking
[1987 Ed.
Fees in respect of
overseas branches and
overseas
representative offices.
Second Schedule.
Powers of Commissioner.
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
(6) 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.
51. (1) Whenever the establishment by an authorized institu- tion incorporated in Hong Kong of an overseas branch or overseas representative office is approved under section 49(1), the institution shall pay to the Director of Accounting Services the fee specified in the Second Schedule in relation to that branch or representative office and thereafter, so long as the branch or representative office continues to be maintained by the institution, it shall pay to the Director of Accounting Services the fee specified in the Second Schedule on the anniversary in each year of the date on which the institution was licensed or registered, as the case may be.
(2) An authorized institution incorporated in Hong Kong that is maintaining, at the commencement of this Ordinance, an overseas branch or overseas representative office to which section 49(3) applies shall, so long as the branch or representative office continues to be maintained by the institution, pay to the Director of Account- ing Services the fee specified in the Second Schedule on the anni- versary in each year of the date on which the institution was licensed or registered, as the case may be.
PART X
POWERS OF CONTROL OVER AUTHORIZED INSTITUTIONS
52. (1) Where-
(a) an authorized institution informs the Commissioner-
(i) that it is likely to become unable to meet its obliga- tions; or
(ii) that it is insolvent or about to suspend payment; (b) an authorized institution becomes unable to meet its
obligations or suspends payment;
(c)
after an examination or investigation is made under sec- tion 55, the Commissioner is of the opinion that an authorized institution---
(i) is carrying on its business in a manner detrimental to the interests of its depositors or of its creditors;
(ii) is insolvent or is likely to become unable to meet its obligations or is about to suspend payment;
16
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