1964_BANKING_ORDINANCE — Page 42

1987 Ed.]

Banking

[CAP. 155

41

(iii) has contravened or failed to comply with any of the provisions of this Ordinance; or

(iv) has contravened or failed to comply with any condition attached to its licence or registration, the condi- tion specified in section 49(1), the condition specified in section 50(1) or the condition specified in section 50(2); or

(d) the Financial Secretary advises the Commissioner that he

considers it in the public interest to do so,

the Commissioner, after consultation with the Financial Secretary, may exercise such one or more of the following powers as may from time to time appear to him to be necessary-

(A) to require the institution forthwith to take any action or to do any act or thing whatsoever in relation to its business as he may consider necessary;

(B) to appoint a person to advise the institution in the proper

conduct of its business;

(C) to assume control of and carry on the business of the institution, or direct some other person to assume control of and carry on the business of the institution;

(D) to report the circumstances to the Governor in Council.

(2) Except in the circumstances specified in subsection (1)(a), the Commissioner shall not exercise the power conferred by subsec- tion (1)(D) unless he has given to the authorized institution not less than 7 days' notice in writing of his intention to exercise such power and a statement in writing of his reasons for the exercise thereof, and has afforded the institution an opportunity to submit to him representations in writing thereon, and any such representations shall form part of his report to the Governor in Council.

(3) Any person aggrieved by the exercise by the Commissioner of any of the powers conferred on him by subsection (1)(A), (B) and (C) may appeal to the Governor in Council against the exercise of those powers, but that exercise of those powers shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.

(4) Every director and every manager of an authorized institu- tion which fails to comply with any requirement of the Commis- sioner under subsection (1)(A) commits an offence and is liable-

(a) on conviction upon indictment to a fine of $1,000,000 and to imprisonment for 5 years and, in the case of a continu- ing offence, to a further fine of $50,000 for every day during which the offence continues; or

(b) on summary conviction to a fine of $50,000 and to impri- sonment for 2 years and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.