1964_BANKING_ORDINANCE — Page 43

42

Powers of Governor in Council.

Remuneration and expenses of Commissioner and others in certain cases.

CAP. 155]

53. (1) Where-

Banking

[1987 Ed.

(a) the Commissioner makes a report to the Governor in

Council under section 52(1)(D);

(b) any person appeals to the Governor in Council under

section 52(3); or

(c) the Financial Secretary refers a report and his recommen- dations thereon to the Governor in Council under section 117(5)(c),

the Governor in Council may, without prejudice to the powers conferred on him, the Commissioner or the Financial Secretary, as the case may be, by section 29(b), 31(1)(i) or 32(1)(i) or Part VI, exercise one or more of the following powers-

(i) to confirm, vary or reverse any requirement, appointment

or direction made by the Commissioner;

(ii) to make such order as he may think fit in relation to the affairs of the authorized institution and exercise any power which the Commissioner may exercise under section 52(1); (iii) to direct the Financial Secretary to present a petition to the High Court for the winding-up of the authorized institu- tion or former authorized institution by the High Court. (2) The Governor in Council may, before considering any report or appeal under subsection (1), seek the advice of the Banking Advisory Committee or the Deposit-taking Companies Advisory Committee, or both, but shall not be bound to follow any such advice.

(3) Every director and every manager of an authorized institu- tion which fails to comply with an order of the Governor in Council under subsection (1)(ii) 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.

54. (1) The Commissioner, after consultation with the Finan- cial Secretary, may at any time, whether or not the appointment of such person has terminated, fix the remuneration and expenses to be paid by an authorized institution to any person appointed by the Commissioner under section 52(1) or by the Governor in Council under section 53(1) to advise the institution in the proper conduct of its business.

(2) Where the Commissioner has assumed control of the business of an authorized institution under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii) or some other person has assumed control of the business of

1

1