1987 Ed.]
Banking
[CAP. 155
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an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii), the Commissioner, after consultation with the Financial Secretary, may at any time, whether or not he or such other person has ceased to be in control of the business of the institution, fix the remuneration and expenses to be paid by the institution to him, and to any person employed or authorized by him under section 8 to assist him in the control of and the carrying on of the business of the institution, or to such other person, as the case may be.
(3) Any authorized institution aggrieved by a decision of the Commissioner under subsection (1) or (2) may appeal to the Governor in Council against the decision.
55. (1) Without limiting the generality of section 52, the Commissioner may at any time, with or without prior notice to the authorized institution, examine the books, accounts and transactions of any authorized institution and, in the case of an authorized institution incorporated in Hong Kong, any local branch, overseas branch, overseas representative office or subsidiary, whether local or overseas, of such institution.
(2) Without limiting the generality of section 52, the Commissioner shall investigate the books, accounts and transactions of an authorized institution-
(a) if shareholders of the institution holding not less than one-third of the total number of issued shares in the institution, or depositors holding not less than one-tenth of the gross amount of the total deposit liabilities in Hong Kong of the institution or a sum equal to the aggregate of the paid-up share capital of the institution and its published reserve, whichever is the greater, apply to him to make such an investigation and submit to him such evidence as he considers necessary to justify the investigation and furnish such security for the payment of the costs of the investigation as he may require; or
(b) if the institution suspends payment or informs him of its intention to suspend payment.
(3) Where an investigation is made by the Commissioner pursuant to subsection (2), the Financial Secretary may order that all expenses incurred in such investigation shall be defrayed----
(a) by the authorized institution; or
(b) if the investigation was made pursuant to subsection (2)(a), either wholly by the persons who applied for the making of the investigation or partly by the authorized institution in such proportions as he considers to be just.
56. (1) For the purposes of an examination or investigation under section 55, an authorized institution and, in the case of an authorized institution incorporated in Hong Kong, any local branch, overseas branch, overseas representative office or subsidiary,
Examination and investigation of authorized institutions, etc.
Production of authorized institution's books, etc.
1987 Ed.]
Banking
[CAP. 155
43
an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii), the Commissioner, after consultation with the Financial Secretary, may at any time, whether or not he or such other person has ceased to be in control of the business of the institution, fix the remuneration and expenses to be paid by the institution to him, and to any person employed or authorized by him under section 8 to assist him in the control of and the carrying on of the business of the institution, or to such other person, as the case may be.
(3) Any authorized institution aggrieved by a decision of the Commissioner under subsection (1) or (2) may appeal to the Governor in Council against the decision.
55. (1) Without limiting the generality of section 52, the Commissioner may at any time, with or without prior notice to the authorized institution, examine the books, accounts and transac- tions of any authorized institution and, in the case of an authorized institution incorporated in Hong Kong, any local branch, overseas branch, overseas representative office or subsidiary, whether local or overseas, of such institution.
(2) Without limiting the generality of section 52, the Commis- sioner shall investigate the books, accounts and transactions of an authorized institution-
(a) if shareholders of the institution holding not less than one-third of the total number of issued shares in the institution, or depositors holding not less than one-tenth of the gross amount of the total deposit liabilities in Hong Kong of the institution or a sum equal to the aggregate of the paid-up share capital of the institution and its pub- lished reserve, whichever is the greater, apply to him to make such an investigation and submit to him such evi- dence as he considers necessary to justify the investigation and furnish such security for the payment of the costs of the investigation as he may require; or
(b) if the institution suspends payment or informs him of its
intention to suspend payment.
(3) Where an investigation is made by the Commissioner pursuant to subsection (2), the Financial Secretary may order that all expenses incurred in such investigation shall be defrayed----
(a) by the authorized institution; or
(b) if the investigation was made pursuant to subsection (2)(a), either wholly by the persons who applied for the making of the investigation or partly by the authorized institution in such proportions as he considers to be just.
56. (1) For the purposes of an examination or investigation under section 55, an authorized institution and, in the case of an authorized institution incorporated in Hong Kong, any local branch, overseas branch, overseas representative office or sub-
Examination and investigation of authorized institutions, etc.
Production of authorized institution's books, etc.
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