44
CAP. 155]
Control of authorized institution by the Commissioner.
Banking
[1987 Ed.
sidiary, whether local or overseas, of such institution shall afford the person carrying out the examination or investigation access to its books and accounts, to documents of title to its assets and other documents, to all securities held by it in respect of its customers' transactions and its cash and to such information and facilities as may be required to conduct the examination or investigation, and shall produce to the person carrying out the examination or investigation 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 or investigation, 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 institution, local branch, overseas branch, overseas representative office or subsidiary, as the case may be. (Amended, 64 of 1987, s. 12)
(2) Every director and every manager of an authorized institution which, without reasonable excuse, contravenes this section (which contravention shall include a contravention by any of the institution's local branches, overseas branches, overseas representative offices or subsidiaries) commits an offence and is liable-- (Amended, 64 of 1987, s. 12)
(a) on conviction upon indictment to a fine of $100,000 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.
(3) If any authorized institution or any local branch, overseas branch, overseas representative office or subsidiary of the 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 (Amended, 64 of 1987, s. 12)
(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.
57. (1) 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 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), then, subject to subsection (2), the Commissioner or such other person, as the case may be, shall remain in control and continue to carry on the business of that institution in the name and
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Page 46
44
CAP. 155]
Control of authorized institution by the Commissioner.
Banking
[1987 Ed.
sidiary, whether local or overseas, of such institution shall afford the person carrying out the examination or investigation access to its books and accounts, to documents of title to its assets and other documents, to all securities held by it in respect of its customers' transactions and its cash and to such information and facilities as may be required to conduct the examination or investigation, and shall produce to the person carrying out the examination or investi- gation 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 or investigation, 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 institution, local branch, overseas branch, overseas representative office or subsidiary, as the case may be. (Amended, 64 of 1987, s. 12)
(2) Every director and every manager of an authorized institu- tion which, without reasonable excuse, contravenes this section (which contravention shall include a contravention by any of the institution's local branches, overseas branches, overseas represent- ative offices or subsidiaries) commits an offence and is liable-- (Amended, 64 of 1987, s. 12)
(a) on conviction upon indictment to a fine of $100,000 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.
(3) If any authorized institution or any local branch, overseas branch, overseas representative office or subsidiary of the 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 (Amended, 64 of 1987, s. 12)
(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.
57. (1) 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 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), then, subject to subsection (2), the Commissioner or such other person, as the case may be, shall remain in control and continue to carry on the business of that institution in the name and
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