1964_BANKING_ORDINANCE — Page 47

46

Audit.

(Cap. 32.)

43/9053

CAP. 155]

Banking

[1987 Ed.

cannot be affixed to an instrument in accordance with the institu- tion's articles of association or regulations, the seal may be affixed in the presence of, and its affixing may be attested by, the Commis- sioner or such other person or a person authorized for the purpose by the Commissioner or such other person.

(3) Where the seal of an authorized institution has been affixed to an instrument, and the affixing thereof has been attested, in accordance with subsection (2), no person shall be concerned to see that the seal could not be affixed in accordance with the institution's articles of association or regulations.

(4) Every director and every manager-

(a) of an authorized institution which contravenes subsection

(1); or

(b) who fails without reasonable excuse to comply with or to carry out any direction given by the Commissioner or some other person under subsection (1),

commits an offence and is liable-

(i) 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

(ii) 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.

PART XI

AUDITS AND MEETINGS

59. (1) Every authorized institution which is a company, and its auditors, shall comply with the Companies Ordinance with respect to the audit of a company's accounts, whether or not the institution is incorporated under that Ordinance.

(2) The Commissioner may, after consultation with the authorized institution, appoint another auditor to act in addition to the auditor appointed by the institution in accordance with the Companies Ordinance or in the case of an authorized institution which is an unincorporated bank, section-110.

(3) The Commissioner 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 auditor appointed by the Commissioner under subsection (2).

(4) Any authorized institution aggrieved by a decision of the Commissioner under subsection (3) may appeal to the Governor in Council against the decision.