1964_BANKING_ORDINANCE — Page 48

1987 Ed.]

Banking

[CAP. 155

47

(5) Every director and every manager of an authorized institu- tion which contravenes subsection (1) commits an offence and is liable

(a) on conviction upon indictment to a fine of $200,000 and to

imprisonment for 2 years; or

(b) on summary conviction to a fine of $50,000 and to impri-

sonment for 6 months.

→ 59A

60. (1) Every authorized institution shall, not later than 6 months after the close of each financial year, publish in one English language daily newspaper and one Chinese language daily news- paper, each of which shall be a newspaper circulating in Hong Kong-

(a) a copy of its audited annual balance sheet for that year. and any notes thereon, a copy of the profit and loss account and a copy of the report of the auditor made pursuant to section 141 of the Companies Ordinance or section 110 of this Ordinance;

(b) the full and correct names of all persons who are directors or managers for the time being of the institution; and

(c) the names of all subsidiaries, for the time being, of the

institution,

and shall thereafter exhibit them throughout the year in a conspi- cuous position in the principal place of business of the institution in Hong Kong and in each local branch, together with, in the case of an authorized institution which is a company limited by shares or limited by guarantee and having a share capital, a copy of the report of the directors laid before the company in general meeting in accordance with section 129D(1) of the Companies Ordinance.

(2) A copy of each of the documents referred to in subsection (1) shall be lodged with the Commissioner by an authorized institu- tion, prior to first exhibition thereof under subsection (1), with a list of the names of all companies of which, for the time being, its directors are also directors.

(3) If, in the case of an authorized institution incorporated outside Hong Kong, the Commissioner is satisfied that a report has been duly made by an auditor, or any person exercising a similar function in accordance with the law of the place in which the institution is incorporated, upon the annual balance sheet and accounts of the institution and a copy of such report and the report of the directors of such institution is sent to the Commissioner, he may by notice in writing exempt any such institution from this section and section 59(1) subject to such conditions as he may think proper to attach thereto.

(4) The Commissioner may require any authorized institution to submit such further information as he may think necessary for the proper understanding of the balance sheet and profit and loss

Publication of audited balance sheet, etc.

(Cap. 32.)