CAP. 155]
Banking
[1987 Ed.
Commissioner's approval required for exercise of certain acquired voting power.
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
(Replaced, 64 of 1987, s. 14)
70. (1) Subject to subsection (2), a person who, after the commencement of this Ordinance, becomes, by whatever means and whether alone or in concert with others, entitled to exercise or control the exercise of 10 per cent or more of the voting power at any general meeting of an authorized institution incorporated in Hong Kong, shall not exercise such of that voting power which he has acquired after that commencement unless he has made an application to the Commissioner for the Commissioner's approval to exercise such of that voting power he has so acquired and has received such approval, which approval may be given in a general or a particular case, shall be conveyed to the applicant as soon as practicable, and shall be subject to such conditions as the Commissioner may think proper to attach thereto.
(2) Subsection (1) shall not apply to voting power acquired by any person after the commencement of this Ordinance where the voting power was so acquired in pursuance of an agreement entered into before that commencement.
(3) Where a person has acquired voting power in respect of an authorized institution such that the person is subject to subsection (1), the institution shall forthwith inform the Commissioner of the name of that person.
(4) Where the Commissioner refuses to give an approval under subsection (1), he shall notify the person and authorized institution concerned in writing of his refusal as soon as practicable.
(5) Any person aggrieved by the refusal to grant approval under subsection (1) by the Commissioner or the imposition of conditions by him under that subsection may appeal to the Governor in Council against the refusal or conditions, but that refusal or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(6) Nothing done in contravention of subsection (1), or in reliance on the exercise in contravention of that subsection of any voting power, shall be invalid by reason only of that contravention.
(7) Any person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
(8) Every director and every manager of an authorized institution which fails to comply with subsection (3) commits an offence and is liable-
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Page 56
54
CAP. 155]
Banking
[1987 Ed.
Commissioner's approval required for exercise of certain acquired voting power.
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
(Replaced, 64 of 1987, s. 14)
70. (1) Subject to subsection (2), a person who, after the commencement of this Ordinance, becomes, by whatever means and whether alone or in concert with others, entitled to exercise or control the exercise of 10 per cent or more of the voting power at any general meeting of an authorized institution incorporated in Hong Kong, shall not exercise such of that voting power which he has acquired after that commencement unless he has made an applica- tion to the Commissioner for the Commissioner's approval to exercise such of that voting power he has so acquired and has received such approval, which approval may be given in a general or a particular case, shall be conveyed to the applicant as soon as practicable, and shall be subject to such conditions as the Com- missioner may think proper to attach thereto.
(2) Subsection (1) shall not apply to voting power acquired by any person after the commencement of this Ordinance where the voting power was so acquired in pursuance of an agreement entered into before that commencement.
(3) Where a person has acquired voting power in respect of an authorized institution such that the person is subject to subsection (1), the institution shall forthwith inform the Commissioner of the name of that person.
(4) Where the Commissioner refuses to give an approval under subsection (1), he shall notify the person and authorized institution concerned in writing of his refusal as soon as practicable.
(5) Any person aggrieved by the refusal to grant approval under subsection (1) by the Commissioner or the imposition of conditions by him under that subsection may appeal to the Gover- nor in Council against the refusal or conditions, but that refusal or, as the case may be, those conditions shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(6) Nothing done in contravention of subsection (1), or in reliance on the exercise in contravention of that subsection of any voting power, shall be invalid by reason only of that contravention.
(7) Any person who contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $500,000 and to
imprisonment for 5 years; or
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
(8) Every director and every manager of an authorized institu- tion which fails to comply with subsection (3) commits an offence and is liable-
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