1964_BANKING_ORDINANCE — Page 56

1987 Ed.]

Banking

[CAP. 155

55

(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.

71. (1) No person shall-

(a) become the chief executive of an authorized institution, or a director or secretary of an authorized institution in- corporated in Hong Kong, without the consent in writing of the Commissioner; or (Replaced, 64 of 1987, s. 15) (b) if he becomes such chief executive, director or secretary without such consent, act or continue to act as such chief executive, director or secretary, as the case may be, without such consent, (Replaced, 64 of 1987, s. 15)

and for the purposes of this subsection consent may be given subject to such conditions as the Commissioner may think proper to attach thereto and shall be conveyed to the person, and the institution, concerned as soon as practicable,

(2) Where the Commissioner refuses to give consent under subsection (1), he shall notify the person concerned in writing of his refusal as soon as practicable.

(3) The Commissioner may by notice in writing to the person and the authorized institution concerned withdraw any consent given under subsection (1), or amend any condition attached to any such consent, if the Commissioner-

(a) has given to the chief executive, director or secretary concerned not less than 7 days' advance notice of his intention to do so, specifying his reasons; and

(b) has taken into account before so doing any written repre- sentation received by him from the chief executive, director or secretary concerned,

and in any such case the chief executive, director or secretary concerned shall cease to act as such or, as the case may be, shall comply with the amended conditions. (Amended, 64 of 1987, s. 15)

(4) A person aggrieved-

(a) by a refusal to grant consent, or by conditions attached to

a consent, under subsection (1);

(b) by the withdrawal of consent under subsection (3); or

(c) by the amendment under subsection (3) of conditions

attached to a consent,

may appeal to the Governor in Council against the refusal, condi- tions, withdrawal or amendment, as the case may be, but such refusal, conditions, withdrawal or amendment shall take effect immediately notwithstanding that an appeal has been or may be made under this subsection. (Amended, 64 of 1987, s. 15)

Chief executives, directors and secretaries require Commissioner's approval.