58
CAP. 155]
[1987 Ed.
Banking
Maintenance of reserve.
3/90530
(a) an individual; and
(b) ordinarily resident in Hong Kong,
except that, in the case of an authorized institution incorporated outside Hong Kong, such chief executive is only required to be the chief executive in respect of the business in Hong Kong of the institution.
(2) Every director and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day which the offence continues.
PART XIV
SHARE CAPITAL, RESERVE AND DIVIDEND OF AUTHORIZED INSTITUTIONS
75. (1) Every bank incorporated in Hong Kong shall, before any dividend is declared, appropriate to its reserve out of the profit of each year, after due provision has been made for taxation--
(a) a sum equal to not less than one-third of such profit; or
(b) such lesser sum, if any, as may be necessary so that the aggregate of the bank's paid-up share capital and its reserve is not less than $200,000,000 or an equivalent amount in any other approved currency. (Amended 64 of 1987, s. 16)
(2) Every deposit-taking company which is incorporated in Hong Kong shall, before any dividend is declared, appropriate to reserve out of the profit of each year, after due provision has been made for taxation--
(a) a sum equal to not less than one-third of such profit; or
(b) such lesser sum, if any, as may be necessary so that-
(i) in the case of a registered deposit-taking company, the aggregate of the company's paid-up share capital and its reserve is not less than $20,000,000 or an equivalent amount in any other approved currency; and
(ii) in the case of a licensed deposit-taking company, the aggregate of the company's paid-up share capital and its reserve is not less than $150,000,000 or an equivalent amount in any other approved currency. (Amended 64 of 1987, s. 16)
(3) No deposit-taking company incorporated in Hong Kong shall pay any dividend out of the profits of a year previous to the year in respect of which the dividend is declared unless the aggregate of the company's paid-up share capital and reserve after such payment
...
58
CAP. 155]
Banking
[1987 Ed.
Maintenance of reserve.
3/90530
(a) an individual; and
(b) ordinarily resident in Hong Kong,
except that, in the case of an authorized institution incorporated outside Hong Kong, such chief executive is only required to be the chief executive in respect of the business in Hong Kong of the institution.
(2) Every director and every manager of an authorized institu- tion which contravenes subsection (1) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day which the offence continues.
PART XIV
SHARE CAPITAL, RESERVE AND DIVIDEND OF AUTHORIZED INSTITUTIONS
75. (1) Every bank incorporated in Hong Kong shall, before any dividend is declared, appropriate to its reserve out of the profit of each year, after due provision has been made for taxation--
(a) a sum equal to not less than one-third of such profit; or
(b) such lesser sum, if any, as may be necessary so that the aggregate of the bank's paid-up share capital and its reserve is not less than $200,000,000 or an equivalent amount in any other approved currency. (Amended, 64 of 1987, s. 16)
}
(2) Every deposit taking company which is incorporated in Hong Kong shall, before any dividend is declared, appropriate to reserve out of the profit of each year, after due provision has been made for taxation--
(a) a sum equal to not less than one-third of such profit; or
(b) such lesser sum, if any, as may be necessary so that-
(i) in the case of a registered deposit-taking company, the aggregate of the company's paid-up share capital and its reserve is not less than $20,000,000 or an equivalent amount in any other approved currency; and
(ii) in the case of a licensed deposit-taking company, -the-aggregate of the company's paid-up share capital and its reserve is not less than $150,000,000 or an equivalent
200, 000, 000 amount in any other approved currency. (Amended 64
of 1987, s. 16)
(3) No deposit-taking company incorporated in Hong Kong shall pay any dividend out of the profits of a year previous to the year in respect of which the dividend is declared unless the aggregate of the company's paid-up share capital and reserve after such payment
such
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