1987 Ed.]
Banking
CAP. 155
59
$6,000,000.
(a) not less than $20,000,000 or an equivalent amount in any other approved currency in the case of a registered deposit-taking company; and
(b) not less than $150,000,000 or an equivalent amount in any other approved currency in the case of a restricted deposit-taking company. (Amended, 64 of 1987, s. 16)
(4) Every director and every manager of a bank which contravenes subsection (1), and of a deposit-taking company which contravenes subsection (2) or (3), 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 imprisonment for 6 months.
76. (1) Every authorized institution shall at all times maintain adequate provision-
(a) for its bad and doubtful debts, if any; and
(b) against the diminution, if any, of the value of its assets, or the materializing of its contingent liabilities.
(2) Every director and every manager of an authorized institution which contravenes this section 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 imprisonment for 6 months.
77. (1) A bank incorporated in Hong Kong shall not carry on banking business in Hong Kong unless its share capital issued and paid-up is not less than $100,000,000 or an equivalent amount in any other approved currency, deduction having been made in respect of a debit balance, if any, appearing in the most recent audited annual accounts of the bank. (Amended, 64 of 1987, s. 17)
(2) Every director and every manager of a bank which contravenes this section commits an offence and is liable on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $25,000 for every day during which the offence continues.
78. (1) A bank that is incorporated in Hong Kong shall not distribute any extraordinary profits unless the aggregate of its paid-up share capital and reserves after such distribution will be not less than $200,000,000 or an equivalent amount in any other approved currency. (Amended, 64 of 1987, s. 18)
(2) A deposit-taking company that is incorporated in Hong Kong shall not distribute any extraordinary profits unless the aggregate of its paid-up share capital and reserves after such distribution will be not less than-
Maintenance of adequate provision for bad and doubtful debts and for diminution of value of assets.
Minimum paid-up share capital of licensed banks.
Restriction on distribution of extraordinary profits.
Page 60
Page 61
1987 Ed.]
Banking
CAP. 155
59
$6,000,000.
(a) not less than $20,000,000 or an equivalent amount in any other approved currency in the case of a registered deposit- taking company; and
Lov
(b) not less than $150,000,000 or an equivalent amount in any
other approved currency in the case of a fecuser depost taking company. (Amended, 64 of 1987, s. 16)
w bank
3/90534 (4) Every director and every manager of a bank which con- travenes subsection (1), and of a deposit-taking company Wired licence bank
which contravenes subsection (2) or (3), 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.
76. (1) Every authorized institution shall at all times maintain adequate provision---
(a) for its bad and doubtful debts, if any; and
(b) against the diminution, if any, of the value of its assets, or
the materializing of its contingent liabilities.
(2) Every director and every manager of an authorized institu- tion which contravenes this section 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.
77. (1) A bank incorporated in Hong Kong shall not carry on banking business in Hong Kong unless its share capital issued and paid-up is not less than $100,000,000 or an equivalent amount in any other approved currency,
deduction having been made in respect of a debit balance, if any, appearing in the most recent audited annual accounts of the bank. (Amended, 64 of 1987, s. 17)
(2) Every director and every manager of a bank which con- travenes this section commits an offence and is liable on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $25,000 for every day during which the offence continues.
78. (1) A bank that is incorporated in Hong Kong shall not distribute any extraordinary profits unless the aggregate of its paid-up share capital and reserves after such distribution will be not less than $200,000,000 or an equivalent amount in any other approved currency. (Amended, 64 of 1987, s. 18)
(2) A deposit-taking company that is incorporated in Hong Kong shall not distribute any extraordinary profits unless the aggregate of its paid-up share capital and reserves after such distribution will be not less than-
Maintenance of adequate provision for bad and doubtful debts and for diminution of value of assets.
Minimum paid-up share capital of licensed banks.
3/90831
Restriction on distribution of extraordinary profits.
3/90532
Page 60Page 61
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