1964_BANKING_ORDINANCE — Page 61

60

CAP. 155]

Banking

[1987 Ed.

Interpretation and application.

50,000,000

(a) $20,000,000 or an equivalent amount in any other approved currency in the case of a registered deposit-taking company; and

(b) $150,000,000 or an equivalent amount in any other restricted licence bank approved currency in the case of licensed deposit-taking company. (Amended, 64 of 1987, s. 18)

(3) Every director and every manager of a bank which contravenes subsection (1), and of a deposit-taking company which contravenes subsection (2), 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.

PART XV

LIMITATIONS ON LOANS BY AND INTERESTS OF AUTHORIZED INSTITUTIONS

79. (1) In this Part-

"non-listed company" means a company not listed on the Unified Exchange:

Provided that any public statutory corporation designated for the purposes of this definition by the Financial Secretary by notice in the Gazette shall be deemed not to be a non-listed company;

"relative" means-

(a) any ascendant or descendant, any spouse or former spouse of any such ascendant or descendant, and any parent, brother or sister of any such spouse or former spouse;

(b) any brother or sister, aunt or uncle and any nephew or niece;

(c) any spouse or former spouse, any ascendant of any such spouse or former spouse, and any brother or sister, aunt or uncle or nephew or niece of any such spouse or former spouse, and, for the purposes of this definition, any step-child shall be deemed to be the child of both its natural parent and of its step-parent and any adopted child to be the child of the adopting parent, and a spouse shall include anyone living as such;

"reserves" in relation to any authorized institution means reserves which appear in the accounts of the institution, and does not include any reserves which are represented by the writing down of the value of assets or by provision for the depreciation of fixed assets;