1987 Ed.]
Banking
[CAP. 155
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until such conditions as to payment of instalments or otherwise as may be specified in the agreement are fulfilled; and
(e) the expression "letter of comfort" means a letter of comfort whether or not it is enforceable at law.
(11) Every director and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
(12) Any document purporting to be certified by the Commissioner as a true copy of any accounts, being accounts of the nature referred to in subsection (5), shall be admissible in evidence in any proceedings arising out of a contravention or alleged contravention of subsection (1) as truth of the matters stated in those accounts.
82. (1) Without prejudice to section 7(3) or to the other provisions of this Part, the Commissioner may, after consultation with the Financial Secretary, by notice in the Gazette from time to time publish for the guidance of authorized institutions, guidelines, not inconsistent with this Ordinance, specifying business practices which should not be engaged in by authorized institutions because, in his opinion, such business practices will or may cause the soundness of the financial position of authorized institutions to be dependent upon the soundness of the financial position of a single party.
(2) For the purposes of subsection (1), guidelines given in a notice under that subsection-
(a) may be expressed to apply to all authorized institutions or to a class of authorized institutions specified in the notice; and
(b) may specify what constitutes a single party for the purposes of any such guidelines and, without prejudice to the generality of that power, any class or description of persons or business may constitute such a single party.
(3) Where an authorized institution engages in business practices specified in a notice under subsection (1), the Governor in Council, the Financial Secretary or the Commissioner, as the case may be, may, where he is of the opinion that the case is of sufficient importance to justify him so doing, exercise any of his powers under Part V, VI or X in respect of the institution.
Commissioner may publish guidelines on business practices of authorized institutions.
+
1987 Ed.]
Banking
[CAP. 155
67
until such conditions as to payment of instalments or otherwise as may be specified in the agreement are fulfilled; and
(e) the expression "letter of comfort" means a letter of com-
fort whether or not it is enforceable at law.
(11) Every director and every manager of an authorized institu- tion which contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $200,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues; or
(b) on summary conviction to a fine of $50,000 and to impri- sonment for 6 months and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
(12) Any document purporting to be certified by the Commis- sioner as a true copy of any accounts, being accounts of the nature referred to in subsection (5), shall be admissible in evidence in any proceedings arising out of a contravention or alleged contravention of subsection (1) as truth of the matters stated in those accounts.
82. (1) Without prejudice to section 7(3) or to the other provisions of this Part, the Commissioner may, after consultation with the Financial Secretary, by notice in the Gazette from time to time publish for the guidance of authorized institutions, guidelines, not inconsistent with this Ordinance, specifying business practices which should not be engaged in by authorized institutions because, in his opinion, such business practices will or may cause the soundness of the financial position of authorized institutions to be dependent upon the soundness of the financial position of a single party.
(2) For the purposes of subsection (1), guidelines given in a notice under that subsection-
(a) may be expressed to apply to all authorized institutions or to a class of authorized institutions specified in the notice; and
(b) may specify what constitutes a single party for the purposes of any such guidelines and, without prejudice to the generality of that power, any class or description of persons or business may constitute such a single party.
(3) Where an authorized institution engages in business prac- tices specified in a notice under subsection (1), the Governor in Council, the Financial Secretary or the Commissioner, as the case may be, may, where he is of the opinion that the case is of sufficient importance to justify him so doing, exercise any of his powers under Part V, VI or X in respect of the institution.
Commissioner may publish guidelines on business practices of authorized institutions.
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