70
CAP. 155]
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Banking
(b) the giving of unsecured financial guarantees; and
(c) the incurring of any other unsecured liability.
(4) Subject to subsection (6B), a registered deposit-taking company shall not grant any of the following facilities to or on behalf of any person specified in subsection (6)— (Amended, 64 of 1987, s. 22)
(a) the granting, or permitting to be outstanding, of advances, loans or credit facilities including irrevocable documentary letters of credit;
(b) the giving of financial guarantees; and
(c) the incurring of any other liability.
(5) Nothing in subsection (4) shall prohibit the granting of- (a) any of the facilities specified in that subsection where the facility is fully secured by a licensed bank or by a bank incorporated outside Hong Kong which is not licensed under this Ordinance and which is a shareholder in the deposit-taking company; or
(b) a secured loan to an employee of the deposit-taking company for the purchase by him of a private residence for himself or his family if no such loan by the deposit-taking company is outstanding to such employee in relation to any other residence.
(6) For the purposes of subsections (1), (2) and (4), the following persons and bodies are specified--
(a) any director of the deposit-taking company;
(b) any relative of any such director;
(c) any employee of the deposit-taking company who is responsible, either individually or as a member of a committee, for determining loan applications;
(d) any relative of any such employee;
(e) any controller (other than an authorized institution, or a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is approved by the Commissioner for the purposes of this paragraph) of the deposit-taking company; (Replaced, 64 of 1987, s. 22)
(f) any relative of an individual who is a controller of the deposit-taking company;
(g) any firm, partnership or non-listed company (other than a firm, partnership or non-listed company which is an authorized institution, or a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is approved by the Commissioner for the purposes of this paragraph) in which the deposit-taking company or any of its directors or any relative of any of its directors is interested as director, partner, manager or agent; and
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70
CAP. 155]
Banking
[1987 Ed.
(b) the giving of unsecured financial guarantees; and
(c) the incurring of any other unsecured liability.
(4) Subject to subsection (6B), a registered deposit-taking company shall not grant any of the following facilities to or on behalf of any person specified in subsection (6)— (Amended, 64 of 1987, s. 22)
(a) the granting, or permitting to be outstanding, of advances, loans or credit facilities including irrevocable documentary letters of credit;
(b) the giving of financial guarantees; and
(c) the incurring of any other liability.
(5) Nothing in subsection (4) shall prohibit the granting of- (a) any of the facilities specified in that subsection where the facility is fully secured by a licensed bank or by a bank incorporated outside Hong Kong which is not licensed under this Ordinance and which is a shareholder in the deposit-taking company; or
(b) a secured loan to an employee of the deposit-taking company for the purchase by him of a private residence for himself or his family if no such loan by the deposit-taking company is outstanding to such employee in relation to any other residence.
(6) For the purposes of subsections (1), (2) and (4), the following persons and bodies are specified--
(a) any director of the deposit-taking company;
(b) any relative of any such director;
(c) any employee of the deposit-taking company who is res- ponsible, either individually or as a member of a commit- tee, for determining loan applications;
(d) any relative of any such employee;
(e) any controller (other than an authorized institution, or a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is approved by the Commissioner for the purposes of this paragraph) of the A deposit-taking company; (Replaced, 64 of 1987, s. 22) (f) any relative of an individual who is a controller of the
deposit-taking company;
(g) any firm, partnership or non-listed company (other than a firm, partnership or non-listed company which is an auth- orized institution, or a bank incorporated outside Hong Kong which is not licensed under this Ordinance but is approved by the Commissioner for the purposes of this paragraph) in which the deposit-taking company or any of its directors or any relative of any of its directors is interested as director, partner, manager or agent; and
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