1964_BANKING_ORDINANCE — Page 72

T

1987 Ed.]

Banking

[CAP. 155

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(h) any individual, firm, partnership or non-listed company of which any director of the deposit-taking company or any relative of any such director is a guarantor.

restricted licence bank

(6A) The Commissioner may, by notice in writing to a licensed deposit taking company, and subject to such conditions as he may think proper to attach thereto in any particular case, permit the Acompany to grant, without complying with subsection (1), any facility specified in subsection (3) (or such of those facilities as he specifies in the notice) to or on behalf of any person or body specified in subsection (6)(₹) (or such of those persons or bodies as

restricted

estesh he specifies in the notice); and where the company,"

pany, in pursuance of such notice and in accordance with such conditions, grants any such facility to or on behalf of any such person or body it shall not thereby contravene subsection (1) Added, 64 of 1987, s. 22)

cence bank

(6B) The Commissioner may, by notice in writing to a regis tered deposit-taking company, and subject to such conditions as he may think proper to attach thereto in any particular case, permit the company to grant any of the facilities specified in subsection (4)(a), (b) or (c) (or such of those facilities as he specifies in the notice) to or on behalf of any person or body specified in subsection (6)(g) (or such of those persons or bodies as he specifies in the notice); and where the company, in pursuance of such notice and in accordance with such conditions, grants any such facility to or on behalf of any such person or body it shall not thereby contravene subsec- tion (4). (Added, 64 of 1987, s. 22)

(7) The provisions of this section shall apply to a facility granted to or on behalf of a person or body jointly with another person or body as they apply to a facility granted to or on behalf of a person or body severally.

(8) For the purposes of subsections (2) and (6), a facility granted to or on behalf of any firm, partnership or non-listed company which a person specified in subsection (6)(a), (b), (c), (d), (e) or (ƒ) is able to control, shall be deemed to be granted to that person or on his behalf.

(9) Every director and every manager of a deposit-taking- company which contravenes subsection (1), (2) or (4) 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.

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