1964_BANKING_ORDINANCE — Page 76

1987 Ed.]

Banking

[CAP. 155

75

(5) There shall not be taken into account in the assessment of the value of interests in land for the purposes of this section the value of any interest in land mortgaged to the authorized institution to secure a debt due to the institution nor the value of any interest in land acquired pursuant to entry into possession of land so mort- gaged, provided that the interest acquired is disposed of at the earliest suitable opportunity, and in any event not later than 18 months after its acquisition or within such further period as the Commissioner may, in writing, allow in any particular case.

(6) Every director and every manager of an authorized institu- tion which contravenes this section commits an offence and is liable-

(a) or 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.

89. In the case of a registered deposit-taking company, not- withstanding anything contained in sections 87 and 88, the aggre- gate value of

(a) share capital acquired or held under section 87(1); and

(b) interests in land purchased or held under section 88(1)

or (2),

shall not exceed the aggregate amount of its paid-up capital and

reserves.

Limitation on shareholding and holding of interest in land in the case of a registered deposit-taking company.

3/90537

90. (1) In the case of a bank, notwithstanding anything contained in sections 83, 87 and 88-

(a) the aggregate total of-

(i) the amount outstanding of all facilities specified in section 83(3) granted to or on behalf of persons or bodies specified in section 83(4);

(ii) the value of all holdings of share capital specified in section 87; and

(iii) the value of all holdings of interests in land speci- fied in section 88(1),

shall not at any time exceed 55 per cent of the paid-up capital and reserves of a bank; and

(b) the aggregate total of—

Limitation on aggregate holdings under sections 83, 87

and 88.