80
False, etc. advertisements by authorized institution.
Certain representations prohibited.
Restrictions on
use of title "bank".
3/90539
CAP. 155]
Banking
[1987 Ed.
95. (1) Where the Commissioner is of the opinion that any advertisement issued in connexion with the business of an authorized institution makes a statement or any representation that is false, misleading or deceptive, he may, by notice in writing served on the institution, require the institution to withdraw or, as the circumstances require, remove, and to cease issuing such advertisements and an authorized institution served with such a notice shall, accordingly, comply with that notice.
(2) Any authorized institution aggrieved by a notice served under subsection (1) may appeal to the Financial Secretary against the requirement contained therein, but the notice shall take effect immediately notwithstanding that an appeal has been or may be made under this subsection.
(3) Every director and every manager of an authorized institution which fails or refuses to comply with any notice served under this section on it 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.
96. (1) An authorized institution shall not in any communication, whether written or oral, represent or imply, or permit to be represented or implied, in any manner to any person that the institution has in any respect been approved by the Government, the Financial Secretary or the Commissioner.
(2) Subsection (1) is not contravened by reason only that a statement is made to the effect that an authorized institution is licensed or registered.
(3) Every director and every manager of an authorized institution which contravenes subsection (1) without reasonable excuse 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.
Subject to this section,
97. (1) Any person, other than a bank, an institution which is recognized as the central bank of the place in which it is incorporated, or a local representative office maintained in accordance with this Ordinance, who, without the written consent of the Commissioner—
1
80
False, etc. advertisements by authorized institution.
Certain representations prohibited.
Restrictions on
use of title "bank".
3/90539
CAP. 155]
Banking
[1987 Ed.
95. (1) Where the Commissioner is of the opinion that any advertisement issued in connexion with the business of an author- ized institution makes a statement or any representation that is false, misleading or deceptive, he may, by notice in writing served on the institution, require the institution to withdraw or, as the circum- stances require, remove, and to cease issuing such advertisements and an authorized institution served with such a notice shall, accordingly, comply with that notice.
(2) Any authorized institution aggrieved by a notice served under subsection (1) may appeal to the Financial Secretary against the requirement contained therein, but the notice shall take effect immediately notwithstanding that an appeal has been or may be made under this subsection.
(3) Every director and every manager of an authorized institu- tion which fails or refuses to comply with any notice served under this section on it 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 im- prisonment 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.
96. (1) An authorized institution shall not in any communica- tion, whether written or oral, represent or imply, or permit to be represented or implied, in any manner to any person that the institution has in any respect been approved by the Government, the Financial Secretary or the Commissioner.
(2) Subsection (1) is not contravened by reason only that a statement is made to the effect that an authorized institution is licensed or registered.
(3) Every director and every manager of an authorized institu- tion which contravenes subsection (1) without reasonable excuse 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 impri-
sonment for 6 months.
Subject to this section,
алу
97. (1) Any person, other than a bank, an institution which is recognized as the central bank of the place in which it is incor- porated, or a local representative office maintained in accordance with this Ordinance, who, without the written consent of the Commissioner—
1
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