1964_BANKING_ORDINANCE — Page 88

1987 Ed.]

Banking

[CAP. 155

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(c) in every such report to state-

(i) whether or not all the information and explanations which were in the opinion of the auditor necessary for the purposes of the audit have been obtained;

(ii) whether or not, according to the best of the information and explanations given to him, the balance sheet and profit and loss account referred to in the report give in his opinion a true and fair view of the state of the affairs of the bank at the date of the balance sheet, and of the profit or loss for its financial year, regard being had, inter alia, to the provisions of this Ordinance;

(iii) whether or not in his opinion proper books of account have been kept by the bank so far as appears from the audit of the accounts and

(iv) whether or not in his opinion proper returns, adequate for the purposes of the audit, have been received by him from branches of the bank not visited.

(3) Every director and every manager of a bank which con- travenes 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; or

(b) on summary conviction to a fine of $50,000 and to impri-

sonment for 6 months.

111. (1) An unincorporated bank shall, subject to the provi- sions of this Part, be deemed to be a bank for the purposes of this Ordinance.

(2) Any person to whom, and any member or partner of any unincorporated body of persons to which, a banking licence is granted under section 107 shall be deemed for the purposes of this Ordinance to be a director of a bank.

General application of Ordinance to unincorporated banks and members.

112. An unincorporated bank shall, subject to the provisions of Application of this Ordinance, be subject to all the provisions of this Ordinance, mutatis mutandis, except-

(a) section 55(2)(a);

(b) sections 75, 76, 77, 78, 79, 80, 81, 83, 85, 86, 87, 88, 90 and

91;

(c) section 65;

(d) section 60(1)(c);

(e) Parts XVII and XVIII; and

(f) any other provision of this Ordinance which is inconsistent with the provisions of this Part or which is inapplicable in the case of an unincorporated bank.

sections of Ordinance to unincorporated banks.