88
Prohibition on use of word "bank".
Prohibition on total of deposits.
Death of member of unincorporated bank.
CAP. 155]
Banking
[1987 Ed.
113. (1) An unincorporated bank shall not use the word "bank" or any of its derivatives in English, or any translation thereof in any language or use the Chinese expression “ngan hong” (#), or use the letters "b", "k" in that order, in the description or title under which it carries on business in Hong Kong. (2) Every director and every manager of an unincorporated bank which contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine of $50,000 and to imprisonment for 6 months.
114. (1) An unincorporated bank shall not accept or hold deposits in excess, at any one time, of $2,000,000 or such other sum as the Governor in Council may from time to time specify either generally or in any particular case.
(2) Every director and every manager of a bank which contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and to imprisonment for 12 months; 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.
115. (1) Upon the death of a member or partner of an unincorporated bank, the banking licence issued to the unincorporated bank shall become void and of no effect upon a date 6 calendar months after the date of the death except for the purpose of winding-up the banking business of the unincorporated bank.
(2) Notwithstanding subsection (1), the Governor in Council may issue a new banking licence under section 107 to the remaining members or partners of that body of persons or to a body of persons consisting of the remaining members of that body of persons and other members or partners who have acquired their interest in the business and assets of the unincorporated bank of which the deceased was a member under the will or upon the intestacy of the deceased.
(3) The remaining members or partners of an unincorporated bank shall notify the Commissioner of the death of a member or partner of the unincorporated bank within 1 month after the death.
(4) Every director and every manager of a bank which contravenes subsection (3) commits an offence and is liable on conviction upon indictment or on summary conviction to a fine of $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day during which the offence continues.
88
Prohibition on use of word "bank".
Prohibition on total of deposits.
Death of member of unincorporated bank.
CAP. 155]
Banking
[1987 Ed.
113. (1) An unincorporated bank shall not use the word "bank" or any of its derivatives in English, or any translation thereof in any language or use the Chinese expression “ngan hong” (#), or use the letters "b", "“4”, “n”, “k” in that order, in the description or title under which it carries on business in Hong Kong. (2) Every director and every manager of an unincorporated bank which contravenes subsection (1) commits an offence and is liable-
(a) on conviction upon indictment to a fine of $100,000 and to
imprisonment for 2 years or
(b) on summary conviction to a fine of $50,000 and to impri-
sonment for 6 months.
114. (1) An unincorporation bank shall not accept or hold deposits in excess, at any one time, of $2,000,000 or such other sum as the Governor in Council may from time to time specify either generally or in any particular case.
(2) 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 $100,000 and to
imprisonment for 12 months; pr
(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.
115. (1) Upon the death of a member or partner of an unincor- porated bank, the banking licence issued to the unincorporated bank shall become void and of no effect upon a date 6 calendar months after the date of the death except for the purpose of winding-up the banking business of the unincorporated bank.
(2) Notwithstanding subsection (1), the Governor in Council may issue a new banking licence under section 107 to the remaining members or partners of that body of persons or to a body of persons consisting of the remaining members of that body of persons and other members or partners who have acquired their interest in the business and assets of the unincorporated bank of which the deceased was a member under the will or upon the intestacy of the deceased.
(3) The remaining members or partners of an unincorporated bank shall notify the Commissioner of the death of a member or partner of the unincorporated bank within 1 month after the death.
(4) Every director and every manager of a bank which con- travenes subsection (3) commits an offence and is liable on convic- tion upon indictment or on summary conviction to a fine of $50,000 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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