1987 Ed.]
Banking
[CAP. 155
then
116. Where-
(a) the Commissioner has assumed control of the business of an authorized institution which is an unincorporated bank under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii) or some other person has assumed control of the business of such a bank pursuant to a direction of the Commissioner under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii); and
(b) within 3 months thereafter, whilst the Commissioner or such other person continues to be in control of the business of such bank, a bankruptcy petition is presented against the bank under the Bankruptcy Ordinance, and on that petition a receiving order is at any time made under that Ordinance against the bank,
(i) if the date on which the Commissioner or such other person as is referred to in paragraph (a) assumed control of the business of such bank preceded the time of the first of the acts of bankruptcy (within the meaning of the Bankruptcy Ordinance) proved to have been committed by such bank within the 3 months next preceding the date of the presentation of the bankruptcy petition, the bankruptcy of the bank shall, for the purposes of sections 40, 43, 47(2) and (3), and 48, of the Bankruptcy Ordinance, be deemed, notwithstanding the provisions of section 42 of the Bankruptcy Ordinance, to have relation back to and to commence at the time the Commissioner or such other person assumed control of the business of such bank;
(ii) section 45(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to notice of the presentation of any bankruptcy petition by or against the debtor or notice of the commission of any available act of bankruptcy by the debtor, a reference, in the case of a debtor which is an unincorporated bank, to notice that the Commissioner or such other person as is referred to in paragraph (a) has so assumed control of the business of the debtor;
(iii) section 49(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to the person first referred to therein being adjudged bankrupt on a bankruptcy petition presented within 3 months after the date specified therein, a reference, in a case where such person is an unincorporated bank, to the assumption as aforesaid by the Commissioner or such other person as is referred to in paragraph (a) of control of the business of such person within 3 months after such date;
(iv) section 50(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference in sub-
Bankruptcy of unincorporated banks.
(Cap. 6.)
89
Page 90
Page 91
1987 Ed.]
Banking
[CAP. 155
then
116. Where-
(a) the Commissioner has assumed control of the business of an authorized institution which is an unincorporated bank under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii) or some other person has assumed control of the business of such a bank pursuant to a direction of the Commissioner under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii); and
(b) within 3 months thereafter, whilst the Commissioner or such other person continues to be in control of the business of such bank, a bankruptcy petition is presented against the bank under the Bankruptcy Ordinance, and on that petition a receiving order is at any time made under that Ordinance against the bank,
(i) if the date on which the Commissioner or such other person as is referred to in paragraph (a) assumed control of the business of such bank preceded the time of the first of the acts of bankruptcy (within the meaning of the Bank- ruptcy Ordinance) proved to have been committed by such bank within the 3 months next preceding the date of the presentation of the bankruptcy petition, the bankruptcy of the bank shall, for the purposes of sections 40, 43, 47(2) and (3), and 48, of the Bankruptcy Ordinance, be deemed, notwithstanding the provisions of section 42 of the Bank- ruptcy Ordinance, to have relation back to and to com- mence at the time the Commissioner or such other person assumed control of the business of such bank;
(ii) section 45(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to notice of the presentation of any bankruptcy petition by or against the debtor or notice of the commission of any available act of bankruptcy by the debtor, a reference, in the case of a debtor which is an unincorporated bank, to notice that the Commissioner or such other person as is referred to in paragraph (a) has so assumed control of the business of the debtor;
(iii) section 49(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference to the person first referred to therein being adjudged bankrupt on a bankruptcy petition presented within 3 months after the date specified therein, a reference, in a case where such person is an unincorporated bank, to the assumption as aforesaid by the Commissioner or such other person as is referred to in paragraph (4) of control of the business of such person within 3 months after such date;
(iv) section 50(1) of the Bankruptcy Ordinance shall apply as if it included, as an alternative to the reference in sub-
Bankruptcy of unincorporated banks.
(Cap. 6.)
89
Page 90Page 91
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