Hong Kong Ordinances

BANKING ORDINANCE - SECT 11

Banking business restricted to licensed banks

PART III

BANKING BUSINESS AND BUSINESS OF TAKING DEPOSITS TO BE CARRIED ON BY
AUTHORIZED INSTITUTIONS ONLY

(1) No banking business shall be carried on in Hong Kong except by a bank
(other than a bank the banking licence of which is for the time being
suspended under section 24 or 25). (Amended 49 of 1995 s. 4)

(2) Any person who and every director and every manager of a company which
contravenes this section commits an offence and is liable-

   (a)  on conviction upon indictment to a fine at tier 8 and to imprisonment
        for 5 years; or

   (b)  on summary conviction to a fine at tier 5 and to imprisonment for 6
        months. (Amended 4 of 1997 s. 27)