Hong Kong Ordinances

BANKING ORDINANCE - SECT 23

Procedure on and effect of revocation of authorization

(1) The Monetary Authority shall, before exercising his power under
section 22(1) to propose to revoke the authorization of an authorized 
institution, inform the institution of the ground or grounds for the proposed
revocation and give it an opportunity, within such period as the
Monetary Authority may specify in writing, being a period reasonable in all
the circumstances, of being heard.

(2) Subject to section 22(4), immediately upon the proposed revocation of the
authorization of an authorized institution taking effect in accordance with
section 22(3), that institution shall cease-

   (a)  to carry on the business the subject of its revoked authorization; and

   (b)  if it has or had approval under section 16(3A)(a) to issue or
        facilitate the issue of multi-purpose cards, to take any further sum
        of money-

        (i)	referred to in the definition of "stored value card" in the 
case of any stored value cards which are such multi-purpose cards;

        (ii)   for facilitating the issue of such multi-purpose cards.
               (Amended 4 of 1997 s. 8)

(3) Neither section 22(4) nor subsection (2) shall operate to prejudice the
enforcement or other maintenance by any person of any right or interest
against an authorized institution (or former authorized  institution) referred
to in that section or subsection, as the case may be, or by the institution of
any right or interest against any person.

(4) Subsection (1) shall not apply where the ground for the revocation of the
authorization of the authorized institution concerned is a request in writing
by the institution to the Monetary Authority to revoke its authorization.
(Added 4 of 1997 s. 8) (Part V replaced 49 of 1995 s. 6)