Hong Kong Ordinances

BANKING ORDINANCE - SECT 48

Fees in respect of local representative offices

(Past version on 30/06/1997).

(1) Where the establishment by a bank of a local representative  office is
approved under section 46(1), the bank shall pay to the Director of Accounting
Services the fee specified in the Second Schedule in relation to that
representative office and thereafter, so long as the representative office
continues to be maintained by the bank, the bank shall pay to the Director of
Accounting Services the fee specified in the Second Schedule on the
anniversary in each year of the date of the grant of the approval under that
section.

(2) A bank that is maintaining, at the *commencement of the Banking
(Amendment) Ordinance 1993 (94 of 1993), a local representative office to
which section 46(2) applies and which representative office was established
prior to 1 April 1982 shall, so long as the representative office continues to
be maintained by the bank, pay to the Director of Accounting Services the fee
specified in the Second Schedule on 1 April of each year.

(3) A bank that is maintaining, at the *commencement of the Banking
(Amendment) Ordinance 1993 (94 of 1993), a local representative office to
which section 46(2) applies and which representative office was established on
or after 1 April 1982 shall, so long as the representative office continues to
be maintained by the bank, pay to the Director of Accounting Services the fee
specified in the Second Schedule on the anniversary in each year of the date
of the grant of approval, under section 12C(1) of the Banking Ordinance 1964 (
Cap 155 1983 Ed.) repealed by this Ordinance, of the establishment of that
local representative  office.

(4) A bank that is maintaining, at the commencement△ of section 8(c) of the
Banking (Amendment) Ordinance 2001 (32 of 2001), a local 
representative office to which section 46(2A) applies shall, so long as the
representative office continues to be maintained by the bank, pay to the
Director of Accounting Services the fee specified in the Second Schedule on 1
April of each year. (Added 32 of 2001 s. 9) (Enacted 1986. Amended 94 of 1993
s. 13)
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Note:

* Commencement date: 31 December 1993. △ Commencement date: 24 May 2002.