Hong Kong Ordinances

BANKING ORDINANCE - SECT 53E

Court of First Instance may make certain orders

(Past version on 30/06/1997).

Amendments retroactively made - see 25 of 1998 s. 2

(1) Where, on the application of the Manager of an authorized  institution at
any time during the period for which a direction given under section 52(1)(C)
is in force in respect of the institution, it appears to the Court of First
Instance that-

   (a)  any person is about to do an act which, if done, might adversely
        affect or conflict with; or

   (b)  any person has done an act which adversely affects or conflicts with,
        the discharge of the Manager's duties or the exercise of the Manager's
        powers in respect of any of the affairs, business or property of the
        institution, then, subject to subsection (4), the Court of First
        Instance may, without prejudice to the operation of any of the other
        provisions of this Part or to any order the Court of First Instance
        would be entitled to make otherwise than by or by virtue of this
        section, make one or more of the following orders-

        (i)    if paragraph (a) is applicable, an order restraining the person
               referred to in that paragraph from doing the act referred to in
               that paragraph;

        (ii)   if paragraph (b) is applicable- (A) an order declaring the act
               referred to in that paragraph to be invalid with effect on and
               after the date on which the order is made (but without
               prejudice to the validity of such act, or any thing done in
               reliance on such act, before that date); (B) an order declaring
               any thing done in reliance on such act to be invalid with
               effect on and after the date on which the order is made (but
               without prejudice to the validity of such act, or any thing
               done in reliance on such act, before that date);

        (iii)  for the purpose of securing compliance with any other order
               under this section, an order directing a person to do or
               refrain from doing a specified act;

        (iv)   any ancillary order which the Court of First Instance considers
               necessary in consequence of the making of any other order under
               this section.

(2) The Court of First Instance may, before making an order under subsection
(1), direct that notice of the application under that subsection be given to
such persons as it thinks fit or direct that notice of the application be
published in such manner as it thinks fit, or both.

(3) Subject to subsection (4), the Court of First Instance may, of its own
volition or on an application made to it for that purpose, by order reverse,
vary or discharge an order made under subsection (1) or suspend the operation
of such an order.

(4) The Court of First Instance shall, before making an order under subsection
(1) or (3), satisfy itself, so far as it can reasonably do so, that the order
would not unfairly prejudice any person. (Added 49 of 1995 s. 15. Amended 25
of 1998 s. 2)