Hong Kong Ordinances

BANKING ORDINANCE - SECT 53F

Duration of direction under section 52(1)(B) or (C)

(Past version on 30/06/1997).

Adaptation amendments retroactively made - see 68 of 1999 s. 3

(1) The Monetary Authority shall revoke a direction given under
section 52(1)(B) or (C) if-

   (a)  after consultation with the Financial Secretary, it appears to the
        Monetary Authority that it is no longer necessary for the direction to
        remain in force; or

   (b)  it is necessary to do so to give effect to-

        (i)    a decision of the Chief Executive in Council under section  53
               (1)(i); or

        (ii)   an order of the Chief Executive in Council under subsection

(2). (Amended 68 of 1999 s. 3)

(2) The Chief Executive in Council, upon the application of- (Amended 68 of
1999 s. 3)

   (a)  in the case of an authorized institution the subject of a direction
        given under section 52(1)(B), the institution;

   (b)  in the case of an authorized institution incorporated in Hong  Kong
        the subject of a direction given under section 52(1)(C), not less than
        100 members of, or members holding not less than one-tenth of the
        total number of issued shares in, the institution;

   (c)  in the case of an authorized institution incorporated outside 
        Hong Kong the subject of a direction given under section 52(1)(C), any
        chief executive (other than a chief executive who either holds his
        appointment by virtue of the operation of section 53B(2) or is
        appointed under section 53C(3)(b)) or director of the institution, or
        any relevant  office-holder within the meaning of section 53C(16),
        may, if he is satisfied that it is no longer necessary for the
        direction to remain in force, order the Monetary Authority to revoke
        that direction.

(3) The revocation under subsection (1) of a direction given under
section 52(1)(B) or (C) shall-

   (a)  be in writing;

   (b)  be served on-

        (i)    the authorized institution specified in the direction at its
               principal place of business in Hong Kong except that, in the
               case of a direction given under section 52(1)(C) in respect of
               an authorized  institution incorporated outside Hong Kong, it
               shall be served on the institution's principal place of
               business outside Hong Kong; and

        (ii)   the Advisor or Manager, as the case may be, of that
               institution; and

   (c)  take effect immediately it is so served unless otherwise specified in
        the revocation.

(4) Notice of a revocation under this section of a direction given under
section 52(1)(C) shall be published by the Monetary Authority in the Gazette
and in such other ways as appear to him expedient for notifying the public.

(5) A revocation in writing under subsection (1) of a direction given under
section 52(1)(B) or (C) includes a copy of the revocation.

(6) For the avoidance of doubt, it is hereby declared that the revocation
under subsection (1) of a direction given under section  52 (1)(C) shall not
revive any appointment deemed to be revoked as a consequence of the operation
of section 53B(1). (Added 49 of 1995 s. 15)