Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions)
Ordinance
Part 5—Division 2
A769
Section 42
Ord. No. 15 of 2011
- (a) before the date of cessation, notify the Commissioner in writing of that intention and the date of cessation; and
- (b) return the licence to the Commissioner for cancellation or amendment within 7 days beginning on the date of cessation.
(2) The Commissioner must, as soon as reasonably practicable after receiving a licence under subsection (1)(b)—
- (a) cancel or amend the licence; and
- (b) remove the relevant particulars from the register.
(3) If a licence is returned for cancellation under this section, no licence fee paid in respect of the grant or renewal of the licence is to be refunded.
(4) A licensee who, without reasonable excuse, contravenes subsection (1) commits an offence and is liable on conviction to a fine at level 5.
42. Licence ceases to be valid on death etc. of licensee
A licence ceases to be valid—
- (a) if the licensee is an individual, on the death of the individual;
- (b) if the licensee is a partnership, on the dissolution of the partnership; or
- (c) if the licensee is a corporation, on the commencement of winding up of the corporation.
