(2) A licence shall—
- (a) subject to paragraph (b), be valid for such period as is specified in a notice under subsection (1)(a) applicable to the licence, and shall, unless otherwise provided under this Ordinance, cease to have effect on the expiration of that period; and
- (b) be subject to review—
- (i) within that period on such dates as are specified in the licence for the purpose; or
- (ii) within such period as is specified in a notice under subsection (1)(b) applicable to the licence.
5. Disqualified persons not to increase control of licensee
(1) Subject to section 6, no disqualified person who exercises control of a licensee shall increase such control—
- (a) by increasing the percentage of voting shares of the licensee which he holds as the beneficial owner; or
- (b) as the result of any change of office held by him in the licensee.
(2) A disqualified person who contravenes subsection (1) commits an offence and is liable on conviction to a fine of $1,000,000 and to imprisonment for 2 years.
6. Circumstances in which disqualified person may increase control of licensee
On the application of a licensee, the Chief Executive in Council may, if he is satisfied that the public interest so requires, approve—
- (a) an increase in the control exercised by a disqualified person in the licensee; or
- (b) the introduction of a disqualified person to exercise control of the licensee.
7. Licensee to include certain statement in prospectus
A licensee shall ensure that a clear statement of the effect of section 8 of this Ordinance, of Schedule 1 and of sections 5 and 6 is made in any prospectus, within the meaning of the Companies Ordinance (Cap. 32), issued at any time in respect of the licensee.
PART 1
Effect of Non-Renewal or Revocation of License
8. Notice of non-renewal or revocation of licence
(1) Where the Chief Executive in Council decides under—
- (a) section 11(5) of this Ordinance not to extend or renew a licence, he shall cause notice in writing of the decision to be served on the licensee at least 12 months before the expiry of the validity of the licence under section 4(2)(a); or
- (b) section 32 of this Ordinance to revoke a licence, he shall cause notice in writing of the decision to be served on the licensee as soon as is practicable after the decision to revoke the licence.
(2) Where it is necessary for the purpose of complying with the requirement as to length of notice in subsection (1)(a), the Chief Executive in Council may extend the term of a licence (but no such extension shall continue in force any exclusive right to provide the licensed service).
