Banking Act (Cap. 371), article 26

26. (1) The disclosure in good faith to the competent authority by - (a) an auditor of a credit institution, financial holding company or mixed financial holding company, as the case may be; or (b) a person appointed to make a report under article 20(3)( a) or article 22(1), of any fact or decision referred to in article 31(9) shall not constitute a breach of any restri ction on disclosure of informa tion imposed by contract or by any legislative, regulatory or administrative provision and shall not involve such persons in any liability. Such disclosure shall be made simultaneously to the board of directors or to the management body, as applicable, of the c redit institution, financial holding company or mixed financial holdi ng company, as the case may be, un less there are compelling reason s not to do so. (2) In relation to a person appointed to make a report under article 20(3)( a), this article applies to any matter of which he becomes aware in his capacity as the person making the report a nd which - (a) relates to the business or affairs of the credit institution in relation to which a report is made or any associated body of that credit institution; or (b) i f b y v i r t u e o f a r t i c l e 2 0 ( 7 ) t h e r e p o r t r e l a t e s t o a n associated body of a credit institution, to the business or affairs of that body. (3) In relation to a person appointed to make a report under article 22(1), this article applie s to any matter of which he b ecomes aware in his capacity as the pers on making the report and which - (a) relates to the business or affairs of the credit institution in relation to which his report is made or any associated body of that credit institution, or (b) if, by virtue of article 22(2), the report relates to an associated body of a credit institution, to the business or affairs of that body. (4) In this article "associated body", in relation to an institution, means any such body as is mentioned in article 20( 7) or in article 22(2). (5) In relation to an auditor of a credit institution, financial holding company and mixed financi al holding company, as the cas e may be, this article shall apply to any matter falling within a rticle 31(9). Joint Banking Committee.