CLEARING AND SETTLEMENT SYSTEMS
ORDINANCE
- (a) the settlement of a transfer order in accordance with the operating rules of a designated system not dealt with under its default arrangements;
- (b) any action taken under the default arrangements of a designated system; or
- (c) any action taken to realize collateral security in connection with participation in a designated system otherwise than pursuant to its default arrangements.
(3) A debt or other liability arising out of a transfer order which is the subject of action taken under default arrangements may not be proved in a bankruptcy or winding up until the completion of the action taken under default arrangements.
(4) A debt or other liability which by virtue of subsection (3) may not be proved shall not be taken into account for the purposes of any set-off until the completion of the action taken under default arrangements.
21. Abrogation of statutory provisions relating to disclaimer of property, restriction on dispositions of property, etc.
Without prejudice to the generality of section 20—
- (a) section 59 of the Bankruptcy Ordinance (Cap. 6) and section 268 of the Companies Ordinance (Cap. 32) shall not apply to a transfer order; and
- (b) section 42 of the Bankruptcy Ordinance (Cap. 6) and section 182 of the Companies Ordinance (Cap. 32) shall not apply to a transfer order or any disposition of property in pursuance of such an order.
22. Abrogation of statutory powers relating to adjustment of prior transactions
Without prejudice to the generality of section 20, no order shall be made by a court under any of the following provisions in respect of a transfer order or any disposition of property in pursuance of such an order—
- (a) section 49 or 50 of the Bankruptcy Ordinance (Cap. 6);
- (b) section 266 of the Companies Ordinance (Cap. 32);
- (c) section 60 of the Conveyancing and Property Ordinance (Cap. 219).
