(2) As soon as practicable after having made an assessment under subsection (1), the Board shall notify the Scheme member of the assessment in writing.
(3) A Scheme member shall pay to the Board, in the prescribed manner and within the prescribed period, the amount of contribution assessed by the Board.
(4) If a Scheme member fails to pay any contribution in contravention of subsection (3)—
- (a) the Board may impose on the Scheme member a late payment fee of $5,000, or of a sum equivalent to 10% of the amount of the contribution that remains to be paid by the Scheme member, whichever is the greater; and
- (b) the Scheme member shall pay to the Board the contribution that remains to be paid by it, and the late payment fee, in the prescribed manner and within a period specified by the Board.
(5) The Board shall, on collecting any contribution or late payment fee from a Scheme member, pay it into the Fund.
(6) If a Scheme member contravenes subsection (4)(b), every director and every chief executive of the Scheme member commits an offence and is liable—
- (a) on conviction on indictment to a fine of $400,000 and to imprisonment for 2 years; or
- (b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
(7) Schedule 4 has effect with respect to the contributions payable by a Scheme member and to rebates and refunds of contributions.
16. Payments from Fund
There shall be paid from the Fund, as required under this Ordinance, the following—
- (a) expenses incurred—
- (i) in investigating or deciding the entitlement of depositors and other persons to compensation under Division 2 of Part 5;
- (ii) in relation to the Scheme;
- (iii) in the exercise by the Board of the rights, powers and authorities vested in it by this Ordinance or rules made under section 51;
- (b) expenses incurred in—
- (i) the establishment and maintenance of the Scheme;
- (ii) the management and administration of the Fund;
- (c) expenses incurred in obtaining insurance, sureties, guarantees or other security, or in making any financial arrangement, in respect of any compensation paid under this Ordinance;
