Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/20

(iii) incorporate his decision, the reasons for his decision, and the Scheme member’s representations, if any, in his report to the Chief Executive in Council;

(b) in the case where the Scheme member is incorporated outside Hong Kong—

(i) give the Scheme member, at its principal place of business outside Hong Kong, not less than 7 days’ notice in writing (or such lesser period as is permitted under subsection (3)) informing the Scheme member of—

(A) his decision under section 22(2) that compensation should be paid to the depositors of the Scheme member; and

(B) the reasons for his decision;

(ii) afford the Scheme member an opportunity to submit to him representations in writing on the decision and reasons within the period of the notice; and

(iii) incorporate his decision, the reasons for his decision, and the Scheme member’s representations, if any, in his report to the Chief Executive in Council.

(3) The Monetary Authority may give a Scheme member less than 7 days’ notice in writing referred to in subsection (2) if—

(a) he has the consent of the Financial Secretary to do so; and

(b) to do so is reasonable in the circumstances.

(4) If a specified event has occurred in relation to a Scheme member by virtue of section 22(1)(a)(ii), the Chief Executive in Council shall, as soon as practicable after receipt of the Monetary Authority’s report on the occurrence, by notice in writing given to the Monetary Authority confirm or revoke the Monetary Authority’s decision under section 22(2) that compensation should be paid to the depositors of the Scheme member.

(5) In determining whether to confirm or revoke under subsection (4) the Monetary Authority’s decision, the Chief Executive in Council shall have regard to—

(a) the interests of the depositors of the Scheme member;

(b) the general stability and effective working of the banking system in Hong Kong; and

(c) such other factors as the Chief Executive in Council considers appropriate in the public interest.

24. Specified event deemed never occurred under certain circumstances

(1) Subject to subsection (3), if—