HONG KONG SPECIAL ADMINISTRATIVE REGION
Ordiance No. 7 of 2004
L.S. |
TUNG Chee-hwa
Chief Executive
13 May 2004
An Ordinance to provide for the establishment of a Hong Kong Deposit Protection Board; to provide for the establishment by the Board of a Deposit Protection Scheme for the purpose of providing compensation to depositors under certain circumstances in respect of deposits maintained with banks that are members of the Scheme; to provide for the establishment of a Deposit Protection Scheme Fund from which such compensation is to be paid; to provide for contributions to the Fund and for the entitlement to, and payment of, compensation from the Fund; to make consequential and other amendments to other Ordinances; and to provide for connected purposes.
Enacted by the Legislative Council.
PART 1
Preliminary
1. Short title and commencement
(1) This Ordinance may be cited as the Deposit Protection Scheme Ordinance.
(2) This Ordinance shall come into operation on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette.
2. Interpretation
(1) In this Ordinance, unless the context otherwise requires—
