Contributions to Fund
1. Interpretation
(1) In this Schedule, unless the context otherwise requires—
“amount of relevant deposits” (有關存款款額), in relation to a Scheme member, does not, subject to subsection (2), include—
- (a) where—
- (i) the amount of one or more relevant deposits held by one person, as a depositor, with the Scheme member in his own right exceeds $100,000;
- (ii) the amount of one or more relevant deposits held by a depositor with the Scheme member as a bare trustee under one bare trust exceeds $100,000;
- (iii) the amount of the relevant deposit held by a depositor with the Scheme member in one client account exceeds $100,000; or
- (iv) the amount of one or more relevant deposits held by a depositor with the Scheme member as a trustee under one trust exceeds $100,000, the amount in excess of $100,000; or
- (b) any amount of interest accrued on relevant deposits;
“build-up levy” (建立期徵費) means the build-up levy payable by a Scheme member under section 3(4);
“expected loss levy” (預期損失徵費) means the expected loss levy payable by a Scheme member under section 4(2);
“surcharge” (附加費) means the surcharge payable by a Scheme member under section 5(2);
“target fund size” (基金目標金額), in relation to a year, means the size of the Fund that the Board seeks to achieve and maintain for that year.
(2) In the definition of “amount of relevant deposits”—
- (a) a reference to a relevant deposit includes a portion of the deposit;
- (b) for the purposes of paragraph (a)(i) of that definition, if a depositor consists of 2 or more persons—
- (i) subject to subparagraph (ii), each of the persons is deemed to have an equal share in the deposit unless the contrary is proved to the satisfaction of the Board;
- (ii) in the case where the persons carry on business in partnership, those persons are a single and continuing body of persons as distinct from the persons who may from time to time be the members of the partnership; and
- (c) for the purposes of paragraph (a)(ii) and (iv) of that definition, if the depositor consists of 2 or more persons, those persons are a single and continuing body of persons as distinct from the persons who may from time to time be the bare trustees or trustees.
(3) For the purposes of this Schedule, the target fund size is reached in a particular year if the sum of—
- (a) the aggregate amount of contributions payable by all Scheme members for that particular year; and
- (b) the balance of the Fund as at 20 October of the immediately preceding year, is equal to or greater than the target fund size for that particular year.
2. Calculation of target fund size and balance of Fund
(1) For the purposes of this Schedule, the target fund size for any particular year is the specified percentage of the aggregate of the amount of relevant deposits maintained with each of the Scheme members as at 20 October of the immediately preceding year.
