Hong Kong Ordinances

OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 44

Court may order freezing of assets

(1) Where the Registrar issues a proposal to cancel the registration of a
registered scheme under section 42, the court may on an application by the
Registrar order that-

   (a)  the assets of the scheme shall not be assigned, transferred or
        otherwise disposed of;

   (b)  no payment out of the assets of the scheme shall be made, whether to a
        member or otherwise, except in accordance with the court order.

(2) Any-

   (a)  asset assigned, transferred or disposed of; or

   (b)  payment made out of the assets of the relevant registered  scheme, in
        contravention of an order made under subsection (1) shall be
        recoverable by such person and, after being so recovered, disposed of
        in such manner as the court may specify in the order.

(3) An order made under subsection (1) as regards a registered  scheme shall
cease to have effect-

   (a)  if it is withdrawn by the court upon an application by the Registrar;

   (b)  (Where an appeal is made under section 46 against the cancellation of
        the registration of the scheme) if the Appeal Board directs the
        Registrar to restore the registration of the scheme under
        section 62(4)(d); or

   (c)  upon the making of a winding up order (if any) under section  48 (2)
        as regards the scheme. (Enacted 1992)