Hong Kong Ordinances

MANDATORY PROVIDENT FUND SCHEMES ORDINANCE - SECT 27

Duties and powers of approved trustees of registered schemes

(1) An approved trustee shall comply with such duties in relation to a
registered scheme as may be imposed by the regulations.

(2) The duties that may be imposed by the regulations include (but are not
limited to) the following-

   (a)  the duty to collect or receive mandatory contributions;

   (b)  the duty to exercise sufficient and adequate control over the
        investment of accrued benefits in relation to a registered scheme,
        including the control and supervision of persons responsible for such
        investment;

   (c)  the duty to make arrangements for receiving and dealing expeditiously
        with inquiries and complaints by scheme members in relation to a
        registered scheme;

   (d)  the duty to keep and retain records in respect of scheme  members in
        relation to a registered scheme;

   (e)  the duty to give to the Authority any information or document in the
        approved trustee's possession or under his control as may be required
        by the Authority;

   (f)  the duty to report events of a significant nature to the Authority in
        relation to a registered scheme;

   (g)  the duty to keep accounting records which record and explain the
        transactions and financial position of a registered scheme at a
        current date;

   (h)  the duty to prepare at regular intervals financial statements in
        respect of a registered scheme;

   (i)  in the case of an approved trustee of a registered scheme that is a
        company, the duty of each officer of the company to make such
        disclosures affecting the scheme or that could affect the scheme, as
        are prescribed by those regulations; (Added 4 of 1998 s. 2)

   (j)  in the case of an approved trustee of a registered scheme who is a
        natural person, the duty of the person to make such disclosures
        affecting the scheme, or that could affect the scheme, as are
        prescribed by those regulations; (Added 4 of 1998 s. 2)

   (k)  the duty of an approved trustee to keep a register of disclosures
        referred to in paragraph (i) or (j), as appropriate. (Added 4 of 1998
        s. 2)

(3) An approved trustee has the same duties as those imposed, the same powers
as those conferred, on trustees by law, except in so far as they are expressly
or impliedly modified by, or are inconsistent with, this Ordinance. (Replaced
4 of 1998 s. 2)

(4) Whenever the approved trustee of a registered scheme is required or
empowered by or under this Ordinance, or by the governing  rules of the
scheme, to delegate a duty of the trustee in relation to the scheme to a
service provider, the delegation does not absolve the trustee-

   (a)  from responsibility to ensure that the duty is performed in relation
        to the scheme; or

   (b)  from the consequences of any failure by the service provider to
        perform that duty. (Added 4 of 1998 s. 2) (Enacted 1995. Amended 4 of
        1998 s. 2)