Hong Kong Ordinances

MANDATORY PROVIDENT FUND SCHEMES ORDINANCE - SECT 33A

Authority to appoint administrator on suspension or termination of trustee's administration

(1) If-

   (a)  the administration of an employer sponsored scheme by a trustee is
        suspended or terminated; and

   (b)  after the suspension or termination-

        (i)    there are no other trustees of the scheme; or

        (ii)   there is only one remaining trustee (not being a company); or

        (iii)  if each of the remaining trustees is a natural person, there is
               no remaining independent trustee, the Authority must, as soon
               as practicable after the suspension or termination of
               administration, appoint an administrator to replace the trustee
               whose administration of the scheme has been suspended or
               terminated until the suspension ends or the vacancy resulting
               from the termination is filled.

(2) A person appointed under subsection (1) must, as far as possible, be an
approved trustee.

(3) However, if the Authority is unable to find an approved trustee who is
willing to act as an administrator of the registered scheme concerned, it may
appoint as administrator a person who is not an approved  trustee.

(4) If-

   (a)  the administration of a master trust scheme or an industry  scheme by
        a trustee is suspended or terminated; and

   (b)  there are no other trustees of the scheme, the Authority must, as soon
        as practicable after the suspension or termination of administration,
        appoint an administrator to administer the scheme to replace the
        trustee whose administration of the scheme has been suspended or
        terminated until the suspension ends or the vacancy resulting from the
        termination is filled.

(5) A person appointed under subsection (4) must, as far as possible, be an
approved trustee that is a company.

(6) However, if the Authority is unable to find an approved trustee that is a
company who is willing to act as an administrator of the registered scheme
concerned, it may appoint as administrator a person who is not an
approved trustee or an approved trustee that is not a company.

(7) An appointment under this section is to be on such terms and conditions as
are specified in the appointment, including the fees that are to be payable to
the approved trustee. If a person appointed under this section is not an
approved trustee, the terms and conditions are, as nearly as practicable, to
be those applicable to such a trustee.

(8) The Authority may terminate the appointment of an administrator after
giving reasonable notice to the administrator and may-

   (a)  if the approved trustee's administration of the scheme is suspended
        and the suspension has not ended; or

   (b)  if that trustee's administration of the scheme is terminated, in
        accordance with this section appoint another administrator to
        administer the scheme.

(9) The administrator of a registered scheme may resign by giving to the
Authority not less than 30 days' written notice of the resignation.

(10) An administrator of a registered scheme may deal with the scheme assets
as if the legal interest in those assets was vested in the administrator or,
where the administrator consists of 2 or more persons, was vested in those
persons jointly. (Added 4 of 1998 s. 2)