Hong Kong Ordinances

DEPOSIT PROTECTION SCHEME ORDINANCE - SECT 2

Interpretation

(1) In this Ordinance, unless the context otherwise requires—
“applicant” (申請人) means a person who applies to the Tribunal under
section  41 (1), (2) or (3) for a review of—

   (a)  a decision, or an assessment, of the Board; or

   (b)  a decision of the Monetary Authority; “authorized institution”
        (認可機構) has the meaning assigned to it by section  2 (1) of the
        Banking Ordinance ( Cap 155); “bank” (銀行) means a company—

   (a)  that holds a valid banking licence; or

   (b)  the banking licence of which is for the time being suspended under
        section 24 or 25 of the Banking Ordinance ( Cap 155); “banking
        licence” (銀行牌照) means a banking licence granted under
        section 16 of the Banking Ordinance ( Cap 155); “bare trustee”
        (被動受託人), in relation to a deposit or portion thereof, means
        a person holding the deposit or that portion on trust for a
        beneficiary where the beneficiary has the exclusive right to direct
        how the deposit or that portion is to be dealt with subject only to
        the right of the person to resort to the deposit or that portion to
        satisfy any outstanding charge or lien or for the payment of duty,
        taxes, costs or other outgoings; “Board” (存保委員會) means
        the Hong Kong Deposit Protection Board established by section 3;
        “chief executive” (行政總裁), in relation to a Scheme member
        or a bank, means the chief executive appointed under section 74 of the
        Banking Ordinance ( Cap 155) in respect of the Scheme member or the
        bank, and includes an alternate chief executive so appointed;
        “client account” (客戶帳戶), in relation to a depositor, means
        an account maintained by the depositor with a bank for the purpose of
        holding money held by the depositor for a client of the depositor,
        whether or not other money may be held in the account;
        “contribution” (供款) means—

   (a)  the build-up levy within the meaning of Schedule 4;

   (b)  the expected loss levy within the meaning of Schedule 4; or

   (c)  the surcharge within the meaning of Schedule 4; “deposit” (存款)
        has the meaning assigned to it by section 2(1) of the
        Banking Ordinance ( Cap 155); “depositor” (存款人) means a
        person entitled to repayment of a deposit, whether made by him or not;
        “director” (董事) includes any person who occupies the position
        of director, whatever the title of his office; “Exchange Fund”
        (外匯基金) means the Exchange Fund established by the Exchange 
        Fund Ordinance ( Cap 66); “Exchange Fund Bill”
        (外匯基金票據) means any instrument described as such which is
        issued by the Government for the account of the Exchange Fund under
        the Exchange Fund Ordinance ( Cap 66); “failed Scheme member”
        (無力償付成員) means a Scheme member in relation to which a
        specified event has, for the purposes of Part 5, occurred;
        “function” (職能) includes a power and a duty; “Fund”
        (存保基金) means the Deposit Protection Scheme Fund established by
        section 14; “HKAB” (香港銀行公會) means The Hong Kong
        Association of Banks incorporated by section 3 of
        The Hong Kong Association of Banks Ordinance ( Cap 364); “holding
        company” (控股公司) means a holding company within the meaning
        of section 2 of the Companies Ordinance ( Cap 32); “information
        system” (資訊系統) has the meaning assigned to it by
        section 2(1) of the Electronic Transactions Ordinance ( Cap 553);
        “late payment fee” (逾期繳付費) means the late payment fee
        imposed by the Board under section 15(4)(a); “liquidator”
        (清盤人) means a liquidator appointed by virtue of or under
        section 194 of the Companies Ordinance ( Cap 32); “MA supervisory
        rating” (專員監管評級), in relation to a Scheme member, means
        the supervisory rating that—

   (a)  is from time to time assigned to the Scheme member by the Monetary
        Authority; and

   (b)  reflects the Monetary Authority’s assessment of the Scheme
        member’s overall financial condition and of the quality of the
        Scheme member’s management; “Monetary Authority”
        (金融管理專員) means the Monetary Authority appointed under
        section 5A of the Exchange Fund Ordinance ( Cap 66); “protected
        deposit” (受保障存款) means a deposit denominated in any
        currency and maintained with a Scheme member but does not include
        those specified in section 1 of Schedule 1; “provisional
        liquidator” (臨時清盤人) means a provisional liquidator
        appointed under section 193, or appointed by virtue of section 194, of
        the Companies  Ordinance ( Cap 32); “related person”
        (有關連人士), in relation to the Board, means—

   (a)  a person employed or authorized by the Board under this Ordinance; or

   (b)  a person appointed as an agent or adviser of the Board under this
        Ordinance; “relevant deposit” (有關存款) means a deposit
        denominated in any currency and maintained with a Scheme member but
        does not include those specified in section 2 of Schedule 1;
        “Scheme” (存保計劃) means the Deposit Protection Scheme
        established under section 11; “Scheme member” (計劃成員) means
        a bank that is a member of the Scheme; “subsidiary” (附屬公司)
        means a subsidiary within the meaning of section 2 of the
        Companies Ordinance ( Cap 32); “Tribunal” (審裁處) means the
        Deposit Protection Appeals Tribunal established by section 40;
        “trustee” (受託人) does not include a bare trustee; “US
        Treasury Bill” (美國國庫券) means a security, with an original
        maturity of not more than 12 months, issued by the Department of
        Treasury of the United States of America.

(2) In this Ordinance, a reference to the performance of a function includes
the exercise of a power and the discharge of a duty.

(3) If a deposit, or portion thereof, held by a depositor in a client account
for a client is also held by the depositor as a trustee or bare trustee under
a trust or bare trust, the deposit or portion is, for the purposes of this
Ordinance, taken as being held by the depositor for the client and not as such
trustee or bare trustee.

(4) For the avoidance of doubt, any reference in this Ordinance to the
commission of an offence by every director and every chief executive of a
Scheme member or a bank (including any grammatical variations or cognate
expressions of such reference) means that one or more than one of any such
director and chief executive may be prosecuted for the offence.
“applicant” (申請人) “authorized institution” (認可機構)
“bank” (銀行) “banking licence” (銀行牌照) “bare trustee”
(被動受託人) “Board” (存保委員會) “chief executive”
(行政總裁) “client account” (客戶帳戶) “contribution” (供款)
“deposit” (存款) “depositor” (存款人) “director” (董事)
“Exchange Fund” (外匯基金) “Exchange Fund Bill”
(外匯基金票據) “failed Scheme member” (無力償付成員)
“function” (職能) “Fund” (存保基金) “HKAB”
(香港銀行公會) “holding company” (控股公司) “information
system” (資訊系統) “late payment fee” (逾期繳付費)
“liquidator” (清盤人) “MA supervisory rating” (專員監管評級)
“Monetary Authority” (金融管理專員) “protected deposit”
(受保障存款) “provisional liquidator” (臨時清盤人) “related
person” (有關連人士) “relevant deposit” (有關存款) “Scheme”
(存保計劃) “Scheme member” (計劃成員) “subsidiary”
(附屬公司) “Tribunal” (審裁處) “trustee” (受託人) “US
Treasury Bill” (美國國庫券)