Hong Kong Ordinances

DEPOSIT PROTECTION SCHEME ORDINANCE - SECT 24

Specified event deemed never occurred under certain circumstances

(1) Subject to subsection (3), if—

   (a)  a specified event has occurred in relation to a Scheme member by
        virtue of section 22(1)(a)(i); and

   (b)  the winding-up order in respect of the Scheme member is set aside by a
        court, it is deemed, with effect on and after the date on which the
        setting aside takes effect, that the specified event never occurred.

(2) Subject to subsection (3), if—

   (a)  a specified event has occurred in relation to a Scheme member by
        virtue of section 22(1)(a)(ii); and

   (b)  the Monetary Authority’s decision under section 22(2) that
        compensation should be paid to the depositors of the Scheme member—

        (i)    is revoked by the Chief Executive in Council under section  23
               (4); or

        (ii)   is set aside by a court, it is deemed, with effect on and after
               the date specified in the notice of revocation as the date on
               which the revocation takes effect, or the date on which the
               setting aside takes effect, that the specified event never
               occurred and that the Monetary Authority had never served on
               the Board a notice of that decision.

(3) Subsection (1) or (2) does not operate to prejudice the legality and
effect of anything done in accordance with this Ordinance pursuant to the
specified event before the effective date referred to in that subsection.