Hong Kong Ordinances

DEPOSIT PROTECTION SCHEME ORDINANCE - SECT 25

Quantification date

(1) In this Part, “quantification date” (截算日), in relation to a
Scheme member, means—

   (a)  in the case where a specification is made under subsection (2) and has
        not been withdrawn under subsection (3), the date of the specified
        event in relation to the Scheme member;

   (b)  in any other case, the date of appointment of a provisional liquidator
        in respect of the Scheme member.

(2) If a specified event has occurred in relation to a Scheme member, and the
Board—

   (a)  has knowledge that a provisional liquidator will not be appointed;

   (b)  is of the opinion that it is uncertain whether a provisional
        liquidator will be appointed; or

   (c)  is of the opinion that an appointment of a provisional liquidator will
        take so long as to unduly delay the payment of compensation to the
        depositors of the Scheme member by the Board, the Board may make a
        specification for the purposes of subsection (1) that the
        quantification date, in relation to the Scheme member, means the date
        of the specified event in relation to the Scheme member.

(3) The Board may withdraw a specification made under subsection

(2) if a provisional liquidator is appointed in respect of the Scheme member
after the specification is made. “quantification date” (截算日)