Hong Kong Ordinances

DEPOSIT PROTECTION SCHEME ORDINANCE - SECT 37

Recovery of payment by Board

(1) If the amount of compensation paid, whether or not as an interim payment
under section 36, to a depositor from the Fund is later found to be greater
than the amount of compensation payable to the depositor in accordance with
this Ordinance, the depositor shall repay the excess to the Board in a manner,
and within a period, specified by the Board.

(2) If a depositor contravenes subsection (1)—

   (a)  the Board may impose on the depositor a late repayment fee of a sum
        not exceeding 5% of the amount of the excess that remains to be repaid
        by the depositor; and

   (b)  the depositor shall pay to the Board the late repayment fee in a
        manner, and within a period, specified by the Board.

(3) Such excess or late repayment fee as a depositor is required to repay or
pay under this section is recoverable by the Board from the depositor as a
debt due to the Board. The Board may, in relation to the excess or late
repayment fee—

   (a)  determine, if it considers uneconomical to do so, not to recover the
        same from the depositor; or

   (b)  take such steps as it considers appropriate to recover the same from
        the depositor.

(4) The Board shall, on collecting any such excess or late repayment fee from
a depositor, pay it into the Fund.