Hong Kong Ordinances

DEPOSIT PROTECTION SCHEME ORDINANCE - SECT 4

Composition of Board

(1) The Board is to consist of—

   (a)  the Secretary for Financial Services and the Treasury, or a person
        appointed by the Secretary, in writing, as his representative, as an
        ex officio member;

   (b)  the Monetary Authority, or a person appointed by the Authority, in
        writing, as his representative, as an ex officio member; and

   (c)  not fewer than 4 and not more than 7 other members appointed by the
        Chief Executive from among persons who, either because of their
        experience in finance, accounting, banking, law, administration,
        information technology or consumer affairs, or because of their
        professional or occupational experience, appear to the Chief Executive
        to be suitable for the appointment.

(2) The following are not eligible for appointment under subsection(1)(c)—

   (a)  a public officer;

   (b)  a person who is a director, or an employee, of—

        (i)    an authorized institution;

        (ii)   a holding company of an authorized institution;

        (iii)  a subsidiary of such a holding company; or

        (iv)   a subsidiary of an authorized institution.

(3) The Chief Executive shall appoint one appointed member of the Board as
Chairman of the Board.

(4) The Chief Executive shall give notice of each appointment under subsection
(1)(c) or (3) by notice published in the Gazette.

(5) Schedule 2 has effect with respect to the Board.