Hong Kong Ordinances

DEPOSIT PROTECTION SCHEME ORDINANCE - SECT 7

Powers of Board

The Board has power to do all such things as are necessary for, or incidental
or conducive to, the performance of its functions and in particular, but
without prejudice to the foregoing, may—

   (a)  borrow money from the Government or any other person for the purpose
        of performing its functions;

   (b)  claim from the liquidator or provisional liquidator of a failed Scheme
        member payment out of the assets of the failed Scheme member for
        reimbursement of the amount of compensation paid to the depositors
        concerned from the Fund, together with any interest accrued thereon in
        accordance with section 38;

   (c)  provide an indemnity to the liquidator or provisional liquidator of a
        failed Scheme member for the purpose of obtaining an early payment out
        of the assets of the failed Scheme member;

   (d)  make any compromise, agreement or arrangement—

        (i)    with the liquidator or provisional liquidator of a failed
               Scheme member, or with any other person, in respect of its
               claim against the assets of the failed Scheme member; or

        (ii)   with any person in respect of its claim against a Scheme
               member, in relation to which it is deemed under section 24 that
               a specified event never occurred;

   (e)  with the consent of the Financial Secretary, petition the Court of
        First Instance for the winding up of a Scheme member;

   (f)  employ persons to assist the Board in the performance of its
        functions;

   (g)  appoint persons as agents, or authorize persons—

        (i)    to assist the Board in the performance of its functions; or

        (ii)   where the Board is to perform its functions through the
               Monetary Authority, to assist the Monetary Authority in the
               performance of such functions;

   (h)  appoint persons as advisers to assist the Board in the performance of
        its functions;

   (i)  hold, acquire, lease, sell, charge, dispose of or otherwise deal with
        all kinds of property whether movable or immovable;

   (j)  do all such things as the Board thinks fit in respect of its
        administration and management; and

   (k)  exercise such other powers as are conferred on the Board under this
        Ordinance.