Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 31

Obligation of participant to notify of bankruptcy or winding up

(1) A participant in a designated system shall notify the system operator of
the system and the Monetary Authority forthwith if there comes to his
knowledge any of the following circumstances occurring in Hong Kong, or any
analogous circumstances occurring outside Hong Kong, namely—

   (a)  the presentation of a petition for the bankruptcy or winding up of the
        participant;

   (b)  the making of an order for bankruptcy or winding up of the
        participant;

   (c)  the passing of a resolution for voluntary winding up of the
        participant; or

   (d)  the making of a directors’ voluntary winding up statement in respect
        of the participant.

(2) A failure by a participant to notify a system operator or the Monetary
Authority of a relevant event referred to in subsection (1) within the time
required under that subsection is not a contravention of that subsection if
the system operator or Monetary Authority (as the case may be) was already
aware of the relevant event by that time.