Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 33

Enforcement of judgments over property of participant as judgment debtor

(1) This section applies to any property of a participant in a designated
system that—

   (a)  has been provided as collateral security in favour of a system
        operator or settlement institution of the system; and

   (b)  is held by or deposited with that system operator or settlement
        institution for the purpose of securing liabilities arising directly
        in connection with the clearing or settlement of those transfer orders
        issued by the participant.

(2) Except with the consent of the system operator or settlement institution
mentioned in subsection (1)—

   (a)  no execution or other legal process for the enforcement of a judgment
        or order shall be commenced or continued; and

   (b)  no distress shall be levied, in respect of property to which this
        section applies; but this subsection does not apply to a person
        seeking to enforce any interest in or security over the property.

(3) Where by virtue of subsection (2) a person would not be entitled to
enforce a judgment or order against any property, any injunction or other
remedy granted with a view to facilitating the enforcement of any such
judgment or order shall not extend to that property.