Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (EXEMPTION) REGULATION - SECT 17

Effect of exemption certificate and mandatory conditions

(1) Without prejudice to the operation of section 3, the effect of an
exemption certificate is that-

   (a)  the existing members and new members of the relevant ORSO 
        registered scheme to which the certificate relates, and the relevant
        employer of the scheme, are each exempt from Part III of the
        Ordinance;

   (b)  the scheme, the existing members and new members of the scheme,
        the relevant employer and the administrator (within the meaning of
        the  relevant Ordinance) of the scheme are each subject to the
        conditions specified in Schedule 2 which are applicable thereto; and

   (c)  the provisions of Schedule 3 shall apply to and in relation to the
        trustee, the directors, if any, of the trustee, the assets of the
        scheme and the person appointed by the trustee to manage the
        investment of the assets.

(2) The provisions of any specified document applicable to any of the scheme,
members and relevant employer referred to in subsection (1) shall not apply to
that scheme, those members or that relevant employer, as the case may be, to
the extent that any of those provisions are inconsistent with any of the
provisions of the mandatory conditions to which that scheme, those members,
that relevant employer, as the case may be, are respectively subject.

(3) In this section, "specified document" (指明文件) means-

   (a)  the governing rules of a relevant ORSO registered scheme;

   (b)  any enactment other than the Ordinance;

   (c)  any articles, or memorandum, within the meaning of the
        Companies Ordinance ( Cap 32); or

   (d)  any constitution or rules.

"specified document" (指明文件)