Hong Kong Regulations

DEPOSIT PROTECTION SCHEME (PAYMENT OF CONTRIBUTIONS, LATE PAYMENT FEES AND REBATES) RULES - SECT 3

Payment of contributions and late payment fees

(1) A Scheme member shall pay any contribution payable under section 15(3) or
(4) of the Ordinance, or any late payment fee payable under section 15(4) of
the Ordinance—

   (a)  if the Scheme member maintains a settlement account with the Monetary
        Authority, by an entry that is made in the account to the credit of
        the Monetary Authority; or

   (b)  if the Scheme member does not maintain a settlement account with the
        Monetary Authority, by an entry that is made in a settlement  account
        maintained by another authorized institution with the Monetary
        Authority to the credit of the Monetary Authority.

(2) Such entry is to include a notice to the effect that the entry is made for
the purpose of paying the contribution or late payment fee to the Board.

(3) Subject to subsection (4), a Scheme member shall pay any contribution
payable under section 15(3) of the Ordinance during the specified time on a
day (other than a public holiday or Saturday) that falls within the period of
21 days after the date on which the relevant  notice in relation to the
contribution is given to the Scheme member.

(4) If the last day of the period under subsection (3) is not a working day,
the period includes the first working day that follows.

(5) In this section—

"gale warning" (烈風警告) means a gale warning within the meaning of
section 2 of the
Judicial Proceedings (Adjournment During Gale Warnings) Ordinance ( Cap 62);

"rainstorm warning" (暴雨警告) means a rainstorm warning within the
meaning of section 2 of the
Judicial Proceedings (Adjournment During Gale Warnings)  Ordinance ( Cap 62);

"relevant notice" (有關通知), in relation to any contribution, means a
notice of the assessment of the amount of the contribution that is given under
section 15(2) of the Ordinance;

"specified time" (指明時間), in relation to a day, means the time between
9 a.m. and 12:30 p.m. on the day, but does not include the time during which a
gale warning, or a rainstorm warning, is in force;

"working day" (工作日) means any day other than—

   (a)  a public holiday;

   (b)  a Saturday; or

   (c)  a day on which a gale warning, or a rainstorm warning, is in force at
        any time between 9 a.m. and 12:30 p.m.

"gale warning" (烈風警告)

"rainstorm warning" (暴雨警告)

"relevant notice" (有關通知)

"specified time" (指明時間)

"working day" (工作日)