Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/15

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE


 * (b) amending a particular rule in the manner specified in the direction; or
 * (c) deleting a rule specified in the direction.

(4) Before giving a direction under subsection (1), the Monetary Authority shall consult the Financial Secretary and the system operator or settlement institution to whom the direction relates.

(5) If there is any failure to comply with a direction given under this section, the Monetary Authority may by notice published in the Gazette declare that the operating rules of the designated system shall be amended in the manner specified in the direction, and the operating rules of the system shall as from the time of publication of such have effect as if they had been so amended. PART 3 Division 1—Interpretation 15. Interpretation

(1) In this Part, other than section 26, a reference to the law of insolvency shall be construed as a reference to—
 * (a) the Bankruptcy Ordinance (Cap. 6);
 * (b) Parts V, VI and X of the Companies Ordinance (Cap. 32); and
 * (c) any other written law or rule of law of Hong Kong which is concerned with or in any way related to the bankruptcy, winding up or insolvency of a person,

or, for the purposes of the application by a court in Hong Kong (in accordance with the rules of private international law) of the laws of a place outside Hong Kong, as a reference to any written law or rule of law of the place outside Hong Kong which is concerned with or in any way related to the bankruptcy, winding up or insolvency of a person.

(2) In this Part, unless the context otherwise requires, a reference to bankruptcy or winding up shall be construed as a reference to bankruptcy or winding up under the laws of Hong Kong.