Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/11

DEPOSIT PROTECTION SCHEME ORDINANCE (2) The Board shall comply with any written direction given under subsection (1).

(3) If a written direction is given under subsection (1), a requirement under an Ordinance that the Board shall, for the purpose of performing any of the functions to which the written direction relates—
 * (a) form any opinion;
 * (b) be satisfied as to any matter (including existence of particular circumstances); or
 * (c) consult any person,

does not apply for any purpose connected with the performance of functions pursuant to, or consequent upon, the written direction.

10. Exemption from taxation

The Board is exempt from taxation under the Inland Revenue Ordinance (Cap. 112). PART 3 11. Establishment of Deposit Protection Scheme

The Board shall, for the purposes of this Ordinance, establish and maintain a scheme to be known as the “Deposit Protection Scheme” in English and “存款保障計劃” in Chinese.

12. Membership of Scheme

(1) Subject to section 13, every bank is a member of the Scheme and remains as such until—
 * (a) the company ceases to be a bank by virtue of section 18(3) of the Banking Ordinance (Cap. 155); or
 * (b) its banking licence is revoked under that Ordinance.

(2) In the case of a bank the banking licence of which was granted on or before the commencement of this section, it becomes a member of the Scheme on that commencement.

(3) In the case of a bank the banking licence of which is granted after the commencement of this section, it becomes a member of the Scheme on the date on which its banking licence is granted.