Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/13

DEPOSIT PROTECTION SCHEME ORDINANCE :(b) the Board may impose such other conditions of the exemption as the Board considers appropriate.

(6) As soon as practicable after having made a decision on an application under subsection (1) from a bank, the Board shall give notice in writing to the bank of its decision and, in the case of a decision to refuse to exempt the bank from section 12(1) or to impose any condition under subsection (5)(b), the reasons for its decision.

(7) An exemption from section 12(1) remains in force until it is revoked by the Board.

(8) The Board may, by notice in writing given to a bank the subject of an exemption from section 12(1)—
 * (a) impose any further condition of the exemption as the Board considers appropriate;
 * (b) vary any condition imposed under paragraph (a) or subsection (5)(b);
 * (c) revoke any condition imposed under paragraph (a) or subsection (5)(b); or
 * (d) revoke the exemption if any condition of the exemption has not been or is not being complied with,

and shall, in the case of a decision to impose any further condition, vary any condition or to revoke an exemption, state the reasons for its decision in the notice.

(9) Before exercising its power under subsection (3)(b), (5)(b) or (8)(a), (b) or (d), the Board shall afford the bank an opportunity, within such period as the Board may specify in writing, being a period reasonable in all the circumstances, of being heard.

(10) A bank exempted from section 12(1) shall, as soon as practicable after the relevant time, inform in writing its depositors, or any person who is not already a depositor of the bank but has informed the bank that he intends to make a deposit with the bank—
 * (a) that it is not a member of the Scheme;
 * (b) that any deposit, in whole or in part, taken by the bank at any of its Hong Kong offices is not protected by the Scheme, but is protected by a deposit protection scheme, or other scheme of a similar nature, established and maintained in the jurisdiction in which the bank is incorporated; and
 * (c) of the following information about the scheme—
 * (i) the name, address, telephone number and website (if any) of the organization operating the scheme;
 * (ii) the scope and level of protection available to the deposits under the scheme;
 * (iii) the type of deposits protected by the scheme; and