Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/21

DEPOSIT PROTECTION SCHEME ORDINANCE :(a) a specified event has occurred in relation to a Scheme member by virtue of section 22(1)(a)(i); and
 * (b) the winding-up order in respect of the Scheme member is set aside by a court,

it is deemed, with effect on and after the date on which the setting aside takes effect, that the specified event never occurred.

(2) Subject to subsection (3), if—
 * (a) a specified event has occurred in relation to a Scheme member by virtue of section 22(1)(a)(ii); and
 * (b) the Monetary Authority’s decision under section 22(2) that compensation should be paid to the depositors of the Scheme member—
 * (i) is revoked by the Chief Executive in Council under section 23(4); or
 * (ii) is set aside by a court,

it is deemed, with effect on and after the date specified in the notice of revocation as the date on which the revocation takes effect, or the date on which the setting aside takes effect, that the specified event never occurred and that the Monetary Authority had never served on the Board a notice of that decision.

(3) Subsection (1) or (2) does not operate to prejudice the legality and effect of anything done in accordance with this Ordinance pursuant to the specified event before the effective date referred to in that subsection.

25. Quantification date

(1) In this Part, “quantification date” (截算日), in relation to a Scheme member, means—
 * (a) in the case where a specification is made under subsection (2) and has not been withdrawn under subsection (3), the date of the specified event in relation to the Scheme member;
 * (b) in any other case, the date of appointment of a provisional liquidator in respect of the Scheme member.

(2) If a specified event has occurred in relation to a Scheme member, and the Board—
 * (a) has knowledge that a provisional liquidator will not be appointed;
 * (b) is of the opinion that it is uncertain whether a provisional liquidator will be appointed; or
 * (c) is of the opinion that an appointment of a provisional liquidator will take so long as to unduly delay the payment of compensation to the depositors of the Scheme member by the Board,