Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/22

DEPOSIT PROTECTION SCHEME ORDINANCE the Board may make a specification for the purposes of subsection (1) that the quantification date, in relation to the Scheme member, means the date of the specified event in relation to the Scheme member.

(3) The Board may withdraw a specification made under subsection (2) if a provisional liquidator is appointed in respect of the Scheme member after the specification is made.

26. Protected deposits to include portion thereof

In this Part—
 * (a) a reference to a protected deposit includes a portion of the deposit; and
 * (b) in the case where a reference to a protected deposit means a portion of the deposit by virtue of paragraph (a), a reference to a portion of that protected deposit means a sub-portion of that portion.

Division 2—Entitlement to compensation 27. Entitlement to compensation: general

(1) Subject to section 31, a person is entitled, in respect of one or more protected deposits with a failed Scheme member that—
 * (a) the person holds in his own right;
 * (b) a depositor holds as a bare trustee for the person; or
 * (c) a depositor holds in a client account for the person as the depositor’s client,

to compensation of the specified amount from the Fund under section 28 or 29, but the total amount of compensation to which the person is so entitled in respect of the deposits concerned shall not exceed $100,000, regardless of the number or amount of deposits.

(2) Subject to section 31, a person is entitled, in respect of one or more protected deposits with a failed Scheme member that the person holds as a trustee under one trust, to compensation of the specified amount from the Fund under section 30, but the total amount of compensation to which the person is so entitled in respect of the deposits held under that trust shall not exceed $100,000, regardless of the number or amount of deposits.

(3) In subsections (1) and (2), “specified amount” (指明款額), in relation to compensation to which a person is entitled from the Fund, means the amount by which the aggregate amount, as at the date of the specified event, of the protected deposits in respect of which the person is so entitled exceeds the aggregate amount, as at that date, of the liabilities of the person to the failed Scheme member in respect of which—