Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/31

DEPOSIT PROTECTION SCHEME ORDINANCE (6) The interest rate referred to in subsection (5) is—
 * (a) the rate at which interest is for the time being payable in respect of a Hong Kong dollar savings account with deposit amount of $100,000, quoted by the note-issuing banks within the meaning of section 2 of the Legal Tender Notes Issue Ordinance (Cap. 65); or
 * (b) if different rates are quoted by different note-issuing banks, the rate determined by the Board as the average of those rates.

(7) In this section, “net amount” (淨額), in relation to a payment of compensation made to a depositor of a Scheme member from the Fund, means the amount of the payment less the amount of excess, if any, that is recoverable by the Board from the depositor under section 37(3).

39. Reimbursement from provisional liquidator

The provisional liquidator of a failed Scheme member may, subject to the approval of the Court of First Instance, reimburse the Board out of the assets of the failed Scheme member for any amount of compensation paid to a depositor of the failed Scheme member from the Fund, together with any interest accrued thereon in accordance with section 38. PART 6 40. Establishment of Deposit Protection Appeals Tribunal

(1) There is established by this section a tribunal to be known as the “Deposit Protection Appeals Tribunal” in English and “存款保障上訴審裁處” in Chinese.

(2) The function of the Tribunal is to review a decision or assessment the subject of an application under section 41(1), (2) or (3).

(3) For the purpose of reviewing a decision or assessment, the Tribunal is to consist of—
 * (a) the Chairman of the Tribunal; and
 * (b) such number of persons, not being fewer than 2, from the panel referred to in subsection (5) as the Financial Secretary may, on the recommendation of the Chairman, appoint to be members of the Tribunal to review the decision or assessment.

(4) The Chief Executive shall, on the recommendation of the Chief Justice, appoint a judge to be the Chairman of the Tribunal.