- (b) in relation to a Scheme member’s related company that is not an authorized institution, has the meaning assigned to it by section 2(1) of the Companies Ordinance (Cap. 32);
“related company” (關連公司), in relation to a Scheme member, means—
- (a) a holding company of the Scheme member;
- (b) a subsidiary of the holding company; or
- (c) a subsidiary of the Scheme member.
4. For the purposes of sections 1(f) and (g) and 2(f), if a deposit is held by more than one person in their own right or held for more than one person, each of those persons is deemed to have an equal share in the deposit unless the contrary is proved to the satisfaction of the Board.
Provisions Relating to Board
1. Seal
(1) The affixing of the common seal of the Board shall be authenticated by the signature of any 2 members of the Board.
(2) Any document purporting to be a document duly executed under the seal of the Board shall be received in evidence and is, unless the contrary is proved, to be deemed to be a document so executed.
2. Tenure of appointed members
(1) An appointed member of the Board shall be appointed for a term not exceeding 3 years.
(2) On the expiry of his period of appointment or reappointment, an appointed member of the Board is eligible for reappointment for such further term as the Chief Executive may specify.
(3) An appointed member of the Board may resign from office by giving notice in writing to the Chief Executive. A notice of resignation takes effect on the date specified in the notice or, if no date is specified, on the date of receipt by the Chief Executive of the notice.
(4) If the Chairman of the Board is absent from Hong Kong or is for any other reason unable to perform the functions of his office as Chairman, the Chief Executive may appoint another appointed member of the Board to be the temporary Chairman in his place during his absence or incapacity.
(5) If an appointed member of the Board, other than the Chairman, is absent from Hong Kong or is for any other reason unable to perform the functions of his office as member, the Chief Executive may appoint another person to be a temporary member in his place during his absence or incapacity.
(6) If a person is appointed as the temporary Chairman, or a temporary member, of the Board, the person may perform all the functions of the Chairman, or member, in whose place the person is appointed.
3. Terms and conditions of appointment of members
All matters relating to the terms and conditions of the appointment of the members (other than ex officio members) of the Board are to be determined by the Chief Executive.
4. Removal of appointed members
If the Chief Executive is satisfied that an appointed member of the Board—
