Page:Deposit Protection Scheme Ordinance (Cap. 581).pdf/8

(a) the Secretary for Financial Services and the Treasury, or a person appointed by the Secretary, in writing, as his representative, as an ex officio member;

(b) the Monetary Authority, or a person appointed by the Authority, in writing, as his representative, as an ex officio member; and

(c) not fewer than 4 and not more than 7 other members appointed by the Chief Executive from among persons who, either because of their experience in finance, accounting, banking, law, administration, information technology or consumer affairs, or because of their professional or occupational experience, appear to the Chief Executive to be suitable for the appointment.

(2) The following are not eligible for appointment under subsection (1)(c)—

(a) a public officer;

(b) a person who is a director, or an employee, of—

(i) an authorized institution;

(ii) a holding company of an authorized institution;

(iii) a subsidiary of such a holding company; or

(iv) a subsidiary of an authorized institution.

(3) The Chief Executive shall appoint one appointed member of the Board as Chairman of the Board.

(4) The Chief Executive shall give notice of each appointment under subsection (1)(c) or (3) by notice published in the Gazette.

(5) Schedule 2 has effect with respect to the Board.

5. Functions of Board

The Board has the following functions—

(a) to establish and maintain the Scheme;

(b) to manage and administer the Fund;

(c) to assess and collect contributions and late payment fees;

(d) to decide the entitlement of depositors and other persons to compensation under Division 2 of Part 5;

(e) to pay compensation to depositors in accordance with this Ordinance;

(f) to pay rebates or refunds of contributions to Scheme members in accordance with this Ordinance;

(g) to recover from, or out of the assets of, the Scheme member concerned any amount of compensation paid to depositors from the Fund, together with any interest accrued thereon in accordance with section 38; and

(h) such other functions as are imposed on it under this Ordinance.