- (ii) on summary conviction to a fine at level 6 and to imprisonment for 6 months and, in the case of a continuing offence, to a further fine of $10,000 for each day during which the offence continues;
- (j) provide for any specified defence to be available in proceedings for such an offence; and
- (k) provide for any other matter relating to the asset maintenance requirement.
(3) In this section, “asset maintenance requirement” (維持資產規定) means the requirement, referred to in subsection (2)(a), by the Monetary Authority of a Scheme member, or each Scheme member of a class of Scheme members, to maintain assets in Hong Kong.
54. Amendment of Schedules
(1) The Chief Executive in Council may, by notice published in the Gazette, amend Schedule 1, 2, 3 or 4.
(2) In amending Schedule 4, the Chief Executive in Council shall ensure that the Fund should, so far as practicable, be made up of money derived from the banking industry.
55. Consequential and other amendments
The enactments specified in Schedule 5 are amended as set out in that Schedule.
Deposits Specified for Purposes of Definitions of “Protected Deposit” and “Relevant Deposit” in Section 2(1) of this Ordinance
1. For the purpose of the definition of “protected deposit” in section 2(1) of this Ordinance, the following deposits are specified—
- (a) a term deposit where the current term agreed to by the depositor at the most recent time it was negotiated exceeds 5 years;
- (b) a deposit the repayment of which is secured either in whole or in part on the assets of the Scheme member;
- (c) a bearer instrument;
- (d) a deposit taken by the Scheme member at any of its offices outside Hong Kong;
- (e) a deposit held for the account of the Exchange Fund;
- (f) a deposit held by an excluded person in his own right, or, in the case of a deposit held by an excluded person and a non-excluded person in their own right (except where those persons carry on business in partnership), the portion of the deposit attributable to the excluded person’s share in the deposit;
- (g) a deposit held by a depositor as a bare trustee for an excluded person, or in a client account for an excluded person as the depositor’s client, or, in the case of a deposit so held for an excluded person and a non-excluded person (except where those persons carry on business in partnership), the portion of the deposit attributable to the excluded person’s share in the deposit;
- (h) a deposit held by a depositor as a trustee for an excluded person only.
