### Deposit Protection Scheme Ordinance 《存款保障計劃條例》

19. Auditors
(1) The Board shall, with the prior approval of the Financial Secretary, appoint an auditor, who may be the Director of Audit.
(2) The auditor is entitled—
(a) to have access to such books of account and other records of the Fund; and
(b) to require such information and explanation,
as he considers necessary to perform his functions.
(3) The auditor shall audit the statement of accounts prepared under section 18(2) and make a report to the Board on the audit of that statement.
(4) A report made under subsection (3) shall contain a statement by the auditor as to whether in his opinion the statement of accounts gives a true and fair view of the matters to which the statement of accounts relates.

20. Statements and reports to be laid before Legislative Council
(1) The Board shall, within 4 months after the end of each financial year of the Fund or such further time as the Financial Secretary may for any particular year allow, submit to the Financial Secretary—
(a) a report on the activities of the Board for that financial year;
(b) a copy of the statement of accounts prepared under section 18(2) for that financial year; and
(c) a copy of the report made under section 19(3) on the audit of that statement.
(2) The Financial Secretary shall cause the reports and statement received by him under subsection (1) to be laid on the table of the Legislative Council.

21. Investment of money
(1) The Board may place, or invest, money of the Fund that is not immediately required by the Board for the performance of its functions in the following—
(a) deposits with the Monetary Authority for the account of the Exchange Fund;
(b) Exchange Fund Bills;
(c) US Treasury Bills;
(d) subject to subsection (2), exchange rate contracts or interest rate contracts, including derivative products;
(e) any other investment approved by the Financial Secretary.
(2) The Board shall not place, or invest, money of the Fund in exchange rate contracts or interest rate contracts except for hedging purposes.

### Deposit Protection Scheme Ordinance 《存款保障計劃條例》

25. Quantification date
In this Part—
quantification date (截算日), in relation to a Scheme member, means the date on which the specified event occurred in relation to the Scheme member under section 22(1).
(Replaced 2 of 2016 s. 3)

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.

### Deposit Protection Scheme Ordinance 《存款保障計劃條例》

28. Entitlement to compensation: depositors in their own right
(1) Subject to this Division, if a depositor of a protected deposit with a failed Scheme member holds the deposit in his own right, the depositor is entitled, in respect of the deposit as at the date of the specified event, to compensation from the Fund.
(2) If the depositor consists of 2 or more persons—
(a) in the case where the persons carry on business in partnership, those persons are, for the purpose of entitlement to compensation from the Fund, a single and continuing body of persons as distinct from the persons who may from time to time be the members of the partnership;
(b) in any other case, each of those persons is entitled, in respect of his share in the protected deposit as at the date of the specified event, to compensation from the Fund.
(3) For the purposes of subsection (2)(b), each of the persons is deemed to have an equal share in the protected deposit unless the contrary is proved to the satisfaction of the Board.

29. Entitlement to compensation: bare trusts and client accounts
(1) Subject to this Division, if a depositor of a protected deposit with a failed Scheme member holds the deposit as a bare trustee under a bare trust, the beneficiary, but not the depositor, is entitled, in respect of the deposit as at the date of the specified event, to compensation from the Fund.
(2) Subject to this Division, if a depositor of a protected deposit with a failed Scheme member holds the deposit as a bare trustee under different bare trusts, the beneficiary of each of those trusts, but not the depositor, is entitled, in respect of the portion of the deposit held under the trust as at the date of the specified event, to compensation from the Fund.
(3) Subject to this Division, if a depositor of a protected deposit with a failed Scheme member holds the deposit in a client account for a client, the client, but not the depositor, is entitled, in respect of the deposit as at the date of the specified event, to compensation from the Fund. 
(4) If the beneficiary or client consists of 2 or more persons—
(a) in the case where the persons carry on business in partnership, those persons are, for the purpose of entitlement to compensation from the Fund, a single and continuing body of persons as distinct from the persons who may from time to time be the members of the partnership;
(b) in any other case, each of those persons is entitled, in respect of his share in the protected deposit as at the date of the specified event, to compensation from the Fund.
(5) For the purposes of subsection (4)(b), each of the persons is deemed to have an equal share in the protected deposit unless the contrary is proved to the satisfaction of the Board.

### Deposit Protection Scheme Ordinance 《存款保障計劃條例》

30. Entitlement to compensation: trusts
(1) Subject to this Division, if a depositor of a protected deposit with a failed Scheme member holds the deposit as a trustee under a trust, the depositor is entitled, in respect of the deposit as at the date of the specified event, to compensation from the Fund as such trustee of the trust.
(2) Subject to this Division, if a depositor of a protected deposit with a failed Scheme member holds the deposit as a trustee under different trusts, the depositor is entitled, in respect of each portion of the deposit held under each of those trusts as at the date of the specified event, to compensation from the Fund as such trustee of the trust.
(3) If the depositor consists of 2 or more persons, those persons are, for the purpose of entitlement to compensation from the Fund, a single and continuing body of persons as distinct from the persons who may from time to time be the trustees.

31. Restrictions on entitlement to compensation
(1) If a depositor of a Scheme member or any other person is entitled, in respect of the depositor’s protected deposit with the Scheme member, to compensation under this Division, any such compensation shall be paid to the depositor, but not any other person, in accordance with this Ordinance.
(2) No action to enforce any entitlement to compensation under this Division may be brought in any court unless the action is commenced within 5 years after the date of the specified event concerned.
(3) If a person has, in respect of a protected deposit or portion thereof, been paid an amount of compensation out of the Investor Compensation Fund established under section 236 of the Securities and Futures Ordinance (Cap. 571) in respect of a claim for compensation made under rules made under Part XII of that Ordinance, no person is entitled, in respect of the deposit or that portion (as the case may be), to compensation under this Division.
(4) If the Board has paid a depositor of a protected deposit the entire amount of compensation payable to the depositor in accordance with this Ordinance, no other person is entitled, in respect of the deposit, to compensation under this Division.