### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

43. Proposal to cancel registration
(1) Where the Registrar issues a proposal to cancel registration of a registered scheme under section 42, he shall—
(a) publish a notice containing the proposal in a way the Registrar considers appropriate; and (Replaced 9 of 2020 s. 28)
(b) give a notice in writing of the proposal to the relevant employer and designated person of the scheme requiring the employer to—
(i) cause a copy of the notice to be sent to each member of the scheme; or
(ii) display an appropriate notice of the Registrar’s notice and make the latter available for inspection by such member.
(2) A notice published or given by the Registrar under subsection (1) shall—
(a) state the reason for issuing the proposal; and
(b) state that representations or objections may be made as regards the proposed cancellation to the Registrar within such period (being a period of not less than 1 month beginning on the date of the notice) as shall be specified in the notice.
(3) The Registrar may on an application in writing in his absolute discretion—
(a) withdraw any proposal issued under section 42; or
(b) extend the period referred to in subsection (2).
(4) Where the court has made an order as regards a registered scheme under section 44(1) and the Registrar withdraws a proposal as regards the scheme under subsection (3), he shall make an application under section 44(3)(a) for the withdrawal of the order.
(5) A person who fails to comply with a requirement under subsection (1)(b)(i) or (ii) commits an offence and is liable on summary conviction to a fine at level 3. (Replaced 9 of 2020 s. 28)

### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

44. Court may order freezing of assets
(1) Where the Registrar issues, or intends to issue, a proposal to cancel the registration of a registered scheme under section 42, the court may on an application by the Registrar order that— (Amended 9 of 2020 s. 29)
(a) the assets of the scheme shall not be assigned, transferred or otherwise disposed of;
(b) no payment out of the assets of the scheme shall be made, whether to a member or otherwise,
except in accordance with the court order.
(1A) Before making an order under subsection (1), the court must satisfy itself, so far as it can reasonably do so, that—
(a) it is desirable that the order be made; and
(b) the order will not unfairly prejudice any person. (Added 9 of 2020 s. 29)
(2) Any—
(a) asset assigned, transferred or disposed of; or
(b) payment made out of the assets of the relevant registered scheme, 
in contravention of an order made under subsection (1) shall be recoverable by such person and, after being so recovered, disposed of in such manner as the court may specify in the order.
(3) An order made under subsection (1) as regards a registered scheme shall cease to have effect—
(a) if it is withdrawn by the court upon an application by the Registrar;
(b) (Where an appeal is made under section 46 against the cancellation of the registration of the scheme) if the Appeal Board directs the Registrar to restore the registration of the scheme under section 62(4)(d); or
(c) upon the making of a winding up order (if any) under section 48(2) as regards the scheme.

### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

46. Appeal against cancellation
Where the Registrar cancels the registration of a registered scheme under section 45(1), the relevant employer of the scheme may, within 2 months after the date of the notice given under section 45(2)(b), appeal to the Appeal Board against the cancellation.

47. Coming into effect of cancellation
(1) A cancellation under section 45(1) shall not come into effect—
(a) where no appeal is made in relation to it under section 46, until the period during which such an appeal may be made has expired; or
(b) where such an appeal is made, pending determination of the appeal or, in case such appeal is withdrawn, before such withdrawal.
(2) Where the Registrar cancels the registration of a registered scheme, in order to afford an opportunity to enable the requirement of or under this Ordinance which caused him to cancel the registration to be complied with, he may defer the coming into effect of the cancellation and if so, shall give a notice in writing of deferment to the designated person and relevant employer of the scheme.
(3) The Registrar shall—
(a) publish a notice of the coming into effect of the cancellation in a way the Registrar considers appropriate; and (Replaced 9 of 2020 s. 31)
(b) give a notice in writing of the coming into effect of the cancellation to the relevant employer of the relevant scheme requiring him to—
(i) cause a copy of the notice to be sent to each member of the scheme; or
(ii) display an appropriate notice of the Registrar’s notice and make the latter available for inspection by such member.
(4) A person who fails to comply with a requirement under subsection (3)(b)(i) or (ii) commits an offence and is liable on summary conviction to a fine at level 3. (Replaced 9 of 2020 s. 31)

48. Application for winding up of Hong Kong domiciled schemes
(1) Where the Registrar cancels the registration of a Hong Kong domiciled scheme, the Registrar, the relevant employer of the scheme or any member of the scheme may apply to the court to exercise its power under this section.
(2) Upon an application made under subsection (1) the court may, if it considers it just and equitable to do so—
(a) order the scheme to be wound up in accordance with a proposal submitted by the applicant;
(b) order the scheme to be wound up in accordance with a proposal so submitted but modified in a manner specified by the court; or
(c) order the scheme to be wound up by the court.
(3) Where the court makes an order under subsection (2), the provisions of Part VII shall apply.

### Occupational Retirement Schemes Ordinance 《職業退休計劃條例》

49. Appointment of liquidator
(1) Where the court makes an order under section 48(2), it shall appoint a liquidator as regards the scheme being wound up for the purposes of conducting the winding up and performing related functions under this Ordinance. (Amended 9 of 2020 s. 32)
(2) The court may on an application made by the Registrar remove a liquidator from his office.
(3) A liquidator may by notice in writing given to the Registrar of the High Court resign from his office. (Amended 25 of 1998 s. 2)
(4) Where the office of a liquidator becomes vacant by whatever reason, the court may appoint any other person to fill the vacancy.

50. Remuneration of liquidator
Where a person other than a public officer is appointed liquidator as regards a scheme under section 49(1), the person is to receive such remuneration as is determined— (Amended 9 of 2020 s. 33)
(a) where there is a consultative committee formed in respect of the members of the scheme, by agreement between the liquidator and the committee; or
(b) where there is no consultative committee or the liquidator and the committee fail to agree, by the court.

51. Powers of liquidator
A liquidator appointed as regards a scheme under section 49(1) has power— (Amended 9 of 2020 s. 34)
(a) to sell the assets of the scheme by public auction or private contract, with power to transfer the whole thereof to any person or company, or to sell the same in parcels;
(b) (notwithstanding any term of the scheme) to bring or defend any action or other legal proceedings in the name and on behalf of the beneficiaries under the scheme;
(c) to make any compromise or arrangement with respect to any debt, claim or liability relating to the assets of the scheme;
(d) to engage the service of other persons to assist him in the performance of his functions;
(e) to do such other things as may be necessary for winding up the scheme and distributing its assets.