Contents of Section

Chapter:

379 PDFTitle:OVERSEAS TRUST BANK (ACQUISITION) ORDINANCEGazette Number:
Section:9Heading:CompensationVersion Date:30/06/1997

(1) (Repealed 80 of 1993 s. 6)
(2) Any person who suffers loss by reason of the operation of section 4, the cessation of any right under section 5 or the disclaimer of a transaction under section 6(3) shall, in accordance with any regulations under section 10 read with subsection (3), be entitled to compensation in respect of such loss.
(3) The following matters may be prescribed-

        (a) the manner of determining the amount of compensation payable under subsection (2);
        (b) the factors to be taken into account or disregarded, and the principles to be applied in determining such amount;
        (c) the time and manner of payment of such compensation;
        (d) whether and what interest shall be payable in respect of such compensation;
        (e) the denial of compensation under subsection (2) to any former director who has engaged in any transaction which could be disclaimed under section 6(3) if it were in whole or in part unperformed or unexpired;
        (f) any matter incidental to the matters specified in subsection (2) or paragraphs (a) to (e). (Amended 80 of 1993 s. 6)
(Enacted 1985)