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Chapter:

581 PDFTitle:DEPOSIT PROTECTION SCHEME ORDINANCEGazette Number:L.N. 110 of 2006
Section:15Heading:Contributions to FundVersion Date:25/09/2006


(1) The Board shall assess the amount of contribution payable by each Scheme member.
(2) As soon as practicable after having made an assessment under subsection (1), the Board shall notify the Scheme member of the assessment in writing.
(3) A Scheme member shall pay to the Board, in the prescribed manner and within the prescribed period, the amount of contribution assessed by the Board.
(4) If a Scheme member fails to pay any contribution in contravention of subsection (3)ˇX

        (a) the Board may impose on the Scheme member a late payment fee of $5000, or of a sum equivalent to 10% of the amount of the contribution that remains to be paid by the Scheme member, whichever is the greater; and
        (b) the Scheme member shall pay to the Board the contribution that remains to be paid by it, and the late payment fee, in the prescribed manner and within a period specified by the Board.
(5) The Board shall, on collecting any contribution or late payment fee from a Scheme member, pay it into the Fund.
(6) If a Scheme member contravenes subsection (4)(b), every director and every chief executive of the Scheme member commits an offence and is liableˇX
        (a) on conviction on indictment to a fine of $400000 and to imprisonment for 2 years; or
        (b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.
(7) Schedule 4 has effect with respect to the contributions payable by a Scheme member and to rebates and refunds of contributions.