Cap 581 s 12 Membership of Scheme (DEPOSIT PROTECTION SCHEME ORDINANCE)

Contents of Section

Chapter:	581	Title:	DEPOSIT PROTECTION SCHEME ORDINANCE	Gazette Number:	L.N. 219 of 2004
Section:	12	Heading:	Membership of Scheme	Version Date:	25/02/2005

(1) Subject to section 13, every bank is a member of the Scheme and remains as such until—

(a) the company ceases to be a bank by virtue of section 18(3) of the Banking Ordinance (Cap 155); or

(b) its banking licence is revoked under that Ordinance.

(2) In the case of a bank the banking licence of which was granted on or before the commencement of this section, it becomes a member of the Scheme on that commencement.
(3) In the case of a bank the banking licence of which is granted after the commencement of this section, it becomes a member of the Scheme on the date on which its banking licence is granted.