Cap 426 s 44 Court may order freezing of assets (OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE)

Contents of Section

Chapter:	426	Title:	OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE	Gazette Number:
Section:	44	Heading:	Court may order freezing of assets	Version Date:	30/06/1997

(1) Where the Registrar issues a proposal to cancel the registration of a registered scheme under section 42, the court may on an application by the Registrar order that-

(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.
(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(a) if it is withdrawn by the court upon an application by the Registrar;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

(Enacted 1992)