Cap 485 s 33A Authority to appoint administrator on suspension or termination of trustee's administration (Mandatory Provident Fund Schemes Ordinance)

Contents of Section

Chapter:	485	Title:	Mandatory Provident Fund Schemes Ordinance	Gazette Number:	L.N. 70 of 1999
Section:	33A	Heading:	Authority to appoint administrator on suspension or termination of trustee's administration	Version Date:	03/08/1999

(1) If-

(a) the administration of an employer sponsored scheme by a trustee is suspended or terminated; and

(b) after the suspension or termination-

(i) there are no other trustees of the scheme; or

(ii) there is only one remaining trustee (not being a company); or

(iii) if each of the remaining trustees is a natural person, there is no remaining independent trustee,

the Authority must, as soon as practicable after the suspension or termination of administration, appoint an administrator to replace the trustee whose administration of the scheme has been suspended or terminated until the suspension ends or the vacancy resulting from the termination is filled.
(2) A person appointed under subsection (1) must, as far as possible, be an approved trustee.
(3) However, if the Authority is unable to find an approved trustee who is willing to act as an administrator of the registered scheme concerned, it may appoint as administrator a person who is not an approved trustee.
(4) If-

(a) the administration of a master trust scheme or an industry scheme by a trustee is suspended or terminated; and

(b) there are no other trustees of the scheme,

the Authority must, as soon as practicable after the suspension or termination of administration, appoint an administrator to administer the scheme to replace the trustee whose administration of the scheme has been suspended or terminated until the suspension ends or the vacancy resulting from the termination is filled.
(5) A person appointed under subsection (4) must, as far as possible, be an approved trustee that is a company.
(6) However, if the Authority is unable to find an approved trustee that is a company who is willing to act as an administrator of the registered scheme concerned, it may appoint as administrator a person who is not an approved trustee or an approved trustee that is not a company.
(7) An appointment under this section is to be on such terms and conditions as are specified in the appointment, including the fees that are to be payable to the approved trustee. If a person appointed under this section is not an approved trustee, the terms and conditions are, as nearly as practicable, to be those applicable to such a trustee.
(8) The Authority may terminate the appointment of an administrator after giving reasonable notice to the administrator and may-

(a) if the approved trustee

's administration of the scheme is suspended and the suspension has not ended; or

(b) if that trustee

administration of the scheme is terminated,

in accordance with this section appoint another administrator to administer the scheme.
(9) The administrator of a registered scheme may resign by giving to the Authority not less than 30 days' written notice of the resignation.
(10) An administrator of a registered scheme may deal with the scheme assets as if the legal interest in those assets was vested in the administrator or, where the administrator consists of 2 or more persons, was vested in those persons jointly.

(Added 4 of 1998 s. 2)