Banking Act (Cap. 371), article 28A

28A. Without prejudice to the powers arising under article 3, the Minister, acting on the advice of the competent authority, may make regulations to establish schemes or other arrangements wit h such distinct legal personality or otherwise as may be prescrib ed, for the protection of depositors in cases where credit institut ions are unable to satisfy their obligations towards depositors and to regulate the management and the financing of any such schemes o r arrangements for compensation and the contributions and levies to be paid thereto, to set out minimum and maximum levels of compensation, to exclude certain deposits from the application of such schemes or arrangements, and to make provision for any oth er aspect related to depositor prot ection schemes including rules on advertising; and such schemes shall be exempt from the payment of income tax as from the date of establishment of such schemes. Power of competent authority to take control of credit institutions. Amended by: XVII. 2002.185; XX. 2007.114; XLIV .2018.11; XXVI.2019.14; LXXI.2021.50; XI.2025.34.