Insurance Ordinance

(1)
An Advisor or Manager may at any time by notice in writing to the Authority resign his office, but any such resignation shall not take effect unless and until it is accepted by the Authority.
(Amended
12 of 2015 s. 2
)
(2)
The Authority may at any time revoke the appointment of an Advisor or Manager.
(Amended
12 of 2015 s. 2
)
(3)
Where the office of an Advisor or Manager becomes vacant pursuant to subsection (1) or (2) or due to the death of the holder of that office, the Authority shall
forthwith—
(Amended
12 of 2015 s. 2
)
(a)
appoint a person to fill the vacancy; and
(b)
serve on the authorized insurer concerned a notice in writing specifying the name and address of the person so appointed.
(Amended
12 of 2015 s. 2
)
(4)
The appointment of an Advisor or Manager shall be deemed to be revoked immediately upon the revocation under
section 38D(1)
of the direction given under
section 35(2)
by virtue of which he holds his office.
(5)
The
                Authority
                may at any time determine the remuneration and expenses to be paid by an
                authorized
                insurer to an Advisor or Manager appointed in respect of
                the insurer.
(Amended
12 of 2015 s. 2
)
(6)
Where the Authority has made a determination under subsection (5), the Authority
shall—
(Amended
12 of 2015 s. 2
)
(a)
publish a notice in the Gazette
stating—
(i)
that the determination has been made; and
(ii)
the name of the insurer to which the determination relates; and
(b)
provide a copy of the determination to any member of that insurer who so requests.
(7)
Any remuneration and expenses required by a determination under subsection (5)
                to be paid by
                an
                authorized insurer to an Advisor or
Manager—
(Amended
12 of 2015 s. 2
)
(a)
is recoverable by the Advisor or Manager, as the case may be, as a civil
                    debt;
(b)
shall, in any winding up of
                    the
                    insurer under the Companies (Winding Up and Miscellaneous
                    Provisions) Ordinance (
Cap.
                        32
)—
(Amended
28 of 2012 ss. 912 & 920
; Amended
12 of 2015 s. 2
)
(i)
in the case of a voluntary winding up, have the same priority as is
                        given under
section 256
of that Ordinance to the remuneration of
                        a liquidator;
(ii)
in the case of a winding up by the Court of First Instance, have the
                        same priority as is given under
rule 179(1)
of the Companies
                        (Winding-up) Rules (
Cap. 32 sub. leg. H
) to any
                        costs, charges and expenses incurred by the Official Receiver.
(Amended
25 of 1998 s. 2
)
(8)
(Repealed
12 of 2015 s. 55
)
(9)
In subsections (5) and (7
)—
Advisor
(
顧問
) includes a former Advisor;
Manager
(
經理
) includes a former Manager.