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The Authorization Agreement For Direct Deposits is a fundamental document used in Hong Kong's business environment to establish and maintain automated payment arrangements between parties. This agreement is typically implemented when an organization needs to set up regular electronic fund transfers, most commonly for payroll purposes, but also for vendor payments, dividend distributions, or other recurring payments. The document must comply with Hong Kong's banking regulations and privacy laws, including the Banking Ordinance and Personal Data (Privacy) Ordinance. It contains essential information such as bank account details, payment schedules, authorization terms, and data protection provisions. The agreement serves as a legal record of the arrangement and provides protection for all parties involved in the direct deposit process.

1. Parties: Identifies the account holder (employee/recipient), the depositor (employer/payer), and the financial institution

2. Background: Brief context explaining the purpose of the agreement for direct deposit arrangements

3. Definitions: Defines key terms used throughout the agreement including 'Direct Deposit', 'Account', 'Payment Date', etc.

4. Authorization: Express authorization from the account holder to initiate direct deposits

5. Account Details: Specific banking information including account number, bank name, and branch details

6. Payment Terms: Details about the timing, frequency, and nature of deposits

7. Security and Data Protection: Provisions for protecting personal and financial information in compliance with PDPO

8. Modification and Termination: Process for changing or ending the direct deposit arrangement

9. Governing Law: Specifies Hong Kong law as governing law and jurisdiction