་
1979 Ed.]
Exchan Fund
[CAP. 66
3
(2) Notwithstanding subsection (5)(a) of the said section 18, funds of a kind mentioned in subsection (1) which are held by a bank in Hong Kong for the account of the Fund shall not be treated as deposit liabilities of that bank for the purposes of subsection (2) of that section.
(3) In this section, "bank", "money at call" and "money at short notice" have the respective meanings assigned to them by section 2 of the Banking Ordinance.
(Added, 17 of 1979, s. 3)
Nothing in this Ordinance shall empower any note-issuing bank to issue notes in excess of any maximum limit laid down in any Ordinance or charter governing the issue of such notes, and in issuing certificates under this section the Financial Secretary shall take into account such maximum limits.
the emolaments payable 5, and other staff costs relating to the perrous employed in connexion with the purposes of the Fund, including the investment thereof, and also including any
such appropriate shrave
emoluments or staff costs in respect of the services of
6.
(Replaced, 4 of 1951, Schedule. Amended, 7 of 1978, s. 3)
There shall be charged to the Fund- (a) Lexpenses incidental to the remuneration, cost of passages and superannuation in respect of officers employed in connexion with the management of the fund including any appropriate share of such expenses in respect of the services of officers of the Government so employed as part of their duties:
Provided that the number of the appointments and the rates of emoluments of such staff have been approved by the Governor and the Secretary of State; and
public officers to employed any incidental expenditure which the Governor may is part of their duties
(a a) any expensas nimrned in
7.
approve as necessary for the due performance of the duties laid upon the Financial Secretary and the Advisory Committee in connexion with the operation of the fund. (Replaced, 44 of 1936, s. 3. Amended, 12 of 1946, s. 2, and 20 of 1948, s. 4)
the issue and maintenance in coulation of any coinage). issued under or by virtue audited at such times and in such manner as the Secretary of State of The Hong Kong & Coinage may from time to time direct. Ordens 1936 & 1978; ound
The accounts of all transactions of the Fund shall be
Preservation of
limits on note issue.
Charges on Fund,
Inancial Secstasy
Audit of Fund.
te Governor
(Amended, 44 of 1936, s. 3)
8. The Financial Secretary may from time to time, after consultation with the Exchange Fund Advisory Committee and with the approval of the Secretary of State, transfer from the Fund to the general revenue of the Colony or to such other funds of the Colony as may be authorized by the Secretary of State any sum, or any part of any sum, in excess of the amount required to maintain the assets of the Fund at 105 per cent of the total of— (a) the aggregate of the borrowings made under section 3
and for the time being outstanding; and
Transfer from the Fund.