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1224
THE HONGKONG GOVERNMENT GAZETTE, 7TH DECEMBER, 1895.
Moneys to ba placed on
deposit and bear 1 per cent. interest.
Treasurer to
pay out moneys required to Begistrar of the Supreme Court,
Rules.
Suspending visus.
2. (1) Subject to any rules to be made under this Ordinance all moneys paid into the Supreme Court, and all moneys now in or hereafter coming into the hands of the Registrar as Official Trustee or as Official Administrator, which shall not be required by any written law to be dealt with in any particular way and shall not be required by any order of Court to be laid out in any particular investment shall be placed by direction of the Registrar of the Supreme Court on deposit with the Colonial Treasurer.
(ii) Such moneys so placed on deposit shall bear interest at the rate of two per centum per annum.
(iii) Such interest shall be paid by Government which shall be liable to make good as well such interest as the moneys so placed on deposit.
3. The Colonial Treasurer shall from time to time on the requisition of the Registrar of the Supreme Court pay out of the moneys belonging to Government for the time being in his bands such sums as may be required to meet the orders of the Supreme Court with regard to the moneys so placed on deposit and the interest thereon.
4. The Chief Justice with the concurrence of the Governor may make rules for carrying this Ordinance into effect and regulating the deposit, payment, delivery and transfer in, into and out of the Supreme Court of money, securities and moveable property, and the evidence of such deposit, payment, delivery or transfer and the investment of and other dealings with money, securities and moveable property in Court and the execution of the orders of the Supreme Court and the powers and duties of the Registrar of the Supreme Court with reference to such money, seeu- rities and property and in particular for doing all or any of the following things:-
(a) Regulating the placing on and withdrawal from
deposit of money in Court whether paid in
before or after the commencement of this Ordi- nance and the payment or crediting of interest on mouey placed on deposit.
(b) Determining the smallest amount of money on deposit on which interest in pursuance of this Ordinance is to be credited to an account to which money placed on deposit belongs.
(c) Determining the time at which money placed on deposit is to begin and cease to bear interest and the mode of computing such interest.
(d) Determining the cases in which interest on money placed on deposit with the privity of the Regis- trar of the Supreme Court is to be placed on deposit.
5. This Ordinance shall not come into operation unless and until the Governor notifies by Proclamation that it is Her Majesty's pleasure not to disallow the sume and there- after it shall come into operation upon sneh day as the Governor shall notify by the same or any other Proclam-
ation.
Objects and Reasons.
The object of this Bill is to carry out the instructions of the Secretary of State "that an Ordinance should be passed somewhat on the lines of The Suitors' Funds "Ordinance, 1891, of the Straits Settlements, under which "the Court monies are placed on deposit with the Colonial "Treasurer and the Government is made liable to make good all monies so placed on deposit together with interest "at the rate of two per cent. per annum.”
Where the parties desire to obtain a greater interest than the two per cent. provided by the Bill, they must apply for an order of the Court to sanction any particular investment.
The Bill is very similar to the Straits Settlements Ordi- nance above referred to, which was based upon the Imperial Act 35 and 36, Vict. cap. 44, secs. 14-19.
W. MEIGH GOODMAN, Attorney General,