1983 Ed.]
Public Finance
[CAP. 2
13
(2) All investments made under this section together with any interest or other sums received therefrom shall form part of the general revenue.
(3) Subject to the provisions of any enactment, all investments held by or on behalf of the Government at the commencement of this Ordinance and forming part of the general revenue shall be deemed to have been made under this section.
27. (1) Subject to subsection (2) the Government shall not borrow money except in accordance with an Ordinance.
(2) Notwithstanding the provisions of any other enactment, the Financial Secretary may borrow by means of advances from the Crown Agents or from any bank, by means of a fluctuating overdraft or otherwise, such sums as may be required to meet day to day payments and any interest or service charges in respect of such sums shall be charged on the general revenue.
28. (1) No public officer shall give a guarantee involving any financial liability upon the Government unless such guarantee is given-
(a) for the purposes of and in accordance with the provisions of an Ordinance or a resolution of the Legislative Council;
or
(b) with the prior approval of the Finance Committee.
(2) No guarantee given in contravention of subsection (1) shall be binding on the Government.
29. (1) The Legislative Council may by resolution provide for the establishment of funds to which moneys appropriated for the purpose may be credited and from which moneys may, under the authority of a funds warrant issued by the Financial Secretary, be expended for the purposes for which the funds were established subject to such conditions, exceptions and limitations as may be specified in the resolution.
(2) Unless an Ordinance or a resolution made under subsection (1) otherwise provides, the earnings from interest or dividends on investments of funds established under this section shall not be retained for the purposes of such funds, but shall form part of the general revenue.
(3) The funds set out in the First Schedule shall be deemed to have been established in accordance with this section, and subsection (2) shall apply in respect thereof.
30. (1) The Legislative Council may by resolution approve the establishment of a suspense account (in this section referred to as a special suspense account) for the purposes of any commercial or industrial activity carried on by or on behalf of the Government and specified in the resolution, subject to such conditions and limitations as may be specified in the resolution.
Borrowing powers and loans.
Guarantees.
Establishment of funds.
First Schedule.
Special suspense accounts.