Valuation
of invest- ments.
Realization of invest. ments.
Temporary Advancea La the Fund.
Certifica- tion of advances.
Loans by
Fund.
4. All investments of the Fund shall be valued at the middle market price in London on the 31st March in each year, and the balance of the Fund on that date shall be increased or decrcased as may be required in accordance with such valuation.
5. Should at any time the uninvested portion of the Fund fall below a figure which in the opinion of the Commissioner is the minimum necessary for the normal requirements of the Fund, he shall request the Accountant General to sell on the local market or in London such part of the Fund's investments as will together with the existing uninvested portion provide an adequate working balance.
6. Pending the realization of the proceeds of sale of any investments as mentioned in regulation 5, the Accountant General may with the prior approval of the Financial Secretary advance to the Fund such sum or sums as may be considered necessary for the proper administration of the Fund, and will recover any advance so made from the proceeds of the sale of the investments as soon as they are received. Interest will be charged on any such advances at the rate earned by Government on its main current account with the Hongkong and Shanghai Banking Cor- poration or on its deposits in the Joint Colonial Fund, whichever is the higher.
7, All vouchers submitted to the Accountant General in respect of payments to be made out of the Fund shall either be certified personally by the Commissioner or shall have attached to them certified true copies of the Commissioner's approval for each withdrawal. In the latter event the certificates and vouchers may be signed by an officer so authorized by the Commissioner. The Accountant General will pay only on the authority of the Com- missioner as indicated above and shall be advised of the pame of any officer authorized by the Commissioner to sign on his behalf.
8.
When a loan is granted to a police officer or a retired police officer under the authority of section 34 (3) (c) of the Ordinance, it will normally be subject to the following condi- tions--
(a) it shall be repaid in such monthly instalments as the Commissioner may in his discretion specify, save that the number of monthly instalments shall not exceed twenty-four;
Upon default in one instalment the whole balance outstanding shall immediately become due;
(b) it shall be limited to a maximum sum calculated as
follows-
(i) Where an officer has not yet qualified by length of service for a gratuity or pension,
(i) where an officer has quali- fied by length of service for gratuity but not a pension,
(ii) where an officer has quali- fied by length of service for a pension,
(iv) where an officer is already
on pension,
four months salary;
the amount of the gratuity for which be has become eligible;
a sum equal to one year's hypothetical pension calculated his length of service and existing salary;
on
a sum equal to one year's pension;
(c) whenever it shall be necessary to recover the amount of a loan it shall be deemed to be an amount due to a department of Government.
9.
details.
Detailed accounts of the Fund shall be maintained by Accounting the accountant of the police force, and shall show the amounts received under each of the heads of revenue set out in section 34 of the Ordinance, together with all sums received in repayment of loans and interest thereon, interest or dividends on investments and all suns received on account of sales of investments. All disbursements shall be recorded under the following headings-
(a) rewards to police officers for extra services rendered by
them:
(b) comforts, convenience or other advantages not chargeable
to the public revenue, subdivided into-
(i) purchase of sports gear and clothing:
(ii) expenses incurred on the maintenance or improve-
ment of playing fields;
(iii) transport expenses of police teams or police officers
taking part in organized sports;
(iv) grants or assistance to police clubs, canteens or
recreation rooms;
(v) books, magazines and other periodicals;