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WEDNESDAY, FEBRUARY 7, 1990
"BECAUSE OF THE PAPERLESS FORM THE EXCHANGE FUND BILLS WILL TAKE, THERE IS SOME DOUBT AS TO WHETHER THEY WOULD FALL WITHIN THAT EXCLUSION.
"THE PROPOSED AMENDMENT SERVES TO REMOVE THAT DOUBT AND TO EXEMPT EXCHANGE FUND DEBT INSTRUMENTS WITHIN THE MEANING OF THE INLAND REVENUE ORDINANCE FROM STAMP DUTY."
DEBATE ON THE BILL WAS ADJOURNED.
BILL TO AMEND DEFINITION OF PUBLIC MONEYS'
* * *
THE PUBLIC FINANCE (AMENDMENT) BILL 1990 WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) BY THE FINANCIAL SECRETARY, THE HON SIR PIERS JACOBS.
ON
MOVING THE SECOND READING OF THE BILL, SIR PIERS EXPLAINED THAT THE PUBLIC FINANCE ORDINANCE, WHICH PROVIDED FOR THE CONTROL MANAGEMENT OF THE PUBLIC FINANCES OF HONG KONG, INCLUDED IN THE DEFINITION OF "PUBLIC MONEYS" ANY MONEYS WHICH WERE ACCOUNTED FOR IN THE BOOKS OR RECORDS OF ACCOUNT OF THE REGISTRAR GENERAL AND THE REGISTRAR OF THE SUPREME COURT.
THESE TWO OFFICIALS FREQUENTLY HELD MONEY THAT, STRICTLY SPEAKING, WAS NOT PUBLIC MONEY, BUT WAS HELD ON BEHALF OF INDIVIDUALS SUCH AS CREDITORS IN COMPANY LIQUIDATIONS.
BOTH THE REGISTRAR GENERAL AND THE REGISTRAR, SUPREME COURT WERE ACCOUNTABLE UNDER OTHER LEGISLATION IN RESPECT OF MONEYS HELD BY THEM IN THESE CIRCUMSTANCES.
WITHOUT THE AMENDMENT
PROPOSED, THERE COULD BE CONFLICT BETWEEN THE VARIOUS RELEVANT STATUTORY PROVISIONS. SIR PIERS SAID.
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"IT IS THEREFORE DESIRABLE TO AMEND THE DEFINITION OF * PUBLIC MONEYS' IN THE PUBLIC FINANCE ORDINANCE BY REMOVING FROM IT SECTIONS 2(B) (II) AND (III) WHICH CONCERN MONEYS HELD BY THE REGISTRAR GENERAL AND THE REGISTRAR, SUPREME COURT.
"NEVERTHELESS,
FOR
THE
CONTROL
PURPOSES, A NEW SECTION 40A NEEDS TO BE ADDED ΤΟ
PUBLIC FINANCE ORDINANCE IN ORDER TO EMPOWER THE DIRECTOR OF ACCOUNTING SERVICES TO DIRECT THE PUBLIC OFFICERS CONCERNED TO PREPARE AND MAINTAIN RECORDS AND ACCOUNTS OF SUCH NON-GOVERNMENT MONEYS.
"THE ACCOUNTS WILL CONTINUE TO BE AUDITED BY THE DIRECTOR OF AUDIT UNDER THE EXISTING PROVISIONS OF THE AUDIT ORDINANCE, HE SAID.
DEBATE ON THE BILL WAS ADJOURNED.
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