1954-HKRS29-8-21_Part03 — Page 8

Investment.

Talutinn af investmanta.

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(3) The Accountant General sball render to the Chief Officer after the clrsing of each month's accounts a return showing all transactions of the Fund in his accounts during the previous month.

All sung considered by the Chief Officer to be surplus to the normal requirements of the Fund shall on his request be invested by the Accountant General in Hong Kong Government stocks or shall be remitted to the Crown Agents for investment in such securities as arc permitted for the investment of Colonial Government funds. The interest or dividends received on account of such investments shall be credited to the Account "Deposits-Fire Brigade Welfare Fund."

4. All investment of the Fund shall be valued at the middle market prico in Hong Kong or London on the 31st March in each year, and the balanco of the Fund on that dato shall be increased or decreased as inay bo required in accordance with such valuation.

A f invent monta.

Certification

Lomb Fund.

Write-of.

Aeronnirur detiku.

Should at any time the uninvested portion of the Fund fall below a figure which in the opinion of the Chief Officer 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 Lundon such part of the Fund's investments as will together with the existing uninvested portion provide an adequate working balance,

6. All vouchers submitted to the Accountant General in respect of payments to be inade out of the Fund shall either be certified by the Chief Officer or shall have attached to them certified true copion of the Chiet Officer's approval for each withdrawal. In the latter event the certificates and vouchers may be signed by an officer so authorized by the Chief Officer. The Accountant General shall pay only on the authority of the Chief Officer as indicated above and shall be advised of the name of any officer authorized by the Chief Officer to sign on his behalt.

7. When a lean is granted under the authority of section 15 of the Ordinance to a member or to a former member who has been retired, It will normally be aubject to the following conditious—

(a) it shall be repaid in such monthly instalments as the Chief Officer may in his discretion specify, save that the number of monthly in- staiments shall not exceed twenty-four; upon default in one instalment the whole balance outstanding shall'immediately become due;

(0) it shall be limited to a maximum sum of one thousand dollars; (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 Govern- ment.

a.

1pon a recommendation of the Chief Officer, the Financial Secretary may authorize the writing off of any asset or any debt due to the Fund which he considers irrecoverable: Provided that any such write-off shall Lake effect for the purpose of accounting records alone and shall not extin- guish any right of the Fund to recovery of any such asset or debt.

Detailed accounts of the Fund shall be maintained by the Chief Officer, and shall show the amounts received under each of the heads of revenue set out in action 14 of the Ordinance, together with all guns received in repayment of loans and interest thereon, interest or dividends on investments and all sums received on account of sales of investments. All disbursements shall be recorded under the following headings—

(a) cash awards of a maximum to be fixed by the Chief Officer to the winning crews in the annual fire brigade drill competition and for providing trophies therefor;

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(b) comforts, convenience or other advantages not chargeable to the

public revenue, subdivided into-

(i) purchase of sports gear and clothing:

(i) expenses incurred on the maintenance or improvement of

playing fielda;

(iii) transport expenses of fire brigade teams or members taking

part in organized sporta:

(iv) grants or assistance to fire brigade cluba, canteens or recreu-

tian rooma;

(v) books, magazines and other periodicala:

(vi) educational expenses;

(vii) entertainment expensØY;

(viii) medical and dental attention not covered by the Government

medical services;

(ix) grants on death of serving members or pensionera;

(x) other suitable purposes under this beading;

(c) loans to members;

(d) purchase of securities in accordance with regulation 3.

10. The Accountant General shall keep the Chief Officer informed of Duke of all transactions on account of the Fund's investments and the latter shall Accountant balance bis accounts monthly and reconcile them with the deposit account and Dieselor

General maintained by the Accountaut General. The accounts shall be subject to af Audit. periodical audit by the Director of Audil.

11, As soon as possible after the 31st March in each year, the Chief Assopa) Officer shall prepare a receipts and payments account covering the trana cecunts. actions of the Fund for the year ended on the previous 31st March, to- gether with a balance sheet showing the state of the Fand as at the same date. The total receipts and payments of the Fund for the year shall be summarized in the former under the various headings set out in regulation 6. The balance sheet whall show the value of the Fund us on the 1st April in the preceding year, the excess of receipts over payments or paymente over receipts for the year together with the appreciation or depreciation in the valuation of the Fund's investments, the total value of the Fund, the cash balance of the Fund and the market value of investments. There aball be attached to the balance sheet a detailed statement of investments held by the Fund at that date showing purchase price nominal value and current market value in each case.

12 After examination by the Director of Audit. the annual accounts Tabling referred to in regulation 11 shall be laid before the Legislative Council.

Passed the Legistative Council of Hong Kong, this 11th day of August, 1954-

Deputy Clerk of Councils.

(Secretaria 22/3231/53)