1967-HKRS29-8-34_Part01 — Page 22

Estimates.

(d) one shall have been appointed to the Council under paragraph

(d) of subsection (1) of section 9.

(4) The chairman of the Executive Committee shall be appointed by the Council from amongst the members of the Executive Committee specified in paragraphs (6). (c) and (d) of subsection (3).

PART V.

FINANCIAL PROVISIONS AND REPORTS.

16. (1) Each financial year, before a date to be appointed by the Governor, the Council shall forward to the Financial Secretary, for the approval of the Governor, a programme of its proposed activi- ties for the next financial year together with or incorporating estimates of its income and expenditure for the next financial year in the form required by subsections (2) and (3):

Provided that the programme and estimates of income and ex- penditure for the first financial year of the Council shall be forwarded as soon as is practicable after the commencement of this Ordinance.

(2) The estimates required by subsection (1) shall set out the source of all income, and shall show the distribution of expenditure under the following major beads-

(a) staff emoluments (including provision for provident fund con- tributions and benefits, medical expenses and other ancillary pecuniary benefits);

(6) capital expenditure exceeding twenty-five thousand dollars on

any one item:

(c) recurrent expenditure other than expenditure shown under head (a) aforesaid and capital expenditure other than expendi- ture shown under head (b) aforesaid:

(d) non-recurrent expenditure other than capital expenditure shown

under head (b) or (c) aforesaid.

(3) Each major head of expenditure shall show clearly the destina. tion of all moneys and where several matters are dealt with under the one head each such matter shall be itemized and be shown in a separate sub-head relating to similar items of expenditure.

(4) Notwithstanding the approval of the Governor of the estimates of the Council, the Council may at any time or from time to time and with or without specifying the purpose of the transfer-

(a) transfer to head (c) or (d), or to each such head, from any other major head of expenditure a sum not exceeding or sums

C

in the aggregate not exceeding twenty per cent of the amount approved for the head to which such sum is or sums are transferred; and

(b) transfer any sum or sums, without restriction, from any sub-head to any other sub-bead or sub-heads within the same head of expenditure,

but save as permitted by paragraph (a) no sum shall be transferred from one major head to any other major head of expenditure without the approval of the Governor.

17, (1) The Council shall keep proper accounts of all income Accounts. and expenditure and shall maintain proper and adequate records thereof.

(2) As soon as may be convenient after the end of each financial year the Council shall cause to be drawn up a statement of income and expenditure during such financial year and a statement of the assets and Habilities of the Council on the last day thereof.

18. (1) The Council shall appoint auditors who shall be entitled Audit. at any time to have access to all books of account, vouchers and other financial records of the Council and to require such information and explanations thereon as they think fit.

(2) The auditors shall audit the statements drawn up under sub- section (2) of section 17 as soon as possible and shall make a report thereon to the Council.

19. (1) The Council shall as soon as possible after the end of Reports to be cach financial year, but not later than six months after the end of leid on lable of Legislative each financial year or such longer period as the Governor may as to Council. any particular year allow, make to the Governor a report on its activities including the activities of the Productivity Centre and shall transmit to the Governor therewith a copy of the statements drawn up under subsection (2) of section 17 and the report made under subsection (2) of section 18.

(2) The Governor shall cause to be laid on the table of Legislative Council the reports and statements received by bim under subsection (1).

20. All funds of the Council that are not immediately required Investment shall be deposited on fixed deposit in any bank or savings bank of surplus

funds. nominated by the Financial Secretary, either generally or in any particular case, for that purpose, or, subject to the prior approval of the Financial Secretary, shall be invested in such investments as the Council thinks fil