1967-HKRS30-8-57_Part03 — Page 28

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Explanatory Note.

(This Note is not part of the rules, but is, intended to indicate their general purport).

The main purpose of these ruks is to make amendments to those rules in the Government Lotteries Rules which deal with the payment of prizes.

A new paragraph is added to rule $ to make it clear that a ticket may win more than one prize.

Paragraph (b) of rule 7 is amended to extend the time within which a person may claim a prize from 6 months to 2 years,

As unclaimed prize money will remain a contingent liability on the Lotteries Fund until the expiration of two years from the date of publica tion in the Gazene of the results of the lottery, rule 8 is amcoded to provide that, at the expiration of the period, the prize money will be forfeited to the Lotteries Fund.

The proviso to rule B, which gave a right to potition the Governor in Council for payment of a prize, is deleted, owing to the amendment 10 rule 7 giving an extended time within which to claim a prize.

Rule 3 of these rules is a transitional provision relating to unclaimed prize moneys îa lotteries drawn prior to the commencement of the Government Latteries (Amendment) Ordinance 1967. These moneys will be paid into the Lotteries Fund where they will remain a contingent liability on the Fuad until the expiration of 2 years from the date of commencement of the Government Lotteries (Amendment) Ordinance 1967.

(Secretariat CR 15/3371/60)

TAX RESERVE CERTIFICATES ORDINANCE. (Chapter 289).

TAX RESERVE CERTIFICATES (FOURTH SERIES) (AMENDMENT) (NO. 2) RULES 1967.

In exercise of the powers conferred by section 3 of the Tax Reserve Certificates Ordinance, the Governor has made the follow- ing rules-

1. These rules may be cited as the Tax Reserve Certificates (Fourth Series) (Amendment) (No. 2) Rules 1967.

2.

Rule 7 of the principal rules is further amended...---- (a) by being renumbered as paragraph (1) thereof; (b) by deleting all the words before the proviso and

substituting the following-

"Simple interest at the prescribed rate for each mouth in the period commencing on the date of issue and ending on the date on which the certificate is accepted for payment of tax shall be paid on all certificates so accepted:"; and

(c) by inserting the following new paragraph-

“(2) lo paragraph (1), "the prescribed rate'

means-

#1

(a) in respect of the whole or any part of the period referred to in that paragraph occurring before the 1st day of April 1967, 3.6% per annum; or

(b) in respect of the whole or any part of that period occurring on or after that date. 4.2% per annum.".

By Command.

17. Shoring Cas

Cilotion.

Amendment of rule 7.

(Cap. 109, muči. Bag.)

16th June 1967.

Colonial Secretary,

Explanatory Note.

(This Note is not part of the rules, but is intended to indicate their general purport).

The rules provide for tax certificates to bear interest for each complete month between issue and encashment and also clarify the position regarding the rate of interest applicable. For any period after 1st April 1967 the appropriate rate will be 4.2%; otherwise the former rate of 3.6% will apply.

(Secretariat FIN 3/2306/54)