1971-HKRS29-8-38_Part02 — Page 28

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gold or silver or securities accordingly. Any such purchases or sales of currency shall be for immediate delivery.":

(b) by inserting, after subsection (2), the following new sub-

sections—

*(3) Subject to subsection (4), the Financial Secretary may borrow for the account of the Fund cither in Hong Kong or elsewhere on the security of any asset held by the Fund or on the general revenue of the Colony.

(4) The aggregate amount of borrowing under subsection (3), other than on certificates of indebted- ness issued under section 4, outstanding at any one time shall, subject to subsection (5), not exceed five thousand million dollars, or, if held in foreign exchange, the equivalent at the current rate of exchange.

(5) The Legislative Council may from time to time, by resolution proposed by the Governor with the approval of the Secretary of State, determine some other amount to be the amount which the aggregate amount of such borrowings outstanding at any one time shall not exceed.",

Passed by the Hong Kong Legislative Council this 26th day of May, 1971.

"Clerk to the Legislative Council.

This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bill.

са

Clerk to the Legislative Council.

HONG FONG

No. 26 of 1971.

I assent.

Arman-balmen правит

Mingle Merman.

Acting Governor,

10th June, 1971.

An Ordinance to consolidate and amend the law relating to probate and letters of administration and to the administra- tion of the estates of deceased persons.

[7th October, 1971.] Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.

1. This Ordinance may be cited as the Probate and Administration Ordinance 1971 and shall come into operation on the 7th October 1971.

Short litle and commencement

2. In this Ordinance, unless the context otherwise requires Interpretation. "administration" includes any letters of administration of the estate

of a deceased person, whether with or without a will annexed, and whether granted for general, special or limited purposes; "administrator" means a person to whom administration is granted; "court" means the Supreme Court:

"estate" or "property" of a deceased person means the movable and immovable property passing on the death of such person; "estate duty" means estate duty under the Estate Duty Ordinance;

1924, 4, 49.

179(1),

1924. 4. 24. 4. 5.

(CMP. (1)