(2) The Authority may establish, manage and control or enter into at arrangement with any company of association for the establishment, management and control by such company or association either alone or jointly with the Authority of any fund or scheme for the purpose of providing for the pensions, gratuities, benefits and payments referred to in subsection (1).
(3) The Authority may make contributions to any fund or scheme referred to in subsection (1) and may require its employees to make con- tributions thereto.
(4) In this section "employees" includes any class of employer which the Authority may specify and in subsection (1) includes former employees
financial year and of the assets and liabilities of the Authority on the last day thereof.
19. (0) The Authority shall appoint auditors, who shall be entitled Auditor. al any time to have access to all books of account, vouchers and other financial records of the Authority and to require such information and explanations thereof as they may think fit.
(2) The auditors shall audit the statements prepared under section 18(2) and shall report thereon to the Authority.
da lahk
20. (1) The Authority shall, within 6 months after the end of each Statemeals and financial year or auch further time as the Governor may in any particulars to be year allow, submit to the Governor a report on the activities of the of Legislative Authority and copies of the statements prepared under section 18(2) and Couodi. the report made under section 1942).
(2) The Governor shall cause the reports and statements received by him under subsection (1) to be laid on the table of the Legislative Council,
Funds Bod
property of the Authority.
Euotes and Amancio) YOND
Bank account.
Invesumen at Combs.
Aeconda.
PART III
FINANCIAL PROVISIONS
14. The funds and property of the Authority shall consist of--
(c) all moneys recovered by way of levy and surcharge;
(b) any moneys received by the Authority by way of grants, loans,
donations, fees, real or interest;
(c) all moneys derived from the pale of any property held by or og
behalf of the Authority; and
(d) all other moneys and property lawfully received by the Aulbority
for its purposes.
IS. (1) Ta cach Anancial year, before a date to be appointed by the Governor, the Authority shall submit to the Governor a programme of it proposed activities and estimates of its income and expenditure for the next financial year:
Provided that the programme and estimates for the first financial year of the Authority shall be forwarded as soon as is practicable after the commencement of this Ordinance.
(2) The Authority may, from time to time, with the prior approval of the Governor, fix a period to be the financial year of the Authority.
16. (1) The Authority shall open and maintain an account with a bank approved by the Accountant General.
(2) The Authority shall pay all moneys received by it into the account referred to in subsection (1).
his
17. All funds of the Authority that are not immediately required may
(a) deposited on fixed deposit in any bank or savings bank nominated by the Financial Secretary either generally or in any particulu case, for that purpose; or
(6) subject to the prior approval of the Financial Secretary, invested
in such investments as the Authority thinks fit.
18. (1) The Authority shall maintain proper accounts and records of all income and expenditure.
(2) After the end of each financial year, the Authority shall cause to be prepared statements of income and expenditure during the previou
PART TV
LEVY
21. A levy, to be known as the construction industry training levy, imposition al chell be imposed in accordance with this Ordinance on the value of all induarry construction works undertaken in Hong Kong and shall be payable by training kry. every contractor who undertakes any such works.
22. (1) The Legislative Council may by resolution prescribe the rate Rair of levy. of levy.
(2) The rate of levy prescribed under subsection (1) shall be based on the value of construction works.
(3) The rate of levy prescribed under subsection (1) shall come into effect 30 days after the publication of the resolution in the Gazette,
(4) A resolution under subsection (1) may provide that construction works the value of which does not exceed an amount specified in the resolution shall not be liable to the levy.
23. (1) in ascertaining the value of construction works for the pur- value of poses of this Ordinance, regard shall be given to-
(a) in the case of construction works performed pursuant to a contract, the consideration, or such part of the consideration as is attribut- able to the construction works, payable to the contractor under the contract, which shall be evidence, but not conclusive evidence. of the value of the construction Works:
(5) the cost or value of materials used in the construction works;
(c) the cost or value of time, work and labour involved in the
construction works;
(d) the equipment used in the construction works;
(e) such overhead costs as may be considered reasonable:
U) the reasonable profit to be expected on the open market in
respect of the performance of such construction works;
constraction works.
No comments yet.
Private notes are available after approval.