XN000022-1989-03-23 — Page 17

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THURSDAY, MARCH 23, 1989

PROPOSED AMENDMENTS TO THREE ORDINANCES INVOLVING TRUST FUNDS

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THE GOVERNMENT PROPOSES TO AMEND A NUMBER OF ORDINANCES TO PROVIDE FOR THE KEEPING OF ACCOUNTS AND RECORDS OF TRANSACTIONS INVOLVING CERTAIN TRUST FUNDS AND FOR THEIR AUDIT BY THE DIRECTOR OF AUDIT.

THE PROPOSED AMENDMENTS ARE CONTAINED IN THE SECRETARY FOR DISTRICT ADMINISTRATION INCORPORATION (AMENDMENT) BILL 1989,

THE DIRECTOR OF SOCIAL WELFARE INCORPORATION (AMENDMENT) BILL 1989 AND THE DIRECTOR OF EDUCATION INCORPORATION (AMENDMENT) BILL 1989 PUBLISHED IN THE GAZETTE TODAY (THURSDAY}.

A GOVERNMENT SPOKESMAN SAID THE THREE PRINCIPAL ORDINANCES PROVIDED THE SECRETARY FOR DISTRICT ADMINISTRATION, THE DIRECTOR OF SOCIAL WELFARE AND THE DIRECTOR OF EDUCATION WITH POWERS TO ACCEPT TRUST OR ACT AS TRUSTEES AND TO INVEST AND DEPOSIT TRUST FUNDS IN ACCORDANCE WITH PROVISIONS OF THE TRUSTEE ORDINANCE.

"AT PRESENT, THERE ARE NO PROVISIONS IN THE THREE PRINCIPAL ORDINANCES FOR THE ACCOUNTING AND AUDITING ARRANGEMENTS IN RESPECT THESE TRUST FUNDS.

OF

"FOR CONTROL PURPOSES, THE GOVERNOR HAS DECLARED THESE TRUST FUNDS TO BE PUBLIC MONEYS UNDER THE PUBLIC FINANCE ORDINANCE AND THE AUDIT ORDINANCE.

AND

"NEVERTHELESS, IN VIEW OF THE IMPORTANCE OF THE TRUST FUNDS THE EXTENT OF THE ADMINISTRATION'S RESPONSIBILITY, IT IS DESIRABLE THAT THESE ORDINANCES SHOULD BE AMENDED TO PROVIDE FOR THE KEEPING OF ACCOUNTS AND RECORDS OF TRANSACTIONS INVOLVING THESE TRUST FUNDS AND FOR THEIR AUDIT BY THE DIRECTOR OF AUDIT,' HE SAID.

THE THREE AMENDMENT BILLS ARE DUE TO BE LEGISLATIVE COUNCIL ON APRIL

12.

INTRODUCED

INTO THE

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