TNAG-0662-FCO40-811-Legislation-on-immigration-in-Hong-Kong-1977 — Page 82

A228

Ord, No. 56/77

Resources of Council.

Borrowing powers.

Investment of funds.

Estimates.

Accounts, audit and

annual report.

CONSUMER COUNCIL

PART III

FINANCIAL

12. (1) The Governor may, out of money appropriated for the purpose by the Legislative Council, authorize payment to the Consumer Council of such amounts as he thinks fit.

(2) The resources of the Council shall consist of-

(a) all money received by the Council pursuant to subsection (1); (b) money paid to the Council by way of donations, fees, subscrip-

tions, rent and interest;

(c) all other money and property, including accumulations of income,

received by the Council for its purposes.

13. The Council may, with the approval of the Financial Secretary, borrow or otherwise raise money and charge all or any part of its property as security therefor.

14. All money of the Council that is not immediately required shall be invested-

(a) on fixed deposit in any bank or savings bank approved by the Financial Secretary, either generally or in any particular case, for the purpose; or

(b) in such other forms of investment as the Financial Secretary

may approve.

15. The Council shall in each financial year adopt estimates of income and expenditure for the ensuing financial year and, before a date to be appointed by the Financial Secretary, send them to the Governor for his approval together with a programme of its proposed activities for the ensuing financial year.

16. (1) The Council shall keep proper accounts and proper records in relation thereto and shall within 3 months after the expiry of a financial year, or such further period as the Financial Secretary may allow, prepare a statement of the accounts of the Council, which statement shall include an income and expenditure account and a balance sheet.

(2) The Council shall, subject to subsection (3), appoint an auditor, who shall be entitled to have access at any time to all books of account, vouchers and other financial records of the Council and to require such information and explanations relating thereto as he thinks fit.

(3) The Council shall obtain the prior approval of the Financial Secretary to any appointment proposed to be made under subsection (2).

(4) The auditor shall, as soon as is practicable, audit the accounts required by subsection (1) and shall submit a report thereon to the Council.

(5) The Council shall within 3 months after the receipt by it of the auditor's report in respect of its accounts for a financial year, or within such further period as the Financial Secretary may allow, furnish-

(a) a report on the affairs of the Council for that year;

(b) a copy of its accounts therefor; and

(c) the auditor's report on the accounts,

to the Governor who shall cause the same to be tabled in the Legislative Council.