BA.. There shall be credited to the Fund the value of any coinage issued under for by virtue of the Hong Kong (Boinage) Ondars 1936-1978 and the value of any proceeds of sale of such coinage after it has ceased to be legal tender.
Certificates of indebtedness.
Schedule.
Section 18(2A) of Banking Ordinance
applied to short term bank
deposits of Fund.
(Cap. 155.)
CAP. 66]
Exchange Fund
[1979 1 d.
invested by the Financial Secretary in securities approved by the Secretary of State; and the Financial Secretary may for the account of the Fund buy or sell such currency or gold or silver or securities accordingly. (Replaced, 25 of 1971, s. 2. Amended, 8 of 1975, s. 2)
(3) Subject to subsection (4), the Financial Secretary may borrow for the account of the Fund either in Hong Kong or else- where on the security of any asset held by the Fund or on the general revenue of the Colony. (Added, 25 of 1971, s. 2)
(4) The aggregate amount of borrowing under subsection (3), other than on certificates of indebtedness issued under section 4, outstanding at any one time shall, subject to subsection (5), not exceed seven thousand million dollars, or, if held in foreign exchange, the equivalent at the current rate of exchange. (Added, 25 of 1971, s. 2. Amended, L.N. 150/71 and L.N. 125(72)
(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. (Added, 25 of 1971, s. 2)
4. (1) The Financial Secretary is authorized to issue to any note-issuing bank, to be held as cover for bank notes lawfully issued in the Colony, certificates of indebtedness in the form in the Schedule and to require such bank to pay to him for the account of the Fund the face value of such certificates to be held by the Fund exclusively for the redemption of such notes. (Replaced, 4 of 1951, Schedule)
(2) The Financial Secretary may employ the funds paid to him in accordance with subsection (1), for the purchase of foreign exchange or gold or otherwise in accordance with the provisions of section 3(2). (Replaced, 4 of 1951, Schedule)
(3) The Financial Secretary may apply the proceeds of the sale of foreign exchange or gold for Hong Kong currency in accord- ance with section 3(2) to the redemption of certificates issued under subsection (1). (Amended, 12 of 1946, s. 2)
4A. (1) Subsection (2A) of section 18 of the Banking Ordin- ance shall apply to funds held by a bank in Hong Kong for the account of the Fund-
(a) on demand; or
(b) as money at call; or
(c) as money at short notice,
as if they were respectively balances payable on demand, money at call and money at short notice due by that bank to another bank in Hong Kong, and subsection (3) of the said section 18 shall also have effect accordingly.
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