TNAG-1270-FCO40-1620-Financial-policy-in-Hong-Kong-1983 — Page 7

D.

1979 Ed.]

Exchange Fund

[CAP. 66

CHAPTER 66

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EXCHANGE FUND

To make provision for the establishment and management of an exchange fund and as to the employment of its assets in Hong Kong. (Amended, 20 of 1948, s. 4 and 17 of 1979, s. 2)

[the mended by Exchange Find Ordiniame 1983]

Originally 54 of 1935. (Cap. 66, 1950.)

44 of 1936. 57 of 1936.

9 of 1937.

[6 December 1935.]

21 of 1939.

12 of 1946.

20 of 1948.

4 of 1951.

54 of 1956.

14 of 1958.

6 of 1964.

31 of 1968.

47 of 1968.

57 of 1970,

90 of 1970.

such purposes as the Financial Secretary thinks fit affecting, either directly indirectly,

and for other purpores incidental

1. This Ordinance may be cited as the Exchange Fund Ordinance.

(Amended, 20 of 1948, s. 4)

25 of 1971. L.N. 150/71. L.N. 125/72.

8 of 1975.

7 of 1978.

17 of 1979.

Short title.

2. In this Ordinance, unless the context otherwise requires Interpretation. "bank notes lawfully issued" means notes issued in the Colony

by any of the note-issuing banks in accordance with the provi- sions of the Hongkong and Shanghai Banking Corporation (Cap. 70.) Ordinance and the charter of incorporation of The Chartered Bank or any supplemental charter of that bank, or issued in accordance with the above-mentioned provisions as modified by this Ordinance, or the Bank Notes Issue Ordinance; (Amended, 20 of 1948, s. 4; 54 of 1956, s. 3 and 7 of 1978, s. 3) "foreign exchange" means all currencies other than Hong Kong currency and includes sterling and other Commonwealth cur- rencies; (Amended, 20 of 1948, s. 4)

"note-issuing bank" means The Chartered Bank, and The Hong- kong and Shanghai Banking Corporation. (Amended, 54 of 1956, s. 3; 14 of 1958, s. 3 and 7 of 1978, s. 3)

3. (1) There shall be established a fund to be called "the Exchange Fund" which shall be under the control of the Financial Secretary and shall be used for the purpose of regulating the exchange value of the currency of Hong Kong. The control of the Financial Secretary shall be exercised in consultation with an Exchange Fund Advisory Committee of which the Financial Secretary shall be ex officio chairman and of which the other members shall be appointed by the Governor. (Amended, 12 of 1946, s. 2)

(2) The Fund, or any part of it, may be held in Hong Kong currency or in any other currency or in gold or silver or may be

forlig exchange

(Cap. 65.)

Establishment control and management of Exchange Fund.