TNAG-1415-FCO40-1896-Public-finance-in-Hong-Kong-1985 — Page 310

A18

Ord. No. 3/83

PUBLIC FINANCE

Donations and grants.

Banking.

Investment

of moneys.

Borrowing powers and loans.

Guarantees.

(2) Except where otherwise provided under any enactment or authorized by the Director of Accounting Services, any moneys deposited under subsection (1) (herein- after in this section referred to as a deposit) shall not form part of the general revenue and shall not be applied in any way for the purposes of the Government, but shall in all other respects be received and accounted for and otherwise dealt with as public moneys.

(3) Notwithstanding anything in subsection (2), the Financial Secretary in his discretion may authorize the investment of any deposit in such manner as he may determine, and any interest or dividend received in respect of any deposit so invested shall form part of the general revenue.

(4) A deposit which is unclaimed for 5 years may be treated as moneys received for the purposes of the Government and, if so treated, shall form part of the general

revenue.

(5) Where under subsection (4) a deposit forms part of the general revenue any person entitled thereto may, within 6 years after the date on which the moneys become part of the general revenue, claim for a refund.

24. (1) Without prejudice to the provisions of any other enactment, any donation or grant of moneys received by any public officer in the course of his duties or by virtue of his being a public officer, not being public moneys and not being received pursuant to any other enactment, shall be reported to the Financial Secretary.

(2) Every donation or grant referred to in subsection (1) shall be accounted for and expended in accordance with such instructions as the Financial Secretary may give.

25. Except where otherwise provided under any enactment, no public officer in the course of his duties shall open an account or otherwise deposit any moneys at any bank or other financial institution without the authority in writing of the Financial Secretary or an officer authorized by him in writing for the purposes of this section.

26. (1) Subject to the provisions of any enactment, the Financial Secretary in his discretion may authorize the investment of moneys forming part of the general revenue in such manner as he may determine.

(2) All investments made under this section together with any interest or other sums received therefrom shall form part of the general revenue.

(3) Subject to the provisions of any enactment, all investments held by or on behalf of the Government at the commencement of this Ordinance and forming part of the general revenue shall be deemed to have been made under this section.

27. (1) Subject to subsection (2) the Government shall not borrow money except in accordance with an Ordinance.

(2) Notwithstanding the provisions of any other enactment, the Financial Secretary may borrow by means of advances from the Crown Agents or from any bank, by means of a fluctuating overdraft or otherwise, such sums as may be required to meet day to day payments and any interest or service charges in respect of such sums shall be charged on the general revenue.

28. (1) No public officer shall give a guarantee involving any financial liability upon the Government unless such guarantee is given-

(a) for the purposes of and in accordance with the provisions of an Ordinance

or a resolution of the Legislative Council; or

(b) with the prior approval of the Finance Committee.

(2) No guarantee given in contravention of subsection (1) shall be binding on the Government.

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