1986 Ed.]
Customs and Excise Service (Welfare Fund) Regulations
[CAP. 342
CUSTOMS AND EXCISE SERVICE (WELFARE FUND) REGULATIONS
(Cap 342, section 22)
[Subsidiary]
L.N. 109/63. L.N. 16/77. 46 of 1977. L.N. 115/78.
[16 October 1963.]
1. These regulations may be cited as the Customs and Excise Service (Welfare Fund) Regulations.
2. (1) All moneys due to the Customs and Excise Service Welfare Fund (hereinafter referred to as the Fund) as prescribed by section 18 of the Ordinance shall immediately be paid in full to the Director of Accounting Services who shall credit them to an account entitled "Deposits-Customs and Excise Service Welfare Fund".
(2) The Director of Accounting Services shall render to the Commissioner after the closing of each month's accounts a return showing all transactions of the Fund in his accounts during the previous month.
3. All sums considered by the Commissioner to be surplus to the normal requirements of the Fund shall at his request-
(a) be invested in such securities or deposited in such manner in the Colony by the Director of Accounting Services as the Financial Secretary may from time to time approve for that purpose; or
(b) be remitted to the Crown Agents for investment in such securities or deposit in such manner as the Secretary of State may from time to time approve for that purpose,
and the dividends or interest accruing from such investments or deposits shall be credited to the account referred to in regulation 2.
4. All investments of the Fund shall be valued at the middle market price in Hong Kong or London on 31 March in each year, and the balance of the Fund on that date shall be increased or decreased as may be required in accordance with such valuation.
5. Should at any time the uninvested portion of the Fund fall below a figure which in the opinion of the Commissioner is the minimum necessary for the normal requirements of the Fund, he shall request the Director of Accounting Services to sell on the local market or in London such part of the Fund's investments as will together with the existing uninvested portion provide an adequate working balance.
Citation.
46 of 1977, s. 17.
Maintenance of Fund.
L.N. 16/77. 46 of 1977, s. 17.
Investment.
L.N. 16/77.
Valuation of investments.
Realization of investments.
L.N. 16/77.
1986 Ed.]
Customs and Excise Service (Welfare Fund) Regulations
[CAP. 342
Q
CUSTOMS
TNO
OF
AND EXCISE SERVICE (WELFARE FUND)
REGULATIONS
(Cap 342, section 22)
[Subsidiary]
L.N. 109/63.
L.N. 16/77. 46 of 1977. L.N. 115/78.
LAW
LIBRARY
[16 October 1963.]
1. These regulations may be cited as the Customs and Excise Service (Welfare Fund) Regulations.
2. (1) All moneys due to the Customs and Excise Service Welfare Fund (hereinafter referred to as the Fund) as prescribed by section 18 of the Ordinance shall immediately be paid in full to the Director of Accounting Services who shall credit them to an account entitled "Deposits-Customs and Excise Service Welfare Fund”.
(2) The Director of Accounting Services shall render to the Commissioner after the closing of each month's accounts a return showing all transactions of the Fund in his accounts during the previous month.
3. All sums considered by the Commissioner to be surplus to the normal requirements of the Fund shall at his request-
(a) be invested in such securities or deposited in such manner in the Colony by the Director of Accounting Services as the Financial Secretary may from time to time approve for that purpose; or
(b) be remitted to the Crown Agents for investment in such securities or deposit in such manner as the Secretary of State may from time to time approve for that purpose,
and the dividends or interest accruing from such investments or deposits shall be credited to the account referred to in regulation 2.
4. All investments of the Fund shall be valued at the middle market price in Hong Kong or London on 31 March in each year, and the balance of the Fund on that date shall be increased or decreased as may be required in accordance with such valuation.
5.
Should at any time the uninvested portion of the Fund fall below a figure which in the opinion of the Commissioner is the minimum necessary for the normal requirements of the Fund, he shall request the Director of Accounting Services to sell on the local market or in London such part of the Fund's investments as will together with the existing uninvested portion provide an adequate working balance.
Citation.
46 of 1977, s. 17.
Maintenance of Fund.
L.N. 16/77.
46 of 1977, s. 17,
Investment.
L.N. 16/77.
Valuation of investments.
Realization of investments.
L.N. 16/77.
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