1964_EXCHANGE_FUND_ORDINANCE — Page 4

1987 Ed.]

Exchange Fund

[CAP. 66

3

(3) The Financial Secretary may apply the proceeds of the sale of foreign exchange or gold for Hong Kong currency in accordance with section 3(2) to the redemption of certificates issued under subsection (1). (Amended, 12 of 1946, s. 2)

4A. [Repealed, 64 of 1987, s. 31]

5. Nothing in this Ordinance shall empower any note-issuing bank to issue notes in excess of any maximum limit laid down in any Ordinance or charter governing the issue of such notes, and in issuing certificates under this section the Financial Secretary shall take into account such maximum limits.

6. (Replaced, 4 of 1951, Schedule. Amended, 7 of 1978, s. 3)

There shall be charged to the Fund-

(a) the emoluments payable to, and other staff costs relating to, the persons employed in connection with the purposes of the Fund, including the investment thereof, and also including any appropriate share of such emoluments or staff costs in respect of the services of public officers so employed as part of their duties:

Provided that the number of appointments and the emoluments of such staff have been approved by the Financial Secretary; (Replaced, 26 of 1983, s. 4)

(aa) any expenses incurred in the issue and maintenance in circulation of any coinage issued under or by virtue of The Hong Kong (Coinage) Orders 1936 to 1978; and (Added, 26 of 1983, s. 4)

(b) any incidental expenditure which the Governor may approve as necessary for the due performance of the duties laid upon the Financial Secretary and the Advisory Committee in connection with the operation of the fund. (Replaced, 44 of 1936, s. 3. Amended, 12 of 1946, s. 2 and 20 of 1948, s. 4)

7. The accounts of all transactions of the Fund shall be audited at such times and in such manner as the Governor may from time to time direct. (Amended, 44 of 1936, s. 3 and 26 of 1983, s. 5)

8. The Financial Secretary may from time to time, after consultation with the Exchange Fund Advisory Committee and with the approval of the Secretary of State, transfer from the Fund to the general revenue of the Colony or to such other funds of the Colony as may be authorized by the Secretary of State any sum, or any part of any sum, in excess of the amount required to maintain the assets of the Fund at 105 per cent of the total of

(a) the aggregate of the borrowings made under section 3 and for the time being outstanding; and

Preservation of limits on note issue.

Charges on Fund. (App. III, p. AA 1.)

Audit of Fund.

Transfer from the Fund.