D2
[Subsidiary]
L.N. 16/77.
Certification of advances. L.N. 16/77.
Loans by Fund.
L.N. 42/69.
L.N. 136/75.
Write-off.
Duties of Director of Accounting Services and Director of Audit.
CAP. 95] Fire Services Department (Welfare Fund) [1978 Ed. Regulations
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.
6. All vouchers submitted to the Director of Accounting Services in respect of payments to be made out of the Fund shall either be certified by the Director or shall have attached to them certified true copies of the Director's approval for each withdrawal. In the latter event the certificates and vouchers may be signed by an officer so authorized by the Director. The Director of Accounting Services shall pay only on the authority of the Director as indicated above and shall be advised of the name of any officer authorized by the Director to sign on his behalf.
7. (1) A loan granted under section 19(b) of the Ordinance shall-
(a) [Deleted, L.N. 116/78]
(b) be repaid by such monthly instalments, not exceeding 48,
as the Director may specify;
(c) be subject to the payment of interest at the rate of 5 per centum per annum, calculated monthly on the maximum balance outstanding in each month and payable one month after payment of the last instalment; and
(d) become repayable in full, with any interest due, upon default in the repayment of any monthly instalment.
(2) Notwithstanding paragraph (1) the Director may at any time waive the condition requiring payment of interest on any such loan.
(3) Any part of a loan, and any interest thereon, due and unpaid shall be deemed to be a debt due to the Government and may be recovered accordingly.
8. Upon a recommendation of the Director, the Financial Secretary may authorize the writing off of any asset or any debt due to the Fund which he considers irrecoverable:
Provided that any such write-off shall take effect for the purpose of accounting records alone and shall not extinguish any right of the Fund to recovery of any such asset or debt.
9. The Director of Accounting Services shall keep the Director informed of all transactions on account of the Fund's investments and the latter shall balance his accounts monthly and reconcile them with the deposit account maintained by the Director of Accounting Services. The accounts shall be subject to periodical audit by the Director of Audit.
D2
[Subsidiary]
L.N. 16/77.
Certification of advances. L.N. 16/77.
Loans by Fund.
L.N. 42/69.
L.N. 136/75.
Write-off.
Duties of Director of Accounting Services and Director of Audit.
CAP. 95] Fire Services Department (Welfare Fund) [1978 Ed. Regulations
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.
6. All vouchers submitted to the Director of Accounting Services in respect of payments to be made out of the Fund shall either be certified by the Director or shall have attached to them certified true copies of the Director's approval for each withdrawal. In the latter event the certificates and vouchers may be signed by an officer so authorized by the Director. The Director of Accounting Services shall pay only on the authority of the Director as indicated above and shall be advised of the name of any officer authorized by the Director to sign on his behalf.
7. (1) A loan granted under section 19(b) of the Ordinance shall-
(a) [Deleted, L.N. 116/78]
(b) be repaid by such monthly instalments, not exceeding 48,
as the Director may specify;
(c) be subject to the payment of interest at the rate of 5 per centum per annum, calculated monthly on the maximum balance outstanding in each month and payable one month after payment of the last instalment; and
(d) become repayable in full, with any interest due, upon default in the repayment of any monthly instalment.
(2) Notwithstanding paragraph (1) the Director may at any time waive the condition requiring payment of interest on any such loan.
(3) Any part of a loan, and any interest thereon, due and unpaid shall be deemed to be a debt due to the Government and may be recovered accordingly.
8. Upon a recommendation of the Director, the Financial Secretary may authorize the writing off of any asset or any debt due to the Fund which he considers irrecoverable:
Provided that any such write-off shall take effect for the pur- pose of accounting records alone and shall not extinguish any right of the Fund to recovery of any such asset or debt.
9. The Director of Accounting Services shall keep the Director informed of all transactions on account of the Fund's investments and the latter shall balance his accounts monthly and reconcile them with the deposit account maintained by the Director of Accounting Services. The accounts shall be subject to periodical audit by the Director of Audit.
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