1978 Ed.]
Immigration Service (Welfare Fund) Regulations
[CAP. 331
A 1
IMMIGRATION SERVICE (WELFARE FUND)
REGULATIONS
(Cap. 331, section 22)
[Subsidiary]
L.N. 57/66.
L.N. 16/77. L.N. 118/78.
[15th July, 1966.]
1. These regulations may be cited as the Immigration Service (Welfare Fund) Regulations.
Citation.
of Fund.
2. (1) All moneys due to the Immigration Service Welfare Maintenance Fund (hereinafter referred to as the Fund) shall immediately be paid in full to the Director of Accounting Services who shall credit them to an account entitled "Deposits-Immigration Service Welfare Fund”.
(2) The Director of Accounting Services shall render to the Director 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 Director 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 the 31st 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 Director 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.
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
L.N. 16/77.
Investment.
L.N. 16/77.
Valuation of investments.
Realization of investments.
L.N. 16/77.
Certification of advance.
I,N, 16/77.
6.
1978 Ed.]
Immigration Service (Welfare Fund) Regulations
[CAP. 331
A 1
IMMIGRATION SERVICE (WELFARE FUND)
REGULATIONS
(Cap. 331, section 22)
[Subsidiary]
L.N. 57/66.
L.N. 16/77. L.N. 118/78.
[15th July, 1966.]
1. These regulations may be cited as the Immigration Service (Welfare Fund) Regulations.
Citation.
of Fund.
2. (1) All moneys due to the Immigration Service Welfare Maintenance Fund (hereinafter referred to as the Fund) shall immediately be paid in full to the Director of Accounting Services who shall credit them to an account entitled "Deposits-Immigration Service Welfare Fund”.
(2) The Director of Accounting Services shall render to the Director 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 Director 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 the 31st 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 Director 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.
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
L.N. 16/77.
Investment.
L.N. 16/77.
Valuation of investments.
Realization of investments.
L.N. 16/77.
Certification
of advance.
I,N, 16/77.
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