1989 Ed.]
Travel Agents
[CAP. 218
17
*36. Bank account
The Registrar shall open and maintain an account with a bank approved by the Financial Secretary and shall pay all moneys of the Reserve Fund into that account.
*37. Investment of moneys
The moneys in the Reserve Fund may be
(a) deposited on fixed term or call deposit or in a savings account in any bank licensed under the Banking Ordinance (Cap. 155); or
(b) invested in such other investments as the Financial Secretary may direct, whether or not such investments are investments authorized under the Trustee Ordinance (Cap. 29).
*38. Accounts and reports
The Registrar shall-
(a) keep and maintain such accounts and records of all transactions of the Reserve Fund as the Director of Accounting Services may require; and
(b) prepare for the period from the commencement of this Ordinance to 31 March thereafter, and thereafter for each period of 12 months ending on 31 March in each year-
(i) a statement of the accounts of the Reserve Fund, which shall include an income and expenditure account and balance sheet and shall be signed by the Registrar; and
(ii) a report on the administration of the Reserve Fund during the period covered by the accounts prepared under sub-paragraph (i).
*39. Auditors
(1) The statement of accounts of the Reserve Fund prepared under section 38 shall be submitted by the Registrar to the Director of Audit not later than 31 July next following the end of the period to which it relates or such later date as the Governor may allow.
(2) The accounts of the Reserve Fund and the statement of the accounts shall be audited by the Director of Audit who shall certify such statement subject to such report, if any, as he may think fit.
(3) The Director of Audit shall be entitled to have access to all books of account, vouchers and other records kept by the Registrar and to require such information and explanation as he may think fit.
* To be repealed-see 70 of 1988 s. 15(1).
1989 Ed.]
Travel Agents
[CAP. 218
17
*36. Bank account
The Registrar shall open and maintain an account with a bank approved by the Financial Secretary and shall pay all moneys of the Reserve Fund into that account.
*37.
Investment of moneys
The moneys in the Reserve Fund may be
(a) deposited on fixed term or call deposit or in a savings account in
any bank licensed under the Banking Ordinance (Cap. 155); or (b) invested in such other investments as the Financial Secretary may direct, whether or not such investments are investments authorized under the Trustee Ordinance (Cap. 29).
*38. Accounts and reports
The Registrar shall-
(a) keep and maintain such accounts and records of all transactions of the Reserve Fund as the Director of Accounting Services may require; and
(b) prepare for the period from the commencement of this Ordinance to 31 March thereafter, and thereafter for each period of 12 months ending on 31 March in each year-
(i) a statement of the accounts of the Reserve Fund, which shall include an income and expenditure account and balance sheet and shall be signed by the Registrar; and
(ii) a report on the administration of the Reserve Fund during the period covered by the accounts prepared under sub- paragraph (i).
*39, Auditors
(1) The statement of accounts of the Reserve Fund prepared under section 38 shall be submitted by the Registrar to the Director of Audit not later than 31 July next following the end of the period to which it relates or such later date as the Governor may allow.
(2) The accounts of the Reserve Fund and the statement of the accounts shall be audited by the Director of Audit who shall certify such statement subject to such report, if any, as he may think fit.
(3) The Director of Audit shall be entitled to have access to all books of account, vouchers and other records kept by the Registrar and to require such information and explanation as he may think fit.
* To be repealed-see 70 of 1988 s. 15(1).
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