CAPITAL WORKS RESERVE FUND

CAPITAL WORKS RESERVE FUND

CAPITAL WORKS RESERVE FUND

RESOLUTIONS OF THE LEGISLATIVE COUNCIL

1. Resolution made and passed by the Legislative Council on 20 January
1982.

RESOLVED

(a)that there will, with effect from 1 April 1982, be established
a fund styled the Capital Works Reserve Fund;

(b)-(f) [ceased to apply, see paragraph 2 (g).]

2. Resolution made and passed by the Legislative Council under section
29(1) of the Public Finance Ordinance on 27 July 1983.

RESOLVED with respect to the Capital Works Reserve Fund

established by resolution made and passed by this Council
on 20 January 1982 and deemed under section 29(3) of the
Ordinance to have been established in accordance with
that section, that-
(a)-(f) [ceased to apply, see paragraph 3 (o)

(g)paragraphs (b), (c), (d), (e) and (.f') of the resolution
made and passed by this Council on 20 January 1982 and
published in the Gazette as Legal Notice No. 18 of 1982,
which relate to the composition. expenditure and
administration of the Fund. cease to apply.

3. Resolution made and passed by the Legislative Council under section
29(1) of the Public Finance Ordinance on 15 May 1985.

RESOLVED with respect to the Capital Works Reserve Fund

established by resolution made and passed by this Council
on 20 January 1982 and published in the Gazette as Legal
Notice No. 18 of 1982, and for the purpose of giving effect
to arrangements for implementing paragraph 6 of Annex
Ill to the Joint Declaration of the Government of the
United Kingdom and the Government of the People's
Republic of China signed in Peking on 19 December 1984,
that with effect from the entry into force of the Joint
Declaration-

(a)the Fund be administered by the Financial Secretary, who
may delegate his power of administration to other public
officers;

(b)the Fund comprise a suspense account, a works account
and a reserve account;

(c) there be credited to the suspense account-

(i) premium income obtained from land transactions
covered by paragraph 6 of Annex III to the Joint





Declaration, pending deduction of the average cost of
land production and sharing in accordance with
paragraph 6 of Annex 111 to the Joint Declaration;

(ii) all moneys received by way of interest or dividends
earned in respect of moneys held in the suspense
account;

(d) there be credited to the works account-

(i) the amount deducted from premium income held in
the suspense account that represents the average cost of
land production;

(ii) the amount of premium income held in the
suspense account that represents the Government's
share;

(iii) all moneys received arising from works or
commitments entered into for the purposes of the Fund;

(iv) unclaimed deposits in respect of moneys referred
to in sub-paragraph (iii) which have been unpaid for 5
years;

(v) all moneys received by way of interest or dividends
earned in respect of moneys held in the works account;

(vi) such donations and other moneys as may be
received for the purposes of the Fund;

(vii) such transfers from the reserve account as the
Financial Secretary may authorize;

(e)there be credited to the reserve account such
appropriations from general revenue as may be approved
by this Council;

all moneys received by way of interest or dividends
earned in respect of moneys held in the reserve account
shall form part of the general revenue;

(g)the Financial Secretary shall transfer from the suspense
account to the works account-

(i) the amount deducted from premium income held in
the suspense account that represents the average cost of
land production;

(ii) the amount of premium income held in the
suspense account that represents the Government's
share a re.

(h)the Financial Secretary shall pay from the suspense
account to banks incorporated in Hong Kong the amount
of premium income held in the suspense account that
represents the future Hong Kong Special Administrative
Region Government's-share.

(i)the Financial Secretary shall at the beginning of each
financial year. for the purpose of sharing all moneys





credited to the suspense account under paragraph ((.)(ii)
during the preceding financial year between the
Government and the future Hong Kong Special
Administrative Region Government-

(i) divide such moneys in the proportion according to
which transfers and payments were made under
paragraphs (g) and (h) respectively during that
preceding financial year;

(ii) transfer the Government's share from the suspense
account to the works account and pay the future Hong
Kong Special Administrative Region Government's share
from the suspense account to banks incorporated in
Hong Kong;

the Financial Secretary may expend moneys from the
works account for the purposes of the Government's
public public works programme and for the
acquisition of land, in accordance with such
conditions, exceptions and 1 Irmitations as may be
specified by the Finance Committee tee;

(k) the Financial Secretary may from time to time-

(i) transfer from the reserve account to the works
account such sums as may be required for the purposes
of the Fund,

(ii) pay from the reserve account to general revenue
any balance in the reserve account which is not required
for the purposes of the Fund;

(1)the Director of Accounting Services shall, under the
authority of a funds warrant issued by the Financial
Secretary, pay from the Fund such sums as may be
required to meet expenditure from the Fund,

(m)the Financial Secretary in his discretion may authorize
the investment in such manner as he may determine of
any moneys held in the Fund at any time;

(n) all moneys held in the Fund on the date on which the

cl, in
mm

Joint Declaration enters into force shall be deemed to be
held in the works account;

(o)paragraphs (a), (b), (c), (d), (e) and (f) of the resolution
made and passed by this Council on 27 July 1983. and
published in the Gazette as Legal Notice No. 250 of 1983,
shall cease to apply.
L.N. 18/82. L.N. 250/83. (Cap. 2.) L.N. 131/85. (Cap. 2.)

L.N. 18/82. L.N. 250/83. (Cap. 2.) L.N. 131/85. (Cap. 2.)

https://oelawhk.lib.hku.hk/items/show/2188

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