DEVELOPMENT LOAN FUND

DEVELOPMENT LOAN FUND

RESOLUTIONS OF THE LEGISLATIVE COUNCIL

1 Resolution made and passed by the Legislative Council on 22
October 1958.

RESOLVED--

1.that with effect from 1 November 1958, there shall be
established a fund styled the Development Loan Fund;

2-3. [ceased to apply, see paragraph 3(g).]

4.that the Fund shall assume all the liabilities of the
Development Fund and of the Local Loans Fund as from 1
November 1958;

5. [ceased to apply, see paragraph 3 (g).]

6.that the Development Fund and the Local Loans Fund shall
be closed with effect from 1 November 1958.

2. Resolution made and passed by the Legislative Council on 7
December 1966.

[ceased to apply, see paragraph 3 (g).]

3. 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 Development Loan Fund
established by resolution made and passed by this Council on
22 October 1958, as amended by resolution made and passed
by this Council on 7 December 1966, and deemed under
section 29(3) of the Ordinance to have been established in
accordance with that section, that

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

(b) there be credited to the Fund-

(i) such appropriations from general revenue as may
be approved by this Council;

(ii) all sums received by way of repayment of moneys
expended in accordance with paragraph (e) below; and

(iii) all sums received by way of interest or dividends
earned in respect of moneys expended in accordance
with paragraph (e) below or invested in accordance with
paragraph (e) below;





(c)the Financial Secretary may expend moneys from the
Fund for the purpose of financing by loans, advances or
investments such schemes of development in Hong Kong
as may be approved by the Finance Committee, in
accordance with such conditions, exceptions and
limitations as may be specified by the Finance Committee;

(d)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;

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

the Financial Secretary may from time to time transfer
from the Fund to general revenue any balance in the
Fund which is not required for the purposes of the
Fund;and

(g)paragraphs 2, 3 and 5 of the resolution made and passed
by this Council on 22 October 1958 and published in the
Gazette as Government Notice No. A 64 of 1958 and the
resolution made and passed by this Council on 7
December 1966 and published in the Gazette as Legal
Notice No. 81 of 1966, which relate to the composition,
expenditure and administration of the Fund, cease to
apply.
G.N.A. 64/58. L.N. 81/66. L.N. 253/83. (Cap. 2.)

G.N.A. 64/58. L.N. 81/66. L.N. 253/83. (Cap. 2.)

https://oelawhk.lib.hku.hk/items/show/2189

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