IMMIGRATION SERVICE (WELFARE FUND) REGULATIONS

IMMIGRATION SERVICE (WELFARE FUND) REGULATIONS

IMMIGRATION SERVICE (WELFARE FUND)
REGULATIONS

(Cap. 331, section 22)

[15th July, 1966.]

l., These regulations may be cited as the Immigration Service
(Welfare Fund) Regulations.

2. (1) All moneys due to the Immigration Service Welfare 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





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. Unless the Director otherwise determines in the case of any
particular loan

(a)a loan from the Fund shall be repaid by such monthly
instalments, not exceeding 24, as the Director shall in his
discretion specify;

(b)if any instalment by which a loan from the Fund is to be repaid
is due and unpaid, the whole balance of the loan then
outstanding shall become repayable immediately;

(c) [Deleted, L.N. 118/78]

(d)whenever it is necessary to recover the amount of a loan from
the Fund, the amount then outstanding shall be deemed to be
an amount due to a department of Government.

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.

10. (1) The Director shall cause proper accounts to be kept of all
transactions of the Fund and shall cause to be prepared for every period
of 12 months ending the 31st March in each year a statement of the
accounts of the Fund, which statement shall include an income and
expenditure account and balance sheet and shall be signed by the
Director.

(2) The accounts of the Fund and the signed statement of the
accounts shall be audited by the Director of Audit, who shall certify the
statement subject to such report, if any, as he may think fit.

(3) A copy of the signed and audited statement of accounts
together with Director of Audit's report, if any, and a report by the
Director on the administration of the Fund during the period covered by
the audited accounts shall be laid upon the table of the Legislative
Council not later than the 30th September next following the end of such
period or so soon thereafter as the Governor, in his absolute discretion,
may allow.
L.N. 57/66. L.N. 16/77. L.N. 118/78. Citation. Maintenance of Fund. L.N. 16/77. Investment. L.N. 16/77. Valuation of investments. Realization of investments. L.N. 16/77. Certification of advance. L.N. 16/77. Loans from Fund. Write-off. Duties of Director of Accounting Services and Director of Audit. Accounts.

L.N. 57/66. L.N. 16/77. L.N. 118/78. Citation. Maintenance of Fund. L.N. 16/77. Investment. L.N. 16/77. Valuation of investments. Realization of investments. L.N. 16/77. Certification of advance. L.N. 16/77. Loans from Fund. Write-off. Duties of Director of Accounting Services and Director of Audit. Accounts.

https://oelawhk.lib.hku.hk/items/show/3251

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