CUSTOMS AND EXCISE SERVICE (WELFARE FUND) REGULATIONS

CUSTOMS AND EXCISE SERVICE (WELFARE FUND) REGULATIONS

CUSTOMS AND EXCISE SERVICE (WELFARE FUND)

REGULATIONS

(CAP. 342, section 22)

[16 October 1961]

1. These regulations may be cited as the Customs and Excise Service
(Welfare Fund) Regulations.

2. (1) All moneys due to the Customs and Excise Service Welfare Fund
(hereinafter referred to as the Fund) as prescribed by section 18 of the
Ordinance shall immediately be paid in full to the Director of Accounting
Services who shall credit them to an account entitled 'Deposits-Customs and
Excise Service Welfare Fund'.

(2) The Director of Accounting Services shall render to the Commissioner
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 Commissioner 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 31 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 Commissioner 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 Commissioner or shall have attached to
them certified true copies of the Commissioner's approval for each
withdrawal. In the latter event the certificates and vouchers may
be signed by an officer so authorized by the Commissioner. The
Director of Accounting Services shall pay only on the authority of
the Commissioner as indicated above and shall be advised of the
name of any officer authorized by the Commissioner to sign on his
behalf.

7. When a loan is granted under the authority of section 19
of the Ordinance, it will normally be subject to the following
conditions-

(a)it shall be repaid in such monthly instalments as the
Commissioner may in his discretion specify, save that the
number of monthly instalments shall not exceed 24; upon
default in one instalment the whole balance outstanding
shall immediately become due;

(b) [Delete, L.N. 115/78]

(c)whenever it shall be necessary to recover the amount of a
loan it shall be deemed to be an amount due to a depart-
ment of Government.

8. Upon a recommendation of the Commissioner, the Finan-
cial 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 Com-
missioner 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 Commissioner 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 31 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 Commissioner.

(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 the Director of Audit's report, if any, and a report by
the Commissioner 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 30 September next following
the end of such period or so soon thereafter as the Governor, in his
absolute discretion, may allow.
L.N. 109/63. L.N. 16/77. 46 of 1977. L.N. 115/78. Citation. 46 of 1977, s. 17. Maintenance of Fund. L.N. 16/77. 46 of 1977, s. 17. Investment. L.N. 16/77. Valuation of investments. Realization of investments. L.N. 16/77. Certification of advance. L.N. 16/77. Loans by Fund. 46 of 1977, s. 17. Write-off. Duties of Director of accounting Services and Director of audit. L.N. 16/77. Accounts.

L.N. 109/63. L.N. 16/77. 46 of 1977. L.N. 115/78. Citation. 46 of 1977, s. 17. Maintenance of Fund. L.N. 16/77. 46 of 1977, s. 17. Investment. L.N. 16/77. Valuation of investments. Realization of investments. L.N. 16/77. Certification of advance. L.N. 16/77. Loans by Fund. 46 of 1977, s. 17. Write-off. Duties of Director of accounting Services and Director of audit. L.N. 16/77. Accounts.

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