Government Flying Service (Welfare Fund) Regulation
(Enacting provision omitted—E.R. 5 of 2021)
[1 April 1993]
(Format changes—E.R. 5 of 2021)
(Omitted as spent—E.R. 5 of 2021)
In this Regulation, unless the context otherwise requires—
fund (基金) means the Government Flying Service Welfare Fund established under section 15 of the Ordinance.A person from whom any money is payable to the fund under section 15 of the Ordinance shall immediately pay the money to the Controller or a person authorized by him in that behalf, who shall then immediately pay the money to the Director of Accounting Services.
The Director of Accounting Services shall credit any money paid to him under subsection (1) to a deposit account named “Deposits—Government Flying Service Welfare Fund”.
The Director of Accounting Services shall give the Controller after the closing of each month’s accounts a return showing all transactions of the fund in the accounts during the previous month.
If the Controller considers that any money in the fund is surplus to the normal requirements of the fund, he may request the Director of Accounting Services to invest or deposit the money in accordance with subsection (2).
The Director of Accounting Services shall at the Controller’s request under subsection (1) invest or deposit the money in such manner as the Financial Secretary may approve for that purpose.
The Director of Accounting Services shall credit any dividends and interest accruing from the approved investments or deposits to the deposit account referred to in section 3(2).
The Controller shall value all investments of the fund on 31 March in each year.
The Director of Accounting Services shall advise the Controller in respect of valuation of any of the investments of the fund for the purposes of subsection (1).
If the Controller considers that the amount of the uninvested portion of the fund is lower than the amount necessary for the normal requirements of the fund, he shall ask the Director of Accounting Services to realise such part of the investments of the fund as is necessary to meet the normal requirements of the fund.
Before the proceeds of sale of any of the investments under section 6 are available for the normal requirements of the fund, the Director of Accounting Services may with the prior approval of the Financial Secretary advance to the fund the amount he considers necessary for the proper administration of the fund.
The Director of Accounting Services shall charge interest on the amount advanced under subsection (1) at the rate earned by the Government on its main current account.
The Director of Accounting Services shall recover the advance from the proceeds of sale of the investments as soon as he receives the proceeds on behalf of the fund.
The Director of Accounting Services shall only make payment out of the fund on the authority of a voucher for the payment certified by the Controller, or by an officer authorized under subsection (2).
The Controller may authorize in writing an officer by name, office or appointment to certify payments to be made out of the fund on his behalf.
The Controller shall notify the Director of Accounting Services of every authorization together with any suspension, withdrawal, revocation and cancellation of the authorization.
Where the Controller applies any part of the fund to make any loan under section 16(b) of the Ordinance, the loan shall be subject to the conditions that the person to whom the loan is made shall—
repay the loan in such monthly instalments, not exceeding 24, as the Controller may in his discretion specify;
unless the Controller otherwise determines, pay interest at the rate of 5% per annum, calculated monthly on the balance outstanding in each month and payable 1 month after the due date for payment of the last instalment; and
upon default in the repayment of any one instalment or any interest due, immediately upon demand repay the whole balance of the loan remaining outstanding, including any interest due.
Any part or parts of the loan and any interest to be recovered under subsection (1) shall be deemed to be a debt due to the Government and may be recovered accordingly.
Upon a recommendation of the Controller, the Financial Secretary may for the purpose of accounting records, authorize the writing-off of any asset of or any debt due to the fund which he considers irrecoverable.
A write-off for the purposes of subsection (1) shall not extinguish any right of the fund to recovery of the asset or debt concerned.
The Director of Accounting Services shall keep the Controller informed of all transactions on account of the investments of the fund.
The Controller shall balance his accounts monthly and reconcile them with the deposit account maintained by the Director of Accounting Services and referred to in section 3(2).
The Director of Audit shall conduct periodical audit of the accounts of the Controller.
The Controller shall—
keep proper accounts of all transactions of the fund; and
prepare and sign for every period of 12 months ending 31 March in each year a statement of accounts of the fund, which statement shall include an income and expenditure account and a balance sheet.
The Director of Audit shall—
audit the accounts of the fund referred to in subsection (1)(a) and the statement of accounts referred to in subsection (1)(b); and
certify the statement of accounts subject to such report, if any, as he may think fit.
The Controller shall cause to be laid on the table of the Legislative Council—
a copy of the signed and audited statement of accounts;
the Director of Audit’s report, if any; and
a report by the Controller on the administration of the fund during the period covered by the audited accounts,
within 3 months of the receipt by the Controller of the signed and audited statement of accounts from the Director of Audit or such later date as the Chief Executive, in his absolute discretion, may allow. (71 of 1999 s. 3)