(Format changes—E.R. 1 of 2017)
Resolution made and passed by the Legislative Council on 20 January 1982.
Resolved—
that there will, with effect from 1 April 1982, be established a fund styled the Capital Works Reserve Fund;
(ceased to apply, see paragraph 2(g).)
Resolution made and passed by the Legislative Council under section 29(1) of the Public Finance Ordinance (Cap. 2) 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—
(ceased to apply, see paragraph 3(o).)
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.
Resolution made and passed by the Legislative Council under section 29(1) of the Public Finance Ordinance (Cap. 2) 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 III 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—
(Omitted as expired—E.R. 1 of 2017)(See paragraph (h) of L.N. 610 of 1997 which is reproduced in the Editorial Note.)
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.
| Please also see the Resolution of the Provisional Legislative Council in L.N. 610 of 1997, which is reproduced below— | |||||||
| “Resolution made and passed by the Provisional Legislative Council under section 29(1) of the Public Finance Ordinance (Cap. 2) on 17 December 1997. | |||||||
| RESOLVED with respect to the Capital Works Reserve Fund established by resolution made and passed by the Legislative Council on 20 January 1982 and published in the Gazette as Legal Notice No.18 of 1982, 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) | premium income received from land transactions; | ||||||
| (ii) | all moneys received arising from works or commitments entered into for the purposes of the Fund; | ||||||
| (iii) | unclaimed deposits in respect of moneys referred to in subparagraph (ii) which have been unpaid for 5 years; | ||||||
| (iv) | such appropriations from general revenue as may be approved by the Provisional Legislative Council or Legislative Council; | ||||||
| (v) | sums borrowed under section 3 of the Loans Ordinance (Cap. 61) where the resolution of the Provisional Legislative Council or Legislative Council approving the borrowing so stipulates; | ||||||
| (vi) | all moneys received by way of interest or dividends earned in respect of moneys held in the Fund; | ||||||
| (vii) | such donations and other moneys as may be received for the purposes of the Fund; | ||||||
| (c) | the Financial Secretary may expend moneys from the Fund for— | ||||||
| (i) | the purposes of the Government’s public works programme; | ||||||
| (ii) | the purchase and installation of equipment consequential on implementing the public works programme; | ||||||
| (iii) | the development, purchase and installation of major systems and equipment used by the Government; | ||||||
| (iv) | capital subventions; | ||||||
| (v) | the acquisition of land; and | ||||||
| (vi) | the payment of redemption money payable in respect of land exchange entitlements and of interest payable thereon under the New Territories Land Exchange Entitlements (Redemption) Ordinance (Cap. 495), | ||||||
| in accordance with such conditions, exceptions and limitations as may be specified by the Finance Committee; | |||||||
| (d) | the Financial Secretary may— | ||||||
| (i) | transfer from the Fund to the general revenue any balance in the Fund which is not required for the purposes of the Fund; | ||||||
| (ii) | repay the principal, interest thereon and expenses incurred in relation to sums borrowed under section 3 of the Loans Ordinance (Cap. 61) where such sums have been credited to the Fund; | ||||||
| (iii) | in his discretion, authorize the investment in such manner as he may determine of any moneys held in the Fund at any time; | ||||||
| (e) | 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; | ||||||
| (f) | this resolution shall come into operation# on a date to be appointed by the Financial Secretary by notice in the Gazette; | ||||||
| (g) | on the coming into operation of paragraphs (a) to (f), the suspense account, works account and reserve account of the Fund shall be cancelled and any moneys remaining in those accounts shall be carried forward in their entirety in the Fund; and | ||||||
| (h) | paragraphs (a) to (n) of the resolution made and passed by the Legislative Council on 15 May 1985, and published in the Gazette as Legal Notice No. 131 of 1985, and any subsequent amendments made to those paragraphs shall cease to apply.”. | ||||||
| # Commencement date: 1 January 1998. | |||||||