Hong Kong Ordinances

TRADING FUNDS ORDINANCE - SECT 6

Control and management of a trading fund

(1) The Legislative Council shall prescribe, in the resolution establishing
the trading fund, the services to be provided under a trading  fund.

(2) The Financial Secretary shall designate a general manager to control and
manage a trading fund and who is accountable to the Financial Secretary for
the operations of the trading fund.

(3) The general manager is not to vary the services undertaken by a
trading fund other than in accordance with the Legislative Council resolution.

(4) Notwithstanding subsection (3), the Financial Secretary may authorize a
general manager to undertake additional operations under a trading fund that
are incidental to the prescribed services of the trading  fund.

(5) The Financial Secretary may issue directions to the general  manager for
the control and management of a trading fund and the general  manager shall
comply with the directions.

(6) The general manager shall manage a trading fund with the objectives of-

   (a)  providing an efficient and effective operation that meets an
        appropriate standard of service;

   (b)  within a reasonable time, meeting expenses incurred in the provision
        of the government service and financing liabilities of the
        trading fund out of the income of the trading fund, taking one year
        with another; and

   (c)  achieving a reasonable return, as determined by the Financial
        Secretary, on the fixed assets employed. (Enacted 1993)