Hong Kong Regulations

TAX RESERVE CERTIFICATES (FOURTH SERIES) RULES - RULE 10

Prohibition against transfer of certificate or obligations created

(1) Subject to this rule, certificates or the obligations created thereby may
not be transferred except as may be ordered by a court of competent
jurisdiction. (L.N. 447 of 1996)

(2) Where a certificate has been issued or an entry in an account exists and
the taxpayer who holds the certificate or account is in default in paying tax
which may be paid by a certificate, the Commissioner may use the entry, or the
certificate without the taxpayer having to tender the certificate or to
endorse the reverse of the certificate, to pay the tax. (L.N. 447 of 1996)

(3) If the Commissioner uses a certificate under paragraph (2) to pay the tax,
he shall cancel that certificate. (L.N. 447 of 1996)

(4) The Commissioner shall forward notice of any action taken under this rule
to the taxpayer at his last known address. (L.N. 447 of 1996)