Hong Kong Regulations

INNOVATION AND TECHNOLOGY FUND - PARAGRAPH

RESOLVED that with effect from 30 June 1999- 1. there shall be established a
fund to be called the Innovation and Technology Fund; 2. the Fund shall be
administered by the Financial Secretary who may delegate his power of
administration, including the power to issue funds warrants and the power
specified in paragraphs 4 and 6, to other public officers; 3. there shall be
credited to the Fund-

   (a)  such appropriations from the general revenue as may be approved by the
        Legislative Council for the purposes of the Fund;

   (b)  all income received by way of interest, dividend or distribution in
        whatever form from-

        (i)    any loan, advance, investment or payment in whatever form made
               from the Fund under paragraph 4;

        (ii)   any sum invested under paragraph 6;

   (c)  all sums received by way of repayment of any loan or advance made from
        the Fund;

   (d)  the proceeds of the sale of any investment made from the Fund;

   (e)  such donations and other moneys as may be received for the purposes of
        the Fund; 4. the Financial Secretary may apply moneys from the Fund
        for the purpose of-

   (a)  financing projects that contribute to innovation and technology
        upgrading in the manufacturing and service industries;

   (b)  financing projects that contribute to the upgrading and development of
        the manufacturing and service industries, in accordance with such
        terms and conditions as may be specified by the Finance Committee; 5.
        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 expenditures from the Fund; 6.
        the Financial Secretary in his discretion may authorize the investment
        in such manner as he may determine of any moneys held in the Fund at
        any time.