Hong Kong Regulations

DISTRICT COURT SUITORS' FUNDS RULES - RULE 16

Power of Registrar to invest funds

INVESTMENT OF FUNDS LODGED

(1) The Registrar may, unless an order directs otherwise, invest any money
lodged in court on any ledger credit in such manner as he thinks fit and may
vary at any time such investments.

(2) Subject to paragraph (3), if the Registrar invests any money lodged in
court on any ledger credit, any dividend or interest received on such
investments, or any principal money received in respect thereof, by the
Registrar shall be-

   (a)  paid into the District Court Suitors' Funds Account; and

   (b)  placed in his books to the credit of the account in which the
        investments were standing when the dividend or interest became due or
        when the principal money was received.

(3) Unless an order directs otherwise, no interest shall be credited to any
money lodged in court on any ledger credit if-

   (a)  such money is paid in court as security for costs or by way of
        satisfaction or amends or in compliance with an order giving leave to
        defend upon such payments;

   (b)  the amount is less than $2500;

   (c)  such money is paid in court as watchmen's fees;

   (d)  such money is paid in court as the proceeds of sale;

   (e)  such money is paid in court by way of satisfaction of a judgment debt;

   (f)  such money is paid in court in compliance with an order made under the
        Matrimonial Causes Ordinance ( Cap 179), the Matrimonial 
        Proceedings and Property Ordinance ( Cap 192), the Separation and 
        Maintenance Orders Ordinance ( Cap 16), the Affiliation Proceedings 
        Ordinance ( Cap 183), the Maintenance Orders (Reciprocal Enforcement) 
        Ordinance ( Cap 188) or the Guardianship Of Minors Ordinance (
        Cap 13); or

   (g)  such money is paid in court in respect of bail. (L.N. 304 of 1979)

(4) Notwithstanding paragraphs (1), (2) and (3) and unless an order directs
otherwise, the Registrar shall-

   (a)  invest any money lodged in court on any ledger credit as compensation
        payable under the Employees' Compensation Ordinance ( Cap  282), in
        such manner as he thinks fit; and

   (b)  place any dividend or interest (whether simple or compound) received
        on such investments, or any principal money received in respect
        thereof, to the credit of the account in which the investments were
        standing when such dividend or interest became due or when the
        principal money was received. (L.N. 217 of 1988)

(5) Interest on any money lodged in court shall not be computed on a fraction
of one dollar.

(6) The Registrar shall not be required to apportion any amount of interest
payable or money lodged in court on any ledger credit.