Hong Kong Regulations

POST OFFICE TRADING FUND - LONG TITLE

Empowering section

RESOLUTION OF THE LEGISLATIVE COUNCIL (L.N. 337 of 1995)

Resolution made and passed by the Legislative Council under sections 3, 4 and
6 of the Trading Funds Ordinance ( Cap 430) on 19 July 1995.

RESOLVED that with effect from 1 August 1995-

   (a)  on the recommendation of the Financial Secretary, the Post
Office Trading Fund (the "trading fund") is established to manage and account
for the operation of the government service of the Post Office;

   (b)  the services the trading fund may provide are those set out in
        Schedule 1;

   (c)  the assets set out in Schedule 2 are appropriated to the trading fund
        on the terms set out in that Schedule;

   (d)  the net value of fixed assets of $3001.4 million appropriated to the
        trading fund are represented in the Capital Investment Fund by $900.4
        million as a loan and by $2101 million as a contribution of trading 
        fund capital;

   (e)  the loan referred to in paragraph (d) is repayable by 10 equal annual
        instalments of $90.04 million each, the first instalment being due on
        1 August 1996 and subsequent instalments being due on the
        anniversaries of that date;

   (f)  loan interest is payable annually in arrears at a rate equal to the
        average of the best lending rate quoted by the continuing members of
        the Committee of the Hong Kong Association of Banks. (Enacted 1995)