Hong Kong Regulations

FIRE SERVICES DEPARTMENT (WELFARE FUND) REGULATIONS - REGULATION 7

Loans by Fund

Caution: This is a past version. See the current version here.

(1) A loan granted under section 19(b) of the Ordinance shall-

   (a)  (Repealed L.N. 116 of 1978)

   (b)  be repaid by such monthly instalments, not exceeding 48, as the
        Director may specify;

   (c)  be subject to the payment of interest at the rate of 5 per centum per
        annum, calculated monthly on the maximum balance outstanding in each
        month and payable one month after payment of the last instalment; and

   (d)  become repayable in full, with any interest due, upon default in the
        repayment of any monthly instalment.

(2) Notwithstanding paragraph (1) the Director may at any time waive the
condition requiring payment of interest on any such loan.

(3) Any part of a loan, and any interest thereon, due and unpaid shall be
deemed to be a debt due to the Government and may be recovered accordingly.
(L.N. 42 of 1969; L.N. 136 of 1975)