Hong Kong Regulations

FIRE SERVICES DEPARTMENT (WELFARE FUND) REGULATION,FIRE SERVICES DEPARTMENT (WELFARE FUND) REGULATION - SECT 8

Loans by the Fund

(1) A loan made from the Fund in accordance with section 19D(1) of the
Ordinance is subject to the following conditions-

   (a)  repayment by a number of monthly instalments specified by the
        corporation, not exceeding 48;

   (b)  repayment in full (with any interest due) if any monthly instalment is
        not paid on time;

   (c)  at the discretion of the corporation, the payment of interest at a
        rate that complies with subsection (2), with that interest being
        calculated monthly on the balance outstanding at the end of each month
        until the loan is repaid in full, and payable within 1 month after the
        date on which the previous instalment became payable.

(2) The rate mentioned in subsection (1)(c) must not exceed-

   (a)  5 per cent per year; or

   (b)  such higher percentage as the corporation may determine with the
        approval of the Financial Secretary.

(3) The corporation may, by proceedings brought in a court of competent
jurisdiction, recover as a debt any part of such a loan that is not repaid, or
any interest on such a loan that is not paid, when it is due.