Public Finance Ordinance

(1)
The Legislative Council may by resolution provide for the establishment of funds to which moneys appropriated for the purpose, and such other moneys received for the purposes of the Government as may be specified in the resolution, may be credited and from which moneys may, under the authority of a funds warrant issued by the Financial Secretary, be expended for the purposes for which the funds were established subject to such conditions, exceptions and limitations as may be specified in the resolution.
(Amended
16 of 1985 s. 2
)
(1A)
Moneys specified in a resolution passed under subsection (1) in respect of any fund shall, if such moneys have not been appropriated for the purpose of the fund when the resolution is passed, be deemed to be appropriated thereby for that purpose; and this subsection shall apply in relation to any such resolution whether passed before or after the commencement of the Public Finance (Amendment) Ordinance 1985 (
16 of 1985
).
(Added
16 of 1985 s. 2
)
(2)
Unless an Ordinance or a resolution made under subsection (1) otherwise provides, the earnings from interest or dividends on investments of funds established under this section shall not be retained for the purposes of such funds, but shall form part of the general revenue.
(3)
The funds set out in the
First Schedule
shall be deemed to have been established in accordance with this section, and subsection (2) shall apply in respect thereof.