Hong Kong Export Credit Insurance Corporation Ordinance (Chapter 1115)
Section 1 : Short title |
This Ordinance may be cited as the Hong Kong Export Credit Insurance Corporation Ordinance. |
Section 2 : Interpretation |
Remarks: |
Section 3 : Establishment of Corporation |
(1) There is hereby established a corporation to be called the Hong Kong Export Credit Insurance Corporation which shall, in that name, be a body corporate with perpetual succession and shall be capable of suing and being sued, and subject to this Ordinance of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer. |
Section 4 : Official seal and authentication thereof, and instruments executed thereunder |
(1) The Corporation shall have and may use a common seal, the affixing of which shall be authenticated by the signature of the Commissioner. |
Section 5 : Certain contracts and instruments not required to be under seal |
Any contract or instrument which, if entered into or executed by a person not being a body corporate, would not be required to be under seal may be entered into, signed or executed on behalf of the Corporation by any person generally or specially authorized for that purpose by the Corporation. |
Section 6 : Appointment of Commissioner |
Remarks: |
Section 7 : Delegation of powers by the Corporation |
The Corporation may delegate any officer of the Corporation, or the person for the time being holding any office of the Corporation designated by it, to exercise such of its powers, except this power of delegation, or perform such of its functions and duties on its behalf as it may consider necessary. |
Section 8 : Acting Commissioner |
Remarks: (Amended 66 of 2000 s. 3)
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Section 9 : Business of the Corporation |
Remarks: |
Section 9A : Power of Corporation to enter into re-insurance agreement |
The Corporation may enter into an agreement with any person whereby such person undertakes to insure the Corporation against all or any of the liability of the Corporation under a contract of insurance entered into under section 9 either before or after the commencement of the Hong Kong Export Credit Insurance Corporation (Amendment) Ordinance 1970 (58 of 1970). (Added 58 of 1970 s. 2)
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Section 9B : Guarantees |
Where-
(b) another person has advanced, or proposes to advance, moneys to the first-mentioned person for the purpose of financing, in whole or in part, the acts and transactions, which are the subject matter of the contract of insurance, the Corporation may guarantee to that other person the re-payment of the whole or any part of the moneys advanced or to be advanced by him and the payment of the whole or any part of any interest or other charges that may become payable to him in respect of those moneys. (Added 8 of 1974 s. 3)
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Section 10 : Advisory Board establishment |
(1) There is hereby established an Advisory Board to advise the Corporation in the conduct of its business under this Ordinance. (2) The Advisory Board shall consist of-
(b) the Executive Director, Hong Kong Trade Development Council, or his representative; and (c) not more than 10 other members.
(b) shall upon appointment take an oath before a commissioner for oaths in the form prescribed in Schedule 1. (Amended 47 of 1997 s. 10) (4) If a member of the Advisory Board has any pecuniary interest, direct or indirect, in any contract or proposed contract or other matter, and is present at a meeting of the Board at which the contract or other matter is the subject of consideration, he shall, as soon as practicable after the commencement of the meeting of the Board, disclose to the Board the fact and the nature of his interest. (Amended E.R. 1 of 2013)
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Section 11 : Policy |
The Corporation shall keep the Financial Secretary informed of the decisions of the Corporation insofar as they relate to matters of policy in relation to the conduct of its business. |
Section 12 : Approval of policy in respect of certain matters |
Remarks: Adaptation amendments retroactively made - see 66 of 2000 s. 3 (1) The policy pursued by the Corporation with respect to any of the following matters, namely-
(b) the nature and extent of the risks that may be covered under contracts of insurance entered into by the Corporation; (c) the undertaking of liabilities in relation to trade with particular places; (Amended 66 of 2000 s. 3) (d) the organization of the finances of the Corporation and the determination of the use to which any surpluses acquired by the Corporation are to be put; (e) the determination of the total amount of the capital and reserves required by the Corporation taking into account the sums at risk under contracts of insurance entered into by the Corporation; and (f) the giving of guarantees, (Added 8 of 1974 s. 4) Provided that nothing in this subsection shall prevent the Corporation, when it considers an immediate decision is required, from pursuing a policy which has not been approved by the Financial Secretary if it seeks his approval of such policy at the first available opportunity. (2) Nothing in subsection (1) shall be construed as-
(b) empowering the Financial Secretary to determine that the Corporation shall or shall not enter into a particular contract of insurance or give a particular guarantee, (3) In this section- surplus (盈餘) means those balances which the Corporation has in hand at the end of any financial year and which are not required to meet- (a) payments at that time due to be made as a result of claims under examination in respect of contracts of insurance entered into by the Corporation; |
Section 13 : Extent of indemnity |
(1) A contract of insurance entered into by the Corporation shall specify a percentage as the percentage of the amount of the loss, as defined in the contract, to which the indemnity under the contract extends. |
Section 14 : Powers of the Corporation |
Remarks: Adaptation amendments retroactively made - see 66 of 2000 s. 3 The Corporation may do, within Hong Kong or elsewhere, all things necessary or convenient to be done for and in connection with, or incidental to, the carrying on of its business and, in particular, may- (Amended 66 of 2000 s. 3) (a) acquire, hold and dispose of immovable or movable property; (b) enter into any contract; and (c) pay to the Government out of surpluses held by the Corporation such sums as may be determined pursuant to the policy approved in this respect by the Financial Secretary under section 12(1). |
Section 15 : Provident fund scheme |
Remarks: |
Section 16 : Appointment of officers |
Subject to the provisions of section 17, the Corporation may appoint such officers as it thinks necessary. |
Section 17 : Terms and conditions of employment |
Remarks: |
Section 18 : Corporation indemnified |
The Government shall guarantee the payment of all moneys due by the Corporation, but nothing in this section shall authorize a creditor or other person claiming against the Corporation to sue the Government in respect of his claim. |
Section 19 : Capital |
Remarks: (Amended 8 of 1974 s. 6; 66 of 2000 s. 3)
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Section 20 : Loans |
(1) The Financial Secretary may, out of moneys appropriated by the Legislative Council for the purposes of this Ordinance, make advances to the Corporation of such amounts, and upon such terms and conditions with respect to repayment, payment of interest and otherwise, as the Financial Secretary may determine. |
Section 21 : Bank account |
(1) The Corporation shall open and maintain an account with such bank as the Financial Secretary may approve. |
Section 22 : Application of moneys |
(1) Save as otherwise provided by this Ordinance, the moneys of the Corporation shall be applied only-
(b) in payment of the remuneration and allowances of the Commissioner. (2) Moneys of the Corporation not immediately required for the purposes of the Corporation may be invested on deposit with any bank or in such other manner as the Financial Secretary may direct. |
Section 23 : Maximum liability |
The contingent liability of the Corporation under contracts of insurance shall not at any time exceed the sum of three hundred million dollars or such other sum as may be determined by the Legislative Council by resolution*.
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Seciton 24 : Accounts |
(1) The Corporation shall keep proper accounts of all income and expenditure and shall maintain proper and adequate records thereof. |
Section 25 : Auditors |
(1) The Corporation shall with the approval of the Financial Secretary appoint auditors, who shall be entitled at any time to have access to all accounts, records and documents of the Corporation and to require such information and explanation thereon as they may think fit. |
Section 26 : Access by the Director of Audit |
The Director of Audit and any public officer authorized by him shall be entitled at all reasonable times to full and free access to all accounts, records and documents of the Corporation relating directly or indirectly to the receipt or payment of moneys by the Corporation or to the acquisition custody or disposal of assets of the Corporation. |
Section 27 : Exemption from taxation, stamp duties |
(1) The profits of the Corporation shall not be subject to taxation. |
Section 28 : Annual report |
Remarks: (Amended 66 of 2000 s. 3)
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Section 29 : Power of Chief Executive to give directions to the Financial Secretary and the Corporation |
Remarks: (Amended 66 of 2000 s. 3)
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Section 30 : Validity of insurance contracts and guarantees |
Without prejudice to the duty of the Corporation to comply with the provisions of this Ordinance, a contract of insurance entered into, or a guarantee given, by the Corporation shall not be invalidated by reason of a contravention by the Corporation of any provision of this Ordinance. (Amended 8 of 1974 s.7)
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Section 31 : Secrecy |
(1) The Commissioner and such other officers of the Corporation as the Corporation may require shall, before entering on the performance of their duties, take an oath before a commissioner for oaths in the form prescribed in Schedule 2. (Amended 47 of 1997 s. 10) (Amended E.R. 1 of 2013)
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Section 32 : False statements |
Any person who wilfully makes a statement which is false or misleading in a material particular in or in connection with an application or proposal for insurance or a guarantee, or for the purposes of a claim under a contract of insurance or a guarantee, under this Ordinance shall be guilty of an offence and shall be liable on conviction to a fine at level 3 and to imprisonment for 2 years. (Amended 8 of 1974 s. 8; E.R. 1 of 2013)
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Schedule 1 |
Oath or Affirmation of Secrecy
Advisory Board I, .................................................................................................................................. do swear by Almighty God (or do solemnly and sincerely affirm and declare) that I will not, except in the performance of my functions as a member of the Advisory Board established by the Hong Kong Export Credit Insurance Corporation Ordinance (Cap 1115), communicate or make available to another person any information relating to the affairs of a person coming to my knowledge, or to which I have access, as a member of the Advisory Board. (Signed) ....................................................................
In Hong Kong this ............................................. day of ................................................... Before me, ...........................................................................................................
(Amended 47 of 1997 s. 10) |
Schedule 2 |
Oath or Affirmation of Secrecy
I, .................................................................................................................................. do swear by Almighty God (or do solemnly and sincerely affirm and declare) that I will not, except in the performance of my functions or duty or in the course of my employment under or in connection with the Hong Kong Export Credit Insurance Corporation Ordinance (Cap 1115), communicate or make available to another person any information relating to the affairs of a person coming to my knowledge, or to which I have access, in the performance of my functions or duty or in the course of my employment under or in connection with the said Ordinance. (Signed) ....................................................................
In Hong Kong this ............................................. day of ................................................... Before me, ...........................................................................................................
(Amended 47 of 1997 s. 10) |