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To provide for the establishment of the Hong Kong Export Credit Insurance Corporation, and to define its powers and functions. [23 December 1966] (Originally 38 of 1966) Cap 1115 s 1 Short title PART I PRELIMINARY This Ordinance may be cited as the Hong Kong Export Credit Insurance Corporation Ordinance. Cap 1115 s 2 Interpretation Remarks: Adaptation amendments retroactively made - see 66 of 2000 s. 3 In this Ordinance, unless the context otherwise requires- "Advisory Board" (谘询委员会) means the Advisory Board established by section 10; "auditors" (核数师) means the auditors appointed under section 25; "Commissioner" (总监) means the Commissioner of the Hong Kong Export Credit Insurance Corporation appointed under section 6; "Corporation" (保险局) means the Hong Kong Export Credit Insurance Corporation established by section 3; "financial year" (财政年度) means the period commencing on the 1 April in any year and ending on the 31 March in the year following, except that the period from the commencement of this Ordinance to 31 March 1967 shall be deemed to be a financial year; "trade with places outside Hong Kong" (与香港以外地方进行的贸易) includes any transaction (including a transaction for the rendering of a service) involving a consideration in money or money's worth accruing from a person in the course of carrying on business or other activities outside Hong Kong to a person carrying on business in Hong Kong or to a company carrying on business or other activities outside Hong Kong which is directly or indirectly controlled by a company carrying on business or other activities in Hong Kong. (Amended 66 of 2000 s. 3) Cap 1115 s 3 Establishment of Corporation PART II ESTABLISHMENT, CONSTITUTION, INCORPORATION AND BUSINESS OF THE 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. (2) The powers, functions and duties of the Corporation under this Ordinance may be exercised or performed in its name and on its behalf by the person for the time being performing the duties of the office of Commissioner. Cap 1115 s 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. (2) Any instrument purporting to be an instrument duly executed under the seal of the Corporation shall be received in evidence and shall, unless the contrary is proved, be deemed to be an instrument so executed. Cap 1115 s 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. Cap 1115 s 6 Appointment of Commissioner Remarks: Adaptation amendments retroactively made - see 66 of 2000 s. 3 (1) The Chief Executive may appoint a Commissioner of the Hong Kong Export Credit Insurance Corporation, who may be a public officer seconded for the purpose, on such terms and conditions as he may think fit. (Amended 66 of 2000 s. 3) (2) The appointment of any person to be the Commissioner, and the termination of his appointment, shall be notified in the Gazette. Cap 1115 s 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. Cap 1115 s 8 Acting Commissioner Remarks: Adaptation amendments retroactively made - see 66 of 2000 s. 3 (1) If the office of Commissioner is vacant at any time or in the event of the absence from duty of the Commissioner, the Chief Executive may appoint a person, who may be a public officer seconded for the purpose, to act as Commissioner on such terms and conditions as he may think fit. (2) A person appointed to act as Commissioner by reason of a vacancy in the office of Commissioner shall hold office at the Chief Executive's discretion, but shall not in any event continue in office for more than 1 year from the date of his appointment. (3) A person appointed to act as Commissioner in the event of the absence from duty of the Commissioner shall hold office during that absence, but his appointment may at any time be terminated by the Chief Executive. (Amended 66 of 2000 s. 3) Cap 1115 s 9 Business of the Corporation |