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A bill on the adaptation of existing ordinances relating to Government finance will be introduced into the Legislative Council on July 14.

"The Adaptation of Laws (No. 25) Bill 1999 is proposed to effect necessary textual amendments to these ordinances so that terminologies that are inconsistent with the Basic Law or with the status of Hong Kong as a Special Administrative Region of the People's Republic of China can be changed accordingly," a Government spokesman said today (Wednesday).

"Most of the proposed amendments are merely terminological in nature. References such as 'the Governor', 'the Governor in Council' and 'the Crown' will be amended as appropriate."

The Adaptation of Laws (No. 25) Bill 1999 covers 12 ordinances. They are the Public Finance Ordinance (Cap. 2), Loans Ordinance (Cap. 61), Loans (Government Bonds) Ordinance (Cap. 64), Legal Tender Notes Issue Ordinance (Cap. 65), Exchange Fund Ordinance (Cap. 66), Hong Kong Treasury Bills (Local) Ordinance (Cap. 74), Public Revenue Protection Ordinance (Cap. 120), Banking Ordinance (Cap. 155), Government Lotteries Ordinance (Cap. 334), Trading Funds Ordinance (Cap. 430), Coinage Ordinance (Cap. 454), Financial Secretary Incorporation Ordinance (Cap. 1015).

"The adaptation amendments when passed into law would take effect retrospectively as from the date of the establishment of the Hong Kong Special Administrative Region." the spokesman added.

The bill was gazetted on July 2.

End/Wednesday, July 7, 1999

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