### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

19. Capital
The Financial Secretary may pay to the Corporation from the general revenue of Hong Kong or the Development Loan Fund, in such amounts and at such times as he determines, sums of money not exceeding in the aggregate $20,000,000, and the capital of the Corporation shall consist of the amounts so paid to the Corporation.
(Amended 8 of 1974 s. 6; 66 of 2000 s. 3)

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.
(2) The Corporation may borrow or otherwise raise money on such security as may be necessary, and, for that purpose, charge all or any part of the property of the Corporation, but without the prior approval of the Financial Secretary no sum shall be borrowed or otherwise raised under this subsection which itself or together with all other sums previously borrowed or otherwise raised under this subsection and still outstanding exceeds or in the aggregate exceed 5 per cent of the capital and reserves of the Corporation.

21. Bank account
(1) The Corporation shall open and maintain an account with such bank as the Financial Secretary may approve.
(2) The Corporation shall pay all moneys received by it into such an account as is referred to in subsection (1).

22. Application of moneys
(1) Save as otherwise provided by this Ordinance, the moneys of the Corporation shall be applied only—
(a) in payment or discharge of the expenses, charges and liabilities incurred or undertaken by the corporation in the exercise of its powers or the performance of its functions and duties under this Ordinance; and
(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.

### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

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*.

Editorial Note:
* See L.N. 135 of 1967; L.N. 19 of 1969; L.N. 75 of 1971; L.N. 209 of 1973; L.N. 210 of 1974; L.N. 200 of 1977; L.N. 109 of 1980; L.N. 172 of 1982; L.N. 108 of 1984; L.N. 79 of 1985; L.N. 34 of 1988; L.N. 159 of 1989; L.N. 97 of 1991; L.N. 612 of 1997; L.N. 37 of 2002; L.N. 64 of 2006; L.N. 25 of 2009; L.N. 194 of 2012; L.N. 110 of 2017; L.N. 6 of 2024. Current amount is $80,000 million—see L.N. 6 of 2024.

24. Accounts
(1) The Corporation shall keep proper accounts of all income and expenditure and shall maintain proper and adequate records thereof.
(2) As soon as may be convenient after the end of each financial year, the Corporation shall cause to be drawn up, in such form as the Financial Secretary may approve, a statement of its income and expenditure during such financial year and a statement of the assets and liabilities of the Corporation on the last day thereof.

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.
(2) The auditors shall audit the statements drawn up under section 24(2) as soon as possible and shall make a report thereon to the Corporation.

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.

### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

27. Exemption from taxation, stamp duties
(1) The profits of the Corporation shall not be subject to taxation.
(2) Notwithstanding the provisions of the Stamp Duty Ordinance (Cap. 117), the Corporation shall not be liable to pay stamp duty in excess of $5 in respect of any instrument or document executed by or on behalf of the Corporation. (Amended 31 of 1981 s. 65)

28. Annual report
(1) The Corporation shall, within a period of 6 months, or within such longer period as the Chief Executive may determine, after the end of each financial year, furnish to the Chief Executive a report of its operations during that financial year, copies of the financial statements in respect of that year drawn up under section 24(2) and a copy of the auditors’ report on those statements.
(2) The Chief Executive shall cause to be laid on the table of the Legislative Council the reports and financial statements furnished to him pursuant to subsection (1).
(Amended 66 of 2000 s. 3)

29. Power of Chief Executive to give directions to the Financial Secretary and the Corporation
(1) The Chief Executive may give to the Financial Secretary and the Corporation such directions as he thinks fit with respect to the exercise or performance of their respective powers, functions and duties under this Ordinance, either generally or in any particular case.
(2) The Financial Secretary and the Corporation shall, in the exercise or performance of their respective powers, functions and duties under this Ordinance, comply with any directions given by the Chief Executive under subsection (1).
(Amended 66 of 2000 s. 3)

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)

### Hong Kong Export Credit Insurance Corporation Ordinance 《香港出口信用保險局條例》

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)
(2) Any person who in the performance of his functions or duty, or in the course of his employment, under or in connection with the provisions of this Ordinance has acquired, or has access to, information relating to the affairs of any person shall not, except in performance of his functions or duty, or in the course of his employment, under or in connection with the provisions of this Ordinance, communicate or make available that information to any other person.
(3) Any person who contravenes the provisions of subsection (2) 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 E.R. 1 of 2013)

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)