### Hong Kong Science and Technology Parks Corporation Ordinance 《香港科技園公司條例》

11. Delegation and sub-delegation of functions
(1) (a) The Board may delegate any of its functions or the Corporation’s functions, other than a function specified in subsection (5), to—
(i) the Chief Executive Officer;
(ii) any other person employed or engaged by the Corporation to provide a service for the Corporation; or
(iii) a committee.
(b) Nothing in this subsection shall be construed as enabling any person to execute on behalf of the Corporation any document under seal.
(2) (a) A delegation under this section shall not prevent the concurrent performance by the Board of the function delegated.
(b) A delegation under this section may contain restrictions or conditions as regards the performance of the function delegated.
(c) The Board may amend or revoke a delegation under this section.
(3) Where the Board makes a delegation under this section, it may at the same time authorize the Chief Executive Officer or the person or committee to whom the delegation is made to sub-delegate the function delegated and such authorization may contain restrictions or conditions as regards the exercise of such power to sub-delegate.
(4) Where the Chief Executive Officer or any other person or a committee acts or purports to act pursuant to a delegation or sub-delegation under this section, he or it shall be presumed, until the contrary is proved, to be acting in accordance with the terms of the delegation or sub-delegation.
(5) The Board shall not delegate under this section the function to—
(a) delegate under subsection (1);
(b) approve plans for the establishment, improvement or development of specified premises under section 8(2)(c)(iii);
(c) establish any fund under section 8(2)(n);
(d) approve the annual budget of the Corporation under section 8(2)(o);
(e) approve the annual report of the Corporation under section 8(2)(p);
(f) appoint, and determine the terms and conditions of service of, the Chief Executive Officer under section 14(1);
(g) determine the general terms and conditions of service of other employees of the Corporation under section 15(b);
(h) establish or enter into any arrangement for the establishment of a scheme under section 16; and
(i) appoint an auditor under section 23(5).

12. Directions to Corporation
(1) The Chief Executive may, if he considers it to be in the public interest so to do, give the Corporation such general directions in writing as regards the performance of its functions as he considers appropriate.
(2) The Corporation shall give effect to a direction given under subsection (1).

13. Chief Executive may obtain information
The Corporation shall, if required by the Chief Executive, furnish to him such information related to its activities as may be specified by him.

### Hong Kong Science and Technology Parks Corporation Ordinance 《香港科技園公司條例》

14. Chief Executive Officer
(1) The Board shall, subject to the prior approval of the Secretary—
(a) appoint a person, who may be a public officer, to be the Chief Executive Officer of the Corporation; and
(b) determine all matters relating to the terms and conditions of service of the Chief Executive Officer, including his remuneration, suspension and dismissal from office.
(2) The Chief Executive Officer—
(a) notwithstanding section 11, is the administrative head of the Corporation and is responsible, subject to the direction of the Board, for administering the affairs of the Corporation; and
(b) has, subject to that direction, such other responsibilities as may be assigned by the Board.

15. Other staff
Subject to section 14, the Board—
(a) may appoint such and so many persons to be the employees of the Corporation as the Board considers appropriate; and
(b) shall determine all matters relating to the terms and conditions of service of employees appointed under paragraph (a), including their remuneration, suspension and dismissal from office.

16. Staff benefits
The Board may, subject to the Mandatory Provident Fund Schemes Ordinance (Cap. 485), establish, manage and control such scheme as it considers appropriate for the payments to or in respect of the Chief Executive Officer and other employees of retirement benefits, gratuities or other benefits.

17. Capital of Corporation
(1) Subject to subsection (2), the authorized capital of the Corporation is equal to the value of the net assets in respect of all assets and liabilities vested in the Corporation on the appointed day.
(2) The Secretary may, after consultation with the Corporation, increase the authorized capital of the Corporation by notice published in the Gazette.
(3) A notice under subsection (2) is not subsidiary legislation.
(4) The authorized capital of the Corporation shall be divided into shares of such denomination as the Secretary shall determine.
(5) The Corporation may from time to time issue to the Government such number of shares (in a denomination determined in accordance with subsection (4)) as the Secretary considers appropriate.
(6) The Corporation shall not issue shares otherwise than under this section.

18. Dividends
The Corporation may declare and pay into the general revenue dividends on shares issued under section 17(5).

19. Investment
The Corporation may invest money that is not immediately required to be expended in such forms of investment as the Secretary may in writing approve.

20. Payment of certain moneys into general revenue
The Secretary may declare any part of the moneys of the Corporation to be surplus moneys and direct the payment of such surplus moneys into the general revenue.

21. Financial year
The financial year of the Corporation shall be the period of 12 months beginning on 1 April, but its first financial year shall commence on the appointed day and end on the following 31 March.

### Hong Kong Science and Technology Parks Corporation Ordinance 《香港科技園公司條例》

22. Estimates of income and expenditure
(1) Subject to subsection (2), the Corporation shall, in each financial year, and not later than the date which is for the time being specified for the purposes of this subsection by the Secretary, send to the Secretary estimates of its income and expenditure for the subsequent financial year.
(2) As regards a particular financial year, the Secretary may, if he thinks fit, extend the period during which estimates are to be sent to him pursuant to subsection (1).
(3) The Secretary may refuse to accept estimates sent to him pursuant to subsection (1) and where he does so he shall require the Corporation, within such time as shall be specified in the requirement, to send to him revised estimates of the relevant income and expenditure.

23. Annual reports, accounts and audits
(1) The Corporation shall keep proper accounts and records of all its financial transactions.
(2) The Corporation shall as soon as practicable after the expiry of a financial year prepare a statement of accounts in respect of the financial year in accordance with generally accepted accounting principles.
(3) A statement of accounts prepared under subsection (2) shall include a statement of income and expenditure for, a cash flow statement for, and a balance sheet as on the last day of, the financial year to which the statement of accounts relates.
(4) The Secretary may give to the Corporation a direction in writing requiring it to keep the accounts and records referred to in subsection (1) in a form and in a manner specified in the direction, and in case such a direction is given, the Corporation shall comply with it.
(5) The Board shall appoint an auditor who shall prepare an auditor’s report on a statement of accounts prepared under subsection (2).
(6) The Corporation shall, within 6 months after the end of a financial year or such longer period as the Secretary may allow, furnish to him—
(a) a report on the activities of the Corporation for that financial year;
(b) a copy of its statement of accounts prepared under subsection (2) for that financial year; and
(c) a copy of the auditor’s report prepared under subsection (5) for that financial year.
(7) In this section—
auditor (核數師) means a certified public accountant (practising), or a corporate practice, as defined by section 2(1) of the Accounting and Financial Reporting Council Ordinance (Cap. 588). (Replaced L.N. 66 of 2022)

24. Reports to be laid on the table of Legislative Council
The Secretary shall cause a copy of each of the documents specified in section 23(6) to be laid on the table of the Legislative Council within the financial year immediately following the one to which the documents are related.

25. Tax
No tax within the meaning of the Inland Revenue Ordinance (Cap. 112) shall be charged on the Corporation.