Cap 331D s 8 Loans by the Fund (IMMIGRATION SERVICE (WELFARE FUND) REGULATION; IMMIGRATION SERVICE ORDINANCE)

Contents of Section

Chapter:	331D	Title:	IMMIGRATION SERVICE (WELFARE FUND) REGULATION	Gazette Number:	L.N. 252 of 1999; L.N. 289 of 1999
Section:	8	Heading:	Loans by the Fund	Version Date:	19/11/1999

(1) A loan made from the Fund in accordance with section 16D(1) of the Ordinance is subject to the following conditions-

(a) repayment by a number of monthly instalments specified by the corporation, not exceeding 48;

(b) repayment in full (with any interest due) if any monthly instalment is not paid on time;

(c) at the discretion of the corporation, the payment of interest at a rate that complies with subsection (2), with that interest being calculated monthly on the balance outstanding at the end of each month until the loan is repaid in full, and payable within 1 month after the date on which the previous instalment became payable.

(2) The rate mentioned in subsection (1)(c) must not exceed-

(a) 5 per cent per year; or

(b) such higher percentage as the corporation may determine with the approval of the Financial Secretary.

(3) The corporation may, by proceedings brought in a court of competent jurisdiction, recover as a debt any part of such a loan that is not repaid, or any interest on such a loan that is not paid, when it is due.