C124
Corporation
to act on commercial principles.
Reserve funds.
Investment.
Accounts, audit and
annual report.
Initial debt to Government.
(66 of 1974.)
MASS TRANSIT RAILWAY CORPORATION BILL
and the Government shall as from the time of payment have the benefit of all the remedies vested in the creditor by virtue of such mortgage or charge with liberty to exercise the rights and powers arising thereunder in its own name and without any assignment by the creditor.
13. (1) The Corporation shall conduct its business according to prudent commercial principles and shall ensure as far as possible that, taking one year with another, its revenue is at least sufficient to meet its expenditure.
(2) Any excess of revenue over expenditure in any financial year may be applied by the Corporation in any way consistent with this Ordinance.
(3) In this section "expenditure" includes such provision for renewal of capital assets and repayment of loans as the Board considers prudent.
14. The Corporation may establish any general or special reserve fund and carry to the credit thereof such sums as it thinks fit and expend the same in any way consistent with this Ordinance.
15. Any moneys of the Corporation available for investment may be invested by it in such forms of investment as the Financial Secretary may in writing approve.
16. (1) The Corporation shall keep proper accounts and proper records in relation thereto and shall within 4 months after the expiry of a financial year prepare accounts showing fully its financial position and financial transactions for that year.
(2) The accounts of the Corporation shall be audited and the auditor shall make a written report thereon to the Corporation.
(3) The auditor shall be appointed by the Governor after consulta- tion with the Corporation.
(4) The Corporation shall within 3 months of the receipt by it of the auditor's report in respect of its accounts for a financial year furnish-
(a) a report on the affairs of the Corporation for that year,
(b) a copy of its accounts therefor, and
(c) the auditor's report on the accounts,
to the Financial Secretary who shall table the same in the Legislative Council.
17. (1) The Corporation shall be indebted to the Government in a sum equal to all expenditure directly or indirectly incurred by the Govern- ment in relation to the investigation, planning, construction and operation of the Mass Transit Railway.
(2) The Financial Secretary shall determine the amount of such indebtedness by certificate or certificates under his hand and he may for sufficient cause reduce or increase any amount so certified.
(3) The indebtedness of the Corporation under subsections (1) and (2) and any interest thereon shall be discharged in such manner as the Financial Secretary directs.
(4) In subsection (1) "expenditure" means-
(a) in relation to the operation of the railway, compensation and costs paid in respect of such operation to satisfy claims within the meaning of section 18 of the Mass Transit Railway (Land Resumption and Related Provisions) Ordinance 1974; and