CONFIDENTIAL **
RECLIV or discussion REGISTRY No.52th February 1975
A
18FEB1975
HKKZ1/4
XCC(75)6
Copy No.37. of 70
MEMORANDUM FOR EXECUTIVE COUNCIL
MASS TRANSIT RAILWAY CORPORATION BILL 1975
Introduction
2
p.
On 13th February 1973, after considering proposals to create a statutory corporation to build and run the Mass Transit Railway as set out in memorandum XCC(73)10, Council advised and the Governor ordered, inter alia:
(a)
(b)
that arrangements should proceed for setting up a Mass Transit Railway Corporation along the lines set out in paragraphs 28-30 of the memorandum; and
that draft legislation should be prepared as soon as possible to provide for the matters described in paragraph 34 of the memorandum.
An extract from the relevant memorandum is at Annex A.
14
B
2
C.S. 166
The Mass Transit Railway Corporation Bill 1975, (at Annex B), has been examined by the Mass Transit Railway Provisional Authority. Now that Honourable Members have agreed in principle that the Modified Initial System should be proceeded with on a multi-contract basis and that tenders should be called, it is important that this bill should be enacted at the earliest opportunity. As the bill provides, inter alia, for the Corporation's debt to be guaranteed from public funds (see paragraph 16 below), and for the Corporation to develop property on a commercial basis (see paragraph 6 below), its enactment will provide contractors, potential lenders and property developers with a strong incentive to respond to calls for tenders. It will not be necessary, however, to bring the Ordinance into operation until Honourable Members are consulted again on the overall viability of the project and are satisfied that contracts can be let. Until that time the Mass Transit Railway Provisional Authority would remain in being, partly to evaluate tenders and financial offers and partly to direct the efforts of the chief officers designate of the future Corporation towards further developing its capabilities.
Purposes, Constitution and Powers of the Corporation
3
The purposes of the Corporation are set out in clause 3(2)
of the bill. The words "having regard to the reasonable requirements
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