G.F. 323
機密
CONFIDENTIAL * *
If the Government pays off a creditor of the Corporation
it is entitled to the same security and priority in
ranking as that creditor had (clause 12(3)).
The Corporation is to operate as a commercial
undertaking and balance revenue with expenditure
(clause 13(1)).
"Expenditure" in this respect is
amplified by clause 13(3).
Reserve funds may be established (clause 14).
The Financial Secretary is to approve
the type of securities in which the Corporation may
invest (clause 15).
Accounts are to be prepared by the Corporation
in respect of each year (clause 16(1)) and, after audit,
must be furnished to the Financial Secretary for
tabling in the Legislative Council along with the
auditor's report and a report on the affairs of the
Corporation (clause 16(4)).
The Corporation is to reimburse the Government
(clause 17(1)), in an amount to be quantified by the
Financial Secretary (clause 17(2)) and in such manner
as he directs (clause 17(3)), for certain expenditure
(clause 17(4)) of the Government in connexion with
the railway project. This amount may be used by the
Government to pay for shares in the Corporation allotted
to it (clause 10(3)).
The Corporation will not be a Government
agency (clause 18), but the Governor may obtain
information about its property and affairs (clause 19)
and, subject to compensating it in certain circumstances,
may give general directions to the Corporation (clause 20).
CONFIDENTIAL
機密