C.S. 84
For discussion
on 24th May 1977
RESTRICTED
XCR (77)14832
Copy No
MEMORANDUM FOR EXECUTIVE COUNCIL
MASS TRANSIT RAILWAY CORPORATION (AMEND
Introduction
MENT) BILL 1977
RECEIVED IN RE#4 1. 51
2 4 MAY 1977
HKK 173/1
Section 12(1) of the Mass Transit Railway Corporation Ordinance 1975 provides that:
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resolved:
"The Legislative Council may from time to time. by resolution authorise the Financial Secretary on behalf of the Government to grant guarantees in respect of:
(a) the repayment of loans made to, or the dis- charge of other indebtedness of, the Corpo- ration and the payment of interest, premium or other charge thereon; and
(b) the redemption or repayment of, and the pay-
ment of interest, premium or other charge on, any bonds, notes or other securities issued by the Corporation
up to an amount not exceeding in total that specified in the resolution and subject to any terms or condi- tions therein specified.
On 23rd October 1975 the Legislative Council accordingly
"that the Financial Secretary on behalf of the Government may grant guarantees in respect of the repayment of loans made to and the dis- charge of indebtedness of the Mass Transit Railway Corporation under the facilities spe- cified in the Schedule hereto up to the amounts specified in respect thereof.
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The Schedule to the Resolution lists the various financial facilities that may be covered by guarantees granted by the Financial Secretary.
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