C.S. 84
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- 3
Proposal
9
However questionable the views of the solicitors for Schroders and Chartered may be, this impasse has to be resolved. The Mass Transit Railway Corporation will shortly be going to the market again for further finance. If this exercise is to be success- full, the Corporation feels strongly that any doubts which may exist about the enforceability now or in the future of past or future guaran- tees given in respect of sums additional to the capital sums borrowed by the Corporation, must be removed.
10
Consequently, the Mass Transit Railway Corporation (Amendment) Bill 1977 seeks to state specifically that past and future guarantees will not be invalidated by the absence of precise amounts in the Schedules,
Public Relations
11
This amendment to the Mass Transit Railway Corporation Ordinance would seem to have no significance from a public relations point of view.
Advice Sought
12
Honourable Members will be asked to advise whether the Mass Transit Railway Corporation (Amendment) Bill 1977, as annexed, should be introduced into the Legislative Council.
(The Secretary for Economic Services (Mr D. G. JEAFFRESON) and the Deputy Crown Solicitor (Mr B. P. CLANCY) will attend before the Council for the discussion of this item),
16th May 1977
(CR 13/5591/76)
COUNCIL CHAMBER
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