Annex B to ACC (77)8
Copy of the Resolution establishing the Home Ownership Fund
HOME OWNERSHIP FUND
RESOLUTION OF THE LEGISLATIVE COUNCIL
Resolution made and passed by the Legislative
Council on 5th January 1977.
RESOLVED
-
(i) that there is hereby established a
fund styled the Home Ownership Fund;
(ii)
(iii)
that the Fund shall be administered by the Financial Secretary;
that there shall be credited to the Fund such appropriations from the general revenue of the Colony as may be approved by this Council and such proceeds as may arise from the sale of flats in connection with the scheme mentioned in (iv) below;
(iv) that the Financial Secretary, with the
prior approval of the Governor, may from time to time expend from the Fund monies for the purposes of or in connection with the Government's scheme for promoting home-ownership by providing flats for sale;
(v) that the Financial Secretary may
from time to time transfer, from the Fund to the general revenue of the Colony, a sum not exceeding the excess of the total assets of the Fund over the total appropriations credited to the Fund from the general revenue of the Colony.
COUNCIL CHAMBER,
7th January 1977.
L. TSE
Clerk to the Legislative Council.