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Ord. No. 71/87
Resources of the Corporation.
Borrowing powers.
LAND DEVELOPMENT CORPORATION
(j) enter into agreements with any person for the management by
such person of any land held by the Corporation;
(k) conduct any such survey and census as it thinks fit for the purpose of drawing up any plans and for the purposes of ascertaining a rehousing commitment resulting from any development scheme; (1) surrender any lease or apply for and agree to the modification of
lease conditions or enter into any exchange;
(m) undertake and execute any trust which has for its object the furtherance of urban renewal or any other object similar or incidental to any of the purposes of the Corporation;
(n) accept gifts and donations, whether of property or otherwise and
whether subject to any trust or not;
(0) appoint such employees as it may determine on such terms and conditions as the Corporation thinks fit including the payment of allowances, benefits and remuneration;
(p) make or provide ex gratia payments to any employee, or to the personal representative of â deceased employee or to any other person who was dependent on such employee at his death;
(q) establish any body corporate for the purpose of doing all such things which the Corporation may do and may vest in any body corporate so established such objects and powers as in the opinion of the Corporation are calculated to facilitate the attainment of the purposes of the Corporation under this Ordinance;
(r) exercise any of its powers either alone or in association with any
other person or persons.
PART III
FINANCIAL
6. (1) The resources of the Corporation shall consist of—
(a) all money paid by the Government to the Corporation and
appropriated for that purpose by the Legislative Council;
(b) all other money and property, including fees, rent, interest and accumulations of income received by the Corporation for its purposes.
(2) All money paid to or received by the Corporation shall be deposited with such bank nominated by the Corporation as the Financial Secretary may approve.
7. (1) The Corporation may borrow temporarily, by way of over- draft or otherwise, such sums as it may require for meeting its obligations or discharging its functions under this Ordinance.
(2) The Corporation may with the approval of the Financial Secretary borrow, otherwise than by way of temporary loan, such sums as it may require for-
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LAND DEVELOPMENT CORPORATION
Ord. No. 71/87
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(a) meeting any expenses incurred by it in connection with any works; (b) working capital;
(c) repayment of any money borrowed by it, payment of the debt due to the Government under section 12, and repayment of any sums paid by the Government in fulfilment of a guarantee under section 8;
(d) any other purpose for which moneys are properly applicable.
(3) A person lending money to the Corporation shall not be con- cerned to inquire whether the borrowing of the money is legal or regular or whether the money raised has been properly applied and shall not be prejudiced by any illegality or irregularity or by misapplication or non-application of the money.
(4) The Corporation may with the approval of the Financial Secretary charge all or any part of its property as security for the repayment of money borrowed.
8. (1) The Legislative Council may from time to time by resolution Guarantee authorize the Financial Secretary on behalf of the Government to grant by the guarantees in respect of—
(a) the repayment of loans made to, or the discharge of other indebtedness of, the Corporation and the payment of interest, premium or other charge thereon; and
(b) the redemption or repayment of, and the payment 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 conditions therein specified.
(2) A guarantee given under this section which includes interest, amounts payable in consequence of the operation of any price variation clause, premium or other charges, shall not be invalid by reason only of the fact that such interest, amounts, premium or charges, although specified in the resolution authorizing the granting of the guarantee, are not quantified as to total amount or included in the amount quantified in such resolution.
(3) Any sum required for fulfilling a guarantee given under this section by the Government shall be charged on and paid out of the general revenue and any sum received by the Government by way of repayment of a sum so paid out, or for interest thereon, shall be paid into such general
revenue.
(4) If, pursuant to a guarantee given under this section, the Govern- ment makes a payment to a creditor of the Corporation in respect of a debt secured by a mortgage or a specific or floating charge, such sum shall be repayable to the Government by the Corporation, together with interest thereon at such rate as the Financial Secretary may determine, and the Government shall as from the time of payment have the benefit of all the remedies vested in the creditor by virtue of such mortgage or charge with liberty to exercise the rights and powers arising thereunder in its own name and without any assignment by the creditor.
Government.