CAP. 76]
48 of 1947.
Short title.
Power of Governor or Crown Agents to raise loan.
Rehabilitation Loan.
CHAPTER 76.
REHABILITATION LOAN.
To make provision for raising a loan of one hundred and fifty million dollars for the general rehabilitation of the public services of the Colony following a period of enemy occupation.
[18th December, 1947.]
1. This Ordinance may be cited as the Hong Kong (Rehabilitation) Loan Ordinance.
2. The Governor or the Crown Agents acting on his behalf may raise by loan in Hong Kong or in London or partly in Hong Kong and partly in London by one or more issues an amount sufficient to produce in the aggregate a sum not exceeding one hundred and fifty million dollars and such further sums as may be necessary to defray the expenses of issue.
Loan to be charged on general revenue and assets of Colony.
Application of sums raised.
Schedule.
Provisions of Chapter 72 applied.
3. The principal moneys and interest represented by the loan issued under the provisions of this Ordinance are hereby charged upon and shall be payable out of the general revenue and assets of the Colony.
4. (1) Any sums raised to defray the issue shall be applied only to that purpose,
expenses of
(2) Save as aforesaid the money borrowed under this Ordinance shall be appropriated and applied to the purposes specified in the Schedule but it shall be lawful for the Governor to direct that any sums which may not be required for a purpose specified in the Schedule may be appropriated and applied to any other purpose therein specified: Provided that no such transfer of money from one item of the Schedule to any other item thereof shall be made unless such transfer shall have been approved by a resolution of the Legislative Council and by the Secretary of State.
5. In so far as the loan hereby authorized or any part of it is raised in London it shall be raised under the provisions of the General Loan and Inscribed Stock Ordinance.
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