1984 Ed.J
Loans (Asian Development Bank)
[CAP. 271
I
CHAPTER 271
LOANS (ASIAN DEVELOPMENT BANK)
To make provision for the raising of loans from the Asian Development Bank and for matters connected therewith.
Originally 43 of 1972.
L.N. 236/75.
L.N. 100/77.
[7 July 1972.]
L.N. 188/78.
L.N. 91/80.
1. This Ordinance may be cited as the Loans (Asian Development Bank) Ordinance.
2. In this Ordinance, unless the context otherwise requires--
"Bank" means the Asian Development Bank.
3. (1) The Government may, in such manner and on such terms and subject to such conditions as may be agreed between the Government and the Bank, borrow from the Bank sums not exceeding those specified in the First Schedule for the purposes of the projects specified with respect to such sums in the First Schedule.
(2) Any agreement between the Government and the Bank in respect of sums borrowed under the powers conferred by subsection (1) shall be made in the name of the Government of Hong Kong and may be signed on behalf of the Government by the Financial Secretary, or by any person authorized by him in writing.
(3) As soon as practicable after the execution of an agreement under this section, the Financial Secretary shall cause a copy of the agreement to be laid on the table of the Legislative Council.
4. (1) The Government may issue such bonds, promissory notes or other instruments on such terms and conditions as may be necessary for the purpose of giving effect to the terms of any agreement which may be entered into by it with the Bank in respect of any borrowing authorized by this Ordinance.
(2) Any bond, promissory note or other instrument issued by the Government under subsection (1) may be signed on behalf of the Government by the Financial Secretary, or by any person authorized by him in writing.
5. (1) Any sums borrowed by the Government under this Ordinance shall be applied, and are appropriated, to the purposes of the project for which they were borrowed as specified in the First Schedule and more particularly in any agreement concluded with the Bank in respect of the sums so borrowed:
Provided that any part of such a sum which cannot be applied to those purposes may be applied to such other purposes as may be approved by the Financial Secretary and the Bank.
Short title.
Interpretation.
Power to borrow from the Asian Development Bank.
First Schedule.
Power to issue instruments including bonds.
Appropriation and charge of loans.
First Schedule.