1975 Ed.]
Loans
CHAPTER 61
LOANS
[CAP. 61
To make provision for the raising of loans and for matters connected therewith.
Originally 39 of 1975,
[23rd May, 1975.]
Short title.
1. This Ordinance may be cited as the Loans Ordinance.
2. In this Ordinance, unless the context otherwise requires Interpretation.
"borrow" includes the power to draw upon a credit facility;
"lender" means any person from whom the Government borrows money under this Ordinance.
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 any person, borrow from such person such sum or sums and for such purposes as may be approved by resolution of the Legislative Council.
(2) Any agreement between the Government and a lender 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 a lender in respect of any borrowing under 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, except in the case of sums borrowed for the purposes of the general revenue, be applied and are appropriated to the purposes for which they were 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.
Power to borrow.
Power to issue instruments including bonds.
Appropriation and charge of loans.