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30.
(1)
31.
32.
Finance,
PART IV
Accounts and Audit.
The Port Trust may, with the consent of the Governor
in Council borrow money required for the general purposes of this
Ordinance or for the purpose of re-paying, either in whole or in
part, any moneys heretofore or hereafter borrowed or owing by
the Port Trust.
(2)
Money so borrowed may be secured by the issue of
debentures or by mortgage of the property of the Port Trust or
otherwise as may be approved by the Governor in Council. (1) No loan raised under section 30 shall be for a period
longer than thirty years and in every case a sinking fund shall
be established and annual payments made thereto sufficient to
liquidate the loan in conformity with the conditions thereof.
(2) The sum so set apart as a sinking fund shall be invested
by the Port Commissioners in such securities as the Governor may
approve for that purpose and the securities shall be held in the
name of the Port Trust. Any transactions in such securities shall
be under the common seal of the Port Trust.
(3) Every such sinking fund shall be subject to annual
examination by an auditor to be appointed by the Governor and if
after such examination the auditor shall certify that it is
nevessary to pay any additional sum to the sinking fund owing to
the depreciation of securities or for any other reason the Port
Commissioners shall make good the deficiency either in single immediate payment or in such payments as the Governor may approve.
The unexpended balance, if any, of any loan raised for the
carrying out of works shall:
(1)
in the case of loans made by the Hong Kong Government,
repaid, so as to reduce the principal of the debt, and
be
(2) in the case of other loans, be paid into the sinking fund,
or with the approval of the Governor in Council be utilised
in purchasing and cancelling debentures issued by the Port
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