HONG KONG.
No. 48 or 1947.
I assent.
Governor,
18th December, 1947.
An Ordinance 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.]
Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows :-
1. This Ordinance may be cited as the Hong Kong Short titla. (Rehabilitation) Loan Ordinance, 1947.
JH
or Crown
2. The Governor or the Crown Agents acting on his be- Power of half may raise by loan in Hong Kong or in London or partly in Governor Hong Kong and partly in London by one or more issues an agenta to amount sufficient to produce in the aggregate a sum not ruim loan. exceeding one hundred and fifty roillion dollars and such further sume as may be necessary to defray the expenses of
1890€.
3. The principal moneys and interest represented by Lown to h the loan issued under the provisions of this Ordinance are charged on
general hereby charged upon and shall be payable out of the general Levonum and revenue and assets of the Colony.
sweets of Colony.
4. (1) Any sums raised to defray the expenses of Application issue shall be applied only to that purpose.
of sume
(2) Save as aforesaid the money borrowed under this Ordinance shall be appropriated and applied to the purposes specified in the Schedule to this Ordinance but it Schedal.. 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 itern 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.