LEGISLATIVE COUNCIL RESOLUTION.
RESOLVED
That there shall be established a fund styled the Development Fund;
That the Fund or any part of it may be held in Hong Kong dollars or in sterling and shall be administered by the Financial Secretary and may be invested by the Financial Secretary in such securities as may be approved by the Secretary of State;
That all profits which have accrued up to the 31st March, 1950, from the trading and financing operations of the Department of Commerce & Industry in excess of the sum of thirty million dollars shall be appropriated to the Development Fund;
That all profits accruing after the 31st March, 1950, from the trading and financing operations of the Department of Commerce & Industry shall be appropriated to the Development Fund so soon as may be practicable after the close of each financial year;
That the Financial Secretary with the approval of the Finance Committee of this Council may from time to time appropriate from the Fund monies for the purpose of financing, whether by way of grant or loan, such schemes of development within the Colony as may be approved by the Governor in Council and by the Secretary of State.
COUNCIL CHAMBER,
19th September, 1951.
Deputy Clerk of Councils.