Establish- ment and constitution of the Hang Kon Housing Authority.
Schedule.
General funeplang of the Authority.
"financial year" in relation to the Hong Kong Housing Authority means a period of twelve months beginning on the 1st day of April, except that the period between the commencement of this Ordinance and the 1st day of April, 1955, shall be deemed to be a financial year;
"functions" includes powers and duties;
"house" includes any yard, garden, outhouses and appurtenances
belonging thereto or usually enjoyed therewith.
3. (1) So soon as may be after the commencement of this Ordinance, there shall be established a housing authority to be known as the Hong Kong Housing Authority.
(3) The Hong Kong Housing Authority (hereinafter referred to as the Authority) shall consist of-
(a) all the members for the time being of the Urban Council;
and
(b) such persons (if any) not exceeding three in number as the Governor may nominate (hereinafter referred to as nominated members).
(3) The Chairman for the time being of the Urban Council shall be the Chairman of the Authority, and the Governor shall appoint a member of the Authority to be Vice-Chairman.
(4) The supplementary provisions contained in the Schedule shall have effect in relation to the Authority.
(1) It shall be the duty of the Authority, from time to time as it may see fit or as directed by the Governor, to formulate schemes (hereinafter referred to as bousing schemes) for the pro- vision of housing accommodation, and such housing schemes may include provision for-
(a) the developing and turning to account any land acquired or controlled by the Authority or in which the Authority may be interested and in particular by laying out and preparing the same for building purposes;
(b) the erection of new houses;
(c) the conversion of buildings into houses; and
(d) demolishing, altering, enlarging, dividing, repairing or
improving houses.
(2) Housing schemes may also include provision for such buildings (other than houses) and such other amenities as in the opinion of the Authority will serve a beneficial purpose in connexion with the requirements of the persons for whom the housing accommodation is provided.
(3) The policy of the Authority shall be directed to securing that, in any period of three successive financial years after the 1st day of April, 1956, its revenues shall be not less than sufficient to meet all its outgoings other than those properly chargeable to capital account,
5. (1) A housing scheme shall not be put into execution Approval unless and until it is approved by the Governor, and before and giving his approval the Governor may make such modifications of housing thereto as he may think fit.
(2) When a scheme has been approved by the Governor with or without modification, the Authority shall be responsible for its due execulian.
execution
chemes.
@. The Authority may horrow from the Government or Borrowing from such other sources as the Governor may approve such powera. moneys as may be required for the discharge of its functions under this Ordinance, upon such terms and conditions as may be approved by the Governor.
funds.
7. Any moneys in the bands of the Authority which are Investment not immediately required for the purposes of the functions of of surplus the Authority may be invested in such securities as may be approved by the Financial Secretary : Provided that during such time as any moneys are owed by the Authority to the Govern- ment, no such investment shall be made without the approval of the Financial Secretary.
8. (1) The Authority shall keep, under the general direction Accounte of the Accountant General, proper accounts and other records and audit. and shall prepare in respect of each financial year a statement of
accounts.
(2) The accounts of the Authority shall be audited by an auditor to be appointed annually by the Authority with the approval of the Governor, and the auditor shall furnish a report thereon.