Establish- ment of Corporation.
Official sesl
and authen- deation
thereof, and instruments executed
thereunder,
2
"Commissioner" means the Commissioner of the Hong Kong Expon
Credit Insurance Corporation appointed under section 6; "Corporation" means the Hong Kong Export Credit Insurance Corpora-
tion established by section 3:
"financial year" means the period commencing on the 1st day of April in any year and ending on the 31st day of March in the year following, except that the period from the commencement of this Ordinance to the 31st day of March 1967 shall be deemed to be a financial year;
"trade with countries outside Hong Kong" includes any transaction (including a transaction for the rendering of a service) involving a consideration in money or money's worth accruing from a person in the course of carrying on business or other activities outside Hong Kong to a person carrying on business in Hong Kong or to a company carrying on business or other activities outside Hong Kong which is directly or indirectly controlled by a company carry- ing on business or other activities in Hong Kong
3.
PART II.
ESTABLISHMENT, CONSTITUTION, INCORPORATION AND BUSINESS OF THE CORPORATION.
(1) There is hereby established a corporation to be called the Hong Kong Export Credit Insurance Corporation which shall, in that pame, be a body corporate with perpetual succession and shall be capable of suing and being sued, and subject to this Ordinance of doing and suffering all such other acts and things as bodies corporate may lawfully do and suffer.
(2) The powers, functions and duties of the Corporation under this Ordinance may be exercised or performed in its name and on its behalf by the person for the time being performing the duties of the office of Commissioner.
44. (1) The Corporation shall have and may use a common seal, the affixing of which shall be authenticated by the signature of the Commissioner.
(2) Any instrument purporting to be an instrument duly executed under the seal of the Corporation shall be received in evidence and shall, unless the contrary is proved, be deemed to be an instrument so executed.
5.
3
Any contract or instrument which, if entered into or executed Certain con-
instruthents
by a person not being a body corporate, would not be required to be tracts and under seal may be entered into, signed or executed on behalf of the not required Corporation by any person generally or specially authorized for that to be under purpose by the Corporation.
seal.
6. (1) The Governor may appoint a Commissioner of the Hong Appointment Kong Export Credit Insurance Corporation, who may be a public officer of Commis- seconded for the purpose, on such terms and conditions as he may think flt.
(2) The appointment of any person to be the Commissioner, and the termination of his appointment, shall be notified in the Gazette.
sioner.
7. The Corporation may delegate any officer of the Corporation, Delegation of or the person for the time being holding any office of the Corporation powers by
the Corpora- designated by it, to exercise such of its powers, except this power of Lion. delegation, or perform such of its functions and duties on its behalf as it may consider necessary.
8. (1) If the office of Commissioner is vacant at any time or in Acting Com- the event of the absence from duty of the Commissioner, the Governor missköner. may appoint a person, who may be a public officer seconded for the purpose, to act as Commissioner on such terms and conditions as be may think fit.
(2) A person appointed to act as Commissioner by reason of a vacancy in the office of Commissioner shall hold office during the pleasure of the Governor, but shall not in any event continue in office for more than one year from the date of his appointment.
(3) A person appointed to act as Commissioner in the event of the absence from duty of the Commissioner shall hold office during that absence, but his appointment may at any time be terminated by the Governor.
9. (1) The Corporation may, subject to the provisions of this business of Ordinance, carry on the business of insurance, being insurance under the Corpora- the contracts of insurance specified in subsection (2).
(2) The contracts of insurance which the Corporation may enter into under this section are contracts of insurance with, or for the benefit of persons carrying on business in Hong Kong, being contracts of insurance against risk of monetary loss or other monetary detriment attributable to circumstances outside the control of the person suffering the loss or detriment and resulting from failure to receive payment in connexion with, or otherwise arising out of, acts or transactions in the course of, or for the purpose of, trade with countries outside Hong Kong.
tion.