}
porn).
Power bo
Mortgage etc.
Decarity
for borrowed
money for the carrying out of its objects.
(2) No money shall be borrowed by the League save upon à resolution of its board..
(3) The League may nat borrow money so that its total Indebtedness would in consequence exceed fifty per cent of its total asseta,
(4) The League may not borrow money, so that its total indebtedness would in consequence exceed twenty-five per cear of its total assets, except in addition to the board's resolution, upon a resolution passed by not less than three- fourths of the members, present and qualified to vote, at a special meeting of the League called for the purpose or if sanctioned in writing by not less than two-thirds of the total number of the members of the League qualified to vote,
(3) In this section "total assets" does not include the stabilization fund set up under section 72.
728, The League may mortgage, charge or pledge any of its property to secure any liability for the repayment of money borrowed in accordance with section 72A.".
HOFC KONO
No. 40 of 1976
Passed by the Hong Kong Legislative Council bis 23rd day of June, 1976.
Д
I assent.
M
Governor.
24th June, 1976.
Madahr.
An Ordinance to amend the Telephone Ordinance and to relieve the Hong Kong Telephone Company Limited from the payment of royalty in respect of the year 1976.
[25th June, 1976]
Enacted by the Governor of Hong Kong, with the advice and consent
of the Legislative Council thereof.
1, (1) This Ordinance may be cited as the Telephone (Amendment) Short tus and Ordinance 1976.
(2) Section 7(a)(F) and (ii) shall be deemed to have come into operation
on the jet March 1975.
2.
COMUNICAÇMENL
Section 2 of the principal Ordinance is amended in the definition Amendment of of "concession" by deleting "confirmed to" and substituting the following- section 2
"conferred on".
(Cap. 2693
A Section 3 of the principal Ordinance is repealed and replaced by Repeal and the following
"Condence
al telephone
to compDT,
3. Notwithstanding anything done under the repealed section 37, the company shall with effect from the 1st July 1975 continue by virtue of this section to have the sole right, subject to the provisions of this Ordinance, to supply and operate public telephonic communication within Hong Kong,
cplacement of section 3.