1947-HKRS28-8-14_Part05 — Page 26

HONG KONG

No. 48 of 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:-

I. This Ordinance may be cited as the Hong Kong Short title. (Rehabilitation) Loan Ordinatice, 1947.

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 Agents to amount sufficient to produce in the aggregate a sum not rulam load. exceeding one hundred and fifty million dollars and such further sums as may be necessary to defray the expenses of

1890e.

3. The principal moneys and interest represented by Low to the loan issued under the provisions of this Ordinance are charged on hereby charged upon and shall be payable out of the general gatal revenue and assets of the Colony,

4.

Tevonur and menets of Colony.

(1) Any sums raised to defray the expenses of Application issue shall be applied only to that purpose.

of u

(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 whieb 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 item 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.