1958-HKRS30-8-48_Part02 — Page 63

DEVELOPMENT LOAN FUND.

Resolution made and passed by the Legislative Council on the 22nd day of October, 1958.

Resolved-

1.

3.

5.

that with effect from the 1st November, 1958, there shall be established a fund styled the Development Loan 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 in such securities as may be approved by the Governor;

that there shall be credited to the Func

(a) the assets of the Development Fund and of the

Local Loans Fund, as on the 1st November, 1958, whether in the form of cash, investments, loans, advances or otherwise;

(b) such appropriations from the revenues or other funds of the Colony as may be approved by this Council;

(c) all suras received by way of repayment of loans

or advances granted from the Fund;

(d) all sums received by way of interest or dividends on investments, deposits, loans or advances of the Fund;

that the Fund shall assume all the liabilities of the Development Fund and of the Local Loans Fund as from the 1st November, 1958;

that the Financial Secretary may from time to time appropriate from the Fund monies for the purpose of financing by loans or advances such schemes of development within the Colony as may be approved by the Governor, provided that the amount of appropriation, and the terms and conditions of the