1966-HKRS29-8-33_Part03 — Page 36

Extent of indemnity.

Powers of

tion.

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13. (1) A contract of insurance entered into by the Corporation shall specify a percentage as the percentage of the amount of the loss, as defined in the contract, to which the indemnity under the contract extends.

(2) The maximum percentage so specified in any contract of insurance shall not exceed eighty-five per cent or such other maximum percentage as may be prescribed by the Legislative Council by resolution.

PART V.

POWERS OF the CorporaTION.

14. The Corporation may do, within the Colony or elsewhere, all the Carport things necessary or convenient to be done for and in connexion with, or incidental to, the carrying on of its business and, in particular, may— (a) acquire, hold and dispose of immovable or movable property: (b) enter into any contract; and

Provident

(c) pay to the Government out of surpluses held by the Corpora- tion such sums as may be determined pursuant to the policy approved in this respect by the Financial Secretary under subsection (1) of section 12.

15. The Corporation may, with the approval of the Governor, fund schooc. establish, manage and control, or enter into an arrangement with an insurance company or association for the establishment, management and control by such company or association, either alone or jointly with the Corporation, of a provident fund scheme for the benefit of the Commissioner and any of the officers of the Corporation, or of any specified class of officer of the Corporation, and if so required by rules governing such scheme may make contributions thereto in accordance with such rules.

Appointment of officers.

Terras and conditions of employment.

PART VI

STAFF.

16. Subject to the provisions of section 17, the Corporation may appoint such officers as it thinks necessary.

17. (1) The terms and conditions of employment of officers appointed by the Corporation shall be such as are determined by the Corporation with the approval of the Financial Secretary.

(2) The appointment by the Corporation of an officer whose salary exceeds fifty thousand dollars per year shall be subject to the approval of the Governor.

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PART VII.

FINANCE.

inden Led

18. The Government shall guarantee the payment of all moneys Corporation due by the Corporation, but nothing in this section shall authorize a creditor or other person claiming against the Corporation to sue the Government in respect of his claim.

19. The Financial Secretary may pay to the Corporation from the Capital. general revenue of the Colony or the Development Loan Fund, in such amounts and at such times as he determines, sums of money not exceed- ing in the aggregate ten million dollars, and the capital of the Corporation shall consist of the amounts so paid to the Corporation.

20. (1) The Financial Secretary may, out of moneys appropriated Loans. by the Legislative Council for the purposes of this Ordinance, make advances to the Corporation of such amounts, and upon such terms and conditions with respect to repayment, payment of interest and otherwise, as the Financial Secretary may determine.

(2) The Corporation may borrow or otherwise raise money on such security as may be necessary, and, for that purpose, charge all or any part of the property of the Corporation, but without the prior approval of the Financial Secretary no sum shall be borrowed or otherwise raised under this subsection which itself or together with all other sums previously borrowed or otherwise raised under this sub- section and still outstanding exceeds or in the aggregate exceed five per cent of the capital and reserves of the Corporation.

21. (1) The Corporation shall open and maintain an account Bank with such bank as the Financial Secretary may approve.

(2) The Corporation shall pay all moneys received by it into such an account as is referred to in subsection (1).

account.

22. (1) Save as otherwise provided by this Ordinance, the moneys Application

of the Corporation shall be applied only

(a) in payment or discharge of the expenses, charges and liabilities incurred or undertaken by the Corporation in the exercise of its powers or the performance of its functions and duties under this Ordinance; and

(b) in payment of the remuneration and allowances of the Com-

missioner.

(2) Moneys of the Corporation not immediately required for the purposes of the Corporation may be invested on deposit with any bank or in such other manner as the Financial Secretary may direct.

of modneys,