Liability.
Accounts.
Auditora.
Access by the Director of Audit.
Exemption from texa- tion, stamp duties
Axını18) report.
23. The contingent liability of the Corporation under contracts of insurance shall not at any time excced the sum of three hundred million dollars or such other sum as may be determined by the Legislative Council by resolution.
24. (1) The Corporation shall keep proper accounts of all income and expenditure and shall maintain proper and adequate records thereof.
(2) As soon as may be convenient after the end of each financial year, the Corporation shall cause to be drawn up, in such form as the Financial Secretary may approve, a statement of its income and ex- penditure during such financial year and a statement of the assets and liabilities of the Corporation on the last day thereof.
25. (1) The Corporation shall with the approval of the Financial Secretary appoint auditors, who shall be entitled at any time to have access to all accounts, records and documents of the Corporation and to require such information and explanation thereon as they may think Gt.
(2) The auditors shall audit the statements drawn up under sub- section (2) of section 24 as soon as possible and shall make a report thereon to the Corporation.
26. The Director of Audit and any public officer authorized by him shall be entitled at all reasonable times to full and free access to all accounts, records and documents of the Corporation relating directly or indirectly to the receipt or payment of moneys by the Corporation or to the acquisition custody or disposal of assets of the Corporation.
27. (1) The profits of the Corporation shall not be subject to taxation.
(2) Notwithstanding the provisions of the Stamp Ordinance, the Corporation shall not be liable to pay stamp duty in excess of five dollars in respect of any instrument or document executed by or ou behalf of the Corporation.
28. (1) The Corporation shall, within a period of six months, or within such longer period as the Governor may determine, after the end of each financial year, furnish to the Governor a report of its operations during that financial year, copies of the financial statements in respect of that year drawn up under subsection (2) of section 24 and a copy of the auditors' report on those statements.
(2) The Governor shall cause to be laid on the table of the Legislative Council the reports and financial statements furnished to him pursuant to subsection (1).
9
PART VIII.
MISCELLANEOUS.
29. (1) The Governor may give to the Financial Secretary and Power of the Corporation such directions as he thinks fit with respect to the Governor to
give direc- exercise or performance of their respective powers, functions and toss to the duties under this Ordinance, either generally or in any particular case. Financial Secretary (2) The Financial Secretary and the Corporation shall, in the exer- and the cise or performance of their respective powers, functions and duties Corporation. under this Ordinance, comply with any directions given by the Governor under subsection (1).
contracts.
30. Without prejudice to the duty of the Corporation to comply Validity of with the provisions of this Ordinance, a contract of insurance entered insurance into by the Corporation shall not be invalidated by reason of a con- travention by the Corporation of any provision of this Ordinance.
31. (1) The Commissioner and such other officers of the Corpora- Secrecy. tion as the Corporation may require shall, before entering on the per- formance of their duties, take an oath before a justice of the peace in the form prescribed in the Second Schedule.
(2) Any person who in the performance of his functions or duty, or in the course of his employment, under or in connexion with the provisions of this Ordinance has acquired, or has access to, informa- tion relating to the affairs of any person shall not, except in perform- ance of his functions or duty, or in the course of his employment, under or in connexion with the provisions of this Ordinance, communicate or make available that information to any other person.
(3) Any person who contravenes the provisions of subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine of ten thousand dollars and to imprisonment for two years.
Second Schedule.
32. Any person who wilfully makes a statement which is false or Fake misleading in a material particular in or in connexion with an applica- statements. tion or proposal for insurance, or for the purposes of a claim under a contract of insurance, under this Ordinance shall be guilty of an offence and shall be liable on conviction to a line of ten thousand dollars and to imprisonment for two years.
1.
FIRST SCHEDULE.
Oath or Afirmation of Secrecy.
Advisory Board.
[s. 10.]
do swear by Almighty God for do solemnly and sincerely affirm and declare) that 1 will not, except in the performance of my functions as a member of the
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