1969-HKRS32-8-73_Part01 — Page 27

Attorney General:

COMMITTEE STAGE AND THIRD READING OF BILLS

Evidence (Amendment) Bill 1969

Financial Secretary:

Inland Revenue (Amendment) Bill 1969

Financial Secretary:

Banking (Amendment) Bill 1969

E

Financial Secretary :

Cross-Harbour Tunnel Bill 1909

Colonial Secretary:

Police Forces (Change of Title) Bill 1969

MOTION

CROSS-HARBOUR TUNNEL

The Financial Secretary :

Resolved that this Council approves that Government shall enter

into agreements, in such form as may be approved by the Financial Secretary, with the Cross Harbour Tunnel Company (hereinafter referred to as "the Company') to the effect set out in the First Schedule hereto and with Lloyd's Bank Ltd. to the effect set out in the Second Schedule hereto and that such agreements shall be executed on behalf of the Hong Kong Government by the Financial Secretary,

1.

FIRST SCHEDULE

The Government will purchase at par, 25% of the Ordinary Shares and Loan Stock issued by the Company, subject to a maximum payment by the Government of HK$27, 5 million,

(That the sum of twelve million dollars to be paid by the Company to the Government in accordance with the provisions of section 13 of the Cross Harbour Tunnel Ordinance 1969, shall be paid with interest

(b) That the sum and interest referred to in sub-paragraph (a)

shall be paid at such times and in such instalments as the Government and the Company may agree, save that no repayment shall be due until after the due date of repayment by the Company of all amounts which may be due from the Company to Lloyd's Bank Limited, of 71, Lombard Street, London, under an agreement to be entered between the Company and Lloyd's Bank whereby the Company will borrow a sum not exceeding £14, 75 million to finance the construction of the Cross Harbour Tunnel.

5

A

1.

SECOND SCHEDULE

Government is to guarantee that, if the Company fails to pay any amounts due from the Company to Lloyd's Bank Ltd. (under the agreement between the Company and Lloyd's Bank Ltd. mentioned in the First Schedule) Government will pay to Lloyd's Bank the same percentage of such unpaid amounts as the percentage of the Government's holding of the issued share capital and loan stock of the Company.

ADJOURNMENT

Dr S. Y. Chung to raise under Standing Order No. 9(5) the matter of

"First Aiders in Industry',

D. Barton

Deputy Clerk of Councils