1975-HKRS28-16-23_Part02 — Page 44

Appointment.

of

adviser.

Scat benefius.

Ekocuments of Corporation

(e) employ an ageal or contractor to do any thing which the

Corporation may do;

(F) determine the fares payable by persons travelling on the railway. (3) Any land held by the Corporation for any purpose referred to in subsection (1) may be improved, developed and allered by it in such manner and to such extent as the law would allow if the land were held by a natural person in the same interest and the Corporation shall not be required to show that such improvement, development or alteration is itself undertaken for any purpose referred to in subsection (1),

ግ. (1) The Chairman shall be the chief executive of the Corporation and all matters relating to his remuneration and the terms and conditions of his appointment to the service of the Corporalon shall be determined by the Governor.

(2) The Corporation, shalt appoint a Managing Director but shall obtain the approval of the Governor to any proposed appointment and Lo the suspension or dismissal of a person appointed.

(3) The Corporation may appoint such other employees as it thinks fit and determine all matters relating to their remuneration and terms and conditions of appointment or employment.

(4) The Corporation may engage the services of technical and pro- fessional advisers in such manner and on such terms and conditions as it thinks ft.

(5) The Corporation may make standing orders, not inconsistent with this Ordinance, regulating the work and conduct of its employees.

8. (1) The Corporation my-

(a) grant, or make provision for the grant of, pensions, gratuities and

retirement benefits to its employees;

(8) provide other benefits for the welfare of its employees and their

dependants;

(c) make payments, whether ex gratia or legally due, to the personal representative of a deceased employee or to any person who was dependent on such employee ai bis death.

(2) The Corporation may establish, manage and control, or enter into an arrangement with any company or association for the establishment. management and control by such company or association either alone ar jointly with the Corporation of, any fund or scheme for the purpose of providing for the pensious, gratuitica, benefits and payments referred to in subsection (1).

(3) The Corporation may make contributions to any fund or scheme referred to in subsection (2) and may require its employees to make contributions thereto.

(4) The Corporation may in exercise of its powers under section 6 supply living accommodation and household effects, for the occupation and use of employees and advisers of the Corporation and their familien. at such reat and on such terms and conditions as it may determine.

(5) In this section "employces" includes any class of employee which the Corporation may specify and in subsection (1) includes former employees.

9. (1) The Corporation may make and execute all such documents as may be expedient (or or conducive to the attainment of its purposes or of any purpose reasonably incidental to or consequential upon these purposes.

(2) Subject to this Ordinance, a document to be made by the Corporation shall be deemed to be duly executeḍ--

(2) if sealed with the seal of the Corporation in the presence of a

member: ar

(6) if signed on behalf of the Corporation by a member or an employee of the Corporation authorized by the Corporation so to do.

(3) Any document purporting to be executed in accordance with subsection (2) shall, unless the contrary is proved, be deemed to have been duly executed.

(4) Subject to this Ordinance, a document executed by the Corporation in accordance with subsection (216) shall not be ineffectual in law by reason only of the fact that, apart from this subsection, it would be required by law to be executed under scal.

PART [11

FINANCIAL

14. (1) The authorized capital of the Corporation shall be Captial of $2,000,000,000 divided into 20,000 shares of $100,000 each.

(2) The Governor may, after consulting the Corporation, increase the authorized capital of the Corporation by order published in the Gazerre.

(0) Shares in the authorized capital of the Corporation shall be Illalled to the Government at par as required in writing by the Financial Secretary and may be paid for by set-off against the indebtedness of the Corporation to the Government in such manner and to such extent as The Financial Scorelary may direct pursuant to section 17(3).

(0) All shares allotted to the Government under this section shall be registered in the books of the Corporation in the name of The Colonial Treasurer Incorporated and held by him in trust on behalf of the Govern-

1

Corporaloo.

11. (1) Subject to subsection (3) the Corporation may, in any Power to currency and on auch terms and conditions as it thinks Alt-

borrow and to Ubauc sock

(a) borrow or otherwise raise money and charge all or any part of de

its property as security therefor;

(6) create and issue bonds, notes or other securities which may be charged on the property, undertaking and revenue of the Corpora- tion or any part thereof.

(2) In exercise of the powers conferred by section 6(2)α) and sub- section (1)(a) the Corporation may purchase property under an agreement Providing for the payment of the whole or part of the purchase price by inalments.

The powers conferred by subsection (1) may be exercised to provide the Corporation with such sums or credits as it may require for-

(a) carrying out the purposes referred to in section 6(1);

(b) repaying money previously borrowed by it therefor and interest,

premium or other charge on such money;