Addison of
TLA and TZN.
4 The principal Ordinance la amended by adding after section 72 the following new sectionsTM
"Borrowing jedrezza.
Rower to
Security
for perhowed крмарет.
72A. (1) Subject to this section, the League may borrow money for the carrying out of its objects.
(2) No money shall be borrowed by the League save upon a resolution of its board.
(3) The League may not borrow money so that its total indebtedness would in consequence exceed fifty per cent of its total assets.
(4) The League may not borrow money, so that its total indebtedness would in consequence exceed twenty-five per Geme of its total assets, except in addition to the board's resolution, upon a resolution passed by not less than three- fourths of the members, present and qualified to vote, at s special meeting of the League called for the purpose or if sanctioned in writing by not less than two-thirds of the total number of the members of the League qualified to vote,
(5) In this section "total assets" does not include the atabilization fund set up under section 12
728. The League may mortgage, charge or pledge any of its property to secure any liability for the repayment of money" borrowed in accordance with section 72À...."
Passed by the Hong Kong Legislative Council this 23rd day of June, 1976.
Clerk to the Legislative Council.
This printed impression has been carefully compared by me with the bill, and is found by me to be a true and correctly printed copy of the said bilI.
Clerk to the Legislative Council.
הק ווי
I asseal
Goventtor.
24th June, 1976.
Matcha
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