CO129-592-10 Future Policy in Hong Kong- Port Administration 10-4-1946 - 15-4-1947 — Page 173

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30.

(1)

31.

32.

Finance,

PART IV

Accounts and Audit.

The Port Trust may, with the consent of the Governor

in Council borrow money required for the general purposes of this

Ordinance or for the purpose of re-paying, either in whole or in

part, any moneys heretofore or hereafter borrowed or owing by

the Port Trust.

(2)

Money so borrowed may be secured by the issue of

debentures or by mortgage of the property of the Port Trust or

otherwise as may be approved by the Governor in Council. (1) No loan raised under section 30 shall be for a period

longer than thirty years and in every case a sinking fund shall

be established and annual payments made thereto sufficient to

liquidate the loan in conformity with the conditions thereof.

(2) The sum so set apart as a sinking fund shall be invested

by the Port Commissioners in such securities as the Governor may

approve for that purpose and the securities shall be held in the

name of the Port Trust. Any transactions in such securities shall

be under the common seal of the Port Trust.

(3) Every such sinking fund shall be subject to annual

examination by an auditor to be appointed by the Governor and if

after such examination the auditor shall certify that it is

nevessary to pay any additional sum to the sinking fund owing to

the depreciation of securities or for any other reason the Port

Commissioners shall make good the deficiency either in single immediate payment or in such payments as the Governor may approve.

The unexpended balance, if any, of any loan raised for the

carrying out of works shall:

(1)

in the case of loans made by the Hong Kong Government,

repaid, so as to reduce the principal of the debt, and

be

(2) in the case of other loans, be paid into the sinking fund,

or with the approval of the Governor in Council be utilised

in purchasing and cancelling debentures issued by the Port

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