TNAG-0563-FCO40-658-Construction-of-an-underground-railway-system-in-Hong-Kong-1975 — Page 83

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CONFIDENTIAL Z

27 -

G.F. 323

The person appointed under clause 4(1) as

Chairman of the Board is at the same time the chief

executive of the Corporation and as such is employed

by the Corporation on such conditions as the Governor

may determine (clause 7(1)). Clause 7(2), (3) and (4)

provides for the appointment of a Managing Director and

other staff and advisers.

Pensions, gratuities, retirement and welfare

benefits may be granted by the Corporation (clause

8(1), (2) and (3)) and it may provide housing for its

staff and advisers (clause 8(4)).

Provision is made concerning the documents

of the Corporation and their mode of execution

(clause (9)).

PART III

Financial

The Corporation has an authorized capital of

$2,000,000,000 (clause 10(1)) which may be increased by

order made by the Governor and published in the Gazette

(clause 10(2)). The shares shall be allotted to the

Government as required by the Financial Secretary

(clause 10(3)).

The Corporation has power for certain specified

purposes (clause 11(3)) to borrow money and issue

securities (clause 11(1)) and to buy on credit

(clause 11(2)).

The Government may guarantee the debts and

securities of the Corporation (clause 12(1)). There is

a charge on the general revenue of the Colony of sums

required to fulfill such guarantee (clause 12(2)).

CONFIDENTIAL #Z

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