TNAG-0639-FCO40-787-Construction-of-underground-railway-system-in-Hong-Kong-(Mas-1978 — Page 120

C.S. 84

For discussion

on 24th May 1977

RESTRICTED

XCR (77)14832

Copy No

MEMORANDUM FOR EXECUTIVE COUNCIL

MASS TRANSIT RAILWAY CORPORATION (AMEND

Introduction

MENT) BILL 1977

RECEIVED IN RE#4 1. 51

2 4 MAY 1977

HKK 173/1

Section 12(1) of the Mass Transit Railway Corporation Ordinance 1975 provides that:

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resolved:

"The Legislative Council may from time to time. by resolution authorise the Financial Secretary on behalf of the Government to grant guarantees in respect of:

(a) the repayment of loans made to, or the dis- charge of other indebtedness of, the Corpo- ration and the payment of interest, premium or other charge thereon; and

(b) the redemption or repayment of, and the pay-

ment of interest, premium or other charge on, any bonds, notes or other securities issued by the Corporation

up to an amount not exceeding in total that specified in the resolution and subject to any terms or condi- tions therein specified.

On 23rd October 1975 the Legislative Council accordingly

"that the Financial Secretary on behalf of the Government may grant guarantees in respect of the repayment of loans made to and the dis- charge of indebtedness of the Mass Transit Railway Corporation under the facilities spe- cified in the Schedule hereto up to the amounts specified in respect thereof.

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The Schedule to the Resolution lists the various financial facilities that may be covered by guarantees granted by the Financial Secretary.

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