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Ord. No. 35/87
Power of Chief Executive to delegate.
Power to borrow money.
Accounts and
statements.
OCEAN PARK CORPORATION
(a) the Chief Executive; or
(b) any committee created under section 22(1).
(2) The Corporation shall not delegate any of its functions or powers under Part IX or the power-
(a) to appoint the Chief Executive;
(b) to create any committee under section 22(1);
(c) to appoint an auditor under section 26(2) or section 33(2); or (d) to make by-laws under section 39.
24. (1) Subject to subsection (2), the Chief Executive may, with or without restrictions or conditions as he thinks fit, delegate in writing to such person, or committee created under section 22(1), as he thinks fit, his functions and powers, including any function or power delegated to him under section 23.
(2) The power conferred by subsection (1) on the Chief Executive to delegate any function or power of the Corporation delegated to him under section 23 and the exercise by any person, or committee created under section 22(1), of any such function or power delegated by the Chief Execu- tive under subsection (1), shall be subject to any restriction or condition imposed by the Corporation under section 23.
PART VIII
FINANCIAL
25. The Corporation may, for the promotion of its functions specified in section 17(a), (b) and (c), borrow money and charge all or any part of its property as security therefor, and pay interest on any money so borrowed.
26. (1) The Corporation shall cause proper accounts to be kept of all its financial transactions and shall cause to be prepared for each financial year a statement of the accounts of the Corporation, which statement shall-
(a) include-
(i) an income and expenditure account and balance sheet; and (ii) the number of attendances at Ocean Park for that year; and (b) be signed by the Chairman.
(2) The accounts of the Corporation and the signed statement of accounts shall be audited by an auditor appointed by the Corporation and the auditor shall certify the statement subject to such report, if any, as he thinks fit.
(3) There shall be laid on the table of the Legislative Council not later than 31 December next following the end of the period in respect of which a statement is required to be prepared under subsection (1) or so soon thereafter as the Governor may allow—
(a) a copy of the signed and audited statement of accounts together
with the auditor's report, if any; and
(b) a report by the Corporation on its activities during that period.
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OCEAN PARK CORPORATION
Ord. No. 35/87
A171
27. All funds of the Corporation that are not immediately required Investment of all be invested in such investments as the Corporation thinks fit.
surplus funds.
28. Any auditor appointed under section 26(2) shall be entitled at any Auditors. time-
(a) to have access to such books of account, vouchers and other
records of the Corporation; and
(b) to require such information and explanation,
as he considers necessary to discharge his functions.
29. This Part shall not apply to the Fund.
PART IX
ESTABLISHMENT OF THE OCEAN PARK TRUST FUND
This Part not to apply to the Fund.
30. (1) There is hereby established a trust fund to be called the Ocean Establishment Park Trust Fund.
(2) The Corporation shall be the trustee of the Fund and shall administer it in accordance with this Part.
(3) The Fund shall consist of—
(a) such moneys and assets as may be donated, subscribed or bequeathed to, and accepted by, or otherwise acquired by the Corporation for the Fund; and
(b) any interest, dividends and income derived from the moneys and
other assets of the Fund.
31. The Corporation shall apply-
(a) such of the Fund as consists of the moneys and assets referred to in section 30(3)(a) directly or indirectly in such manner as is neces- sary for-
(i) capital expenditure on development projects for Ocean Park; or
(ii) the promotion of such other functions specified in section 17(a), (b) or (c) as the Governor in Council may approve; and
(b) such of the Fund as consists of any interest, dividends and income referred to in section 30(3)(b) directly or indirectly in such manner as is necessary for the promotion of its functions specified in section 17(a), (b) and (c).
of the Fund.
Application of the Fund.
32. The Corporation may invest any moneys of the Fund in such Investment of authorized investment (within the meaning of section 4 of the Trustee moneys. Ordinance) as the Corporation thinks fit.
(Cap. 29.)
33. (1) The Corporation shall cause proper accounts to be kept of all Accounts and transactions of the Fund and shall cause to be prepared, in respect of the statements. period from the commencement of this Ordinance to 30 June 1987, and thereafter for each financial year, a statement of the accounts of the Fund, which statement shall-
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