TNAG-1705-FCO40-2377-Counterfeiting-and-forgery-provisions-in-Hong-Kong-1987 — Page 15

A508

Ord. No. 71/87

Use of surplus funds.

Corporation to

act on

commercial

principles.

Accounts, audit

and annual report.

LAND DEVELOPMENT CORPORATION

9. All money of the Corporation that is not immediately required shall be invested-

(a) on deposit in any bank nominated by the Corporation and approved by the Financial Secretary, either generally or in any particular case, for the purpose; or

(b) in such other forms of investment as the Financial Secretary may

approve.

10. (1) The Corporation shall conduct its business according to prudent commercial principles, but with the approval of the Financial Secretary may engage in projects which are unlikely to be profitable.

(2) If in any financial year there is an excess of revenue of the Corporation over the total sum required by it-

(a) to meet the total outgoings of the Corporation properly charge-

able to revenue; and

(b) to enable the Corporation to—

(i) make such allocations to reserve as it may reasonably consider adequate;

(ii) pay any moneys owing by it, whether or not payment is legally due at the time,

the Financial Secretary may, after consultation with the Corporation, give the Corporation directions requiring it to pay the whole or part of the excess to the Government.

(3) Subject to any directions given under subsection (2), the Corpora- tion may deal with any such excess as is mentioned in that subsection-

(a) by applying it for such of the purposes of the Corporation as the

Corporation may determine; or

(b) by allocating it to reserve, whether generally or for a particular

purpose,

or partly in one of those ways and partly in another.

(4) Any sums received by the Government under this section shall be paid into the general revenue.

11. (1) The Corporation shall keep proper accounts and proper records in relation to the accounts.

(2) The Corporation shall, as soon as is practicable and in any case not later than 3 months after the expiry of a financial year, prepare a statement of the accounts of the Corporation, which statement shall include an income and expenditure account and a balance sheet.

(3) The Corporation shall, with the prior approval of the Financial Secretary to any appointment proposed to be made, appoint an auditor, who shall be entitled to have access at any time to all books of account, vouchers and other records of the Corporation and to require such information and explanations relating thereto as he thinks fit.

(4) The auditor shall, as soon as is practicable, audit the accounts required by subsection (2) and shall submit a report on the accounts to the Corporation.

•

LAND DEVELOPMENT CORPORATION

Ord. No. 71/87

A509

(5) The Corporation shall, as soon as is practicable and in any case not later than 6 months after the expiry of a financial year, furnish— (a) a report on the affairs of the Corporation for that year; (b) a copy of its accounts therefor; and

(c) the auditor's report on the accounts,

to the Financial Secretary who shall cause the same to be tabled in the Legislative Council.

12. (1) The Corporation shall be indebted to the Government in a Debt of the sum equal to-

Corporation.

(a) all money received by the Corporation under section 6(1)(a); (b) all expenditure directly or indirectly incurred by the Government for the benefit of the Corporation including expenditure so incurred before the commencement of this Ordinance.

(2) The Financial Secretary shall determine the amount of such indebtedness and any interest thereon by certificate under his hand and may for sufficient cause reduce or increase any amount so certified.

(3) The indebtedness of the Corporation under subsections (1) and (2) and any interest thereon shall be discharged in such manner as the Financial Secretary directs.

PART IV

DEVELOPMENT OF LAND

13. (1) The Corporation may with the approval of the Secretary Development either generally or in a particular case, prepare in accordance with this schemes. section, development schemes for any area within which the Corporation may acquire property.

(2) A scheme referred to in subsection (1) may contain such matters as the Corporation considers relevant and shall-

(a) comprise a plan which may contain any thing that a draft plan

may contain under section 3 or 4 of the Town Planning Ordinance; (Cap. 131.) (b) set out how the Corporation intends that the scheme will be implemented, including whether implementation will be by the Corporation alone or the Corporation in association with another person and in relation to land within the boundaries of the scheme, what portion of the land is owned or leased by the Corporation and what arrangements have been made or are contemplated by the Corporation for the acquisition of any land not so owned or leased;

(c) contain an assessment by the Corporation as to the likely effect of the implementation of the scheme including, in relation to the residential accommodation of persons who will be displaced by the implementation of the scheme, an assessment as to whether or not, insofar as suitable accommodation for such persons does not already exist, arrangements can be made for the provision of such residential accommodation in advance of any such displacement which will result as the scheme is implemented.

Page 15Page 16