TNAG-1823-FCO40-2590-Hong-Kong-Housing-(Amendment)-Ordinance-1988-(No.-16-of-1988-1988 — Page 22

2

Addition of

HOUSING (AMENDMENT) BILL 1988

"(ia) to guarantee financial obligations, loan money and accept

security;".

4.

The principal Ordinance is amended by adding after section 5 the new section 5A. following-

"Transfer of assets and liabilities to Authority.

Amendment of section 7.

5.

5A. The assets and liabilities accounted for in the Home Ownership Fund as at 31 March 1988 shall, on 1 April 1988, become assets and liabilities of the Authority.".

Section 7(2) of the principal Ordinance is amended- (a) by deleting "6 members, 2" and substituting the following—

"12 members, at least 4"; and

(b) by inserting before "1 of whom" the following

Amendment of section 10.

6.

"at least".

Section 10(3) of the principal Ordinance is amended by deleting "Secretary for Housing" and substituting the following—

"Director of Housing".

Amendment of section 13.

7.

Section 13 of the principal Ordinance is amended—

(a) by renumbering it as section 13(1); and

(b) by inserting after subsection (1) the following-

"(2) If in any financial year there is an excess of revenue

of the Authority over the total sum required by it—

(a) to meet the total outgoings and provisions of the Authority properly chargeable to revenue; and

(b) to enable the Authority to-

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

(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 Authority, give the Authority directions requiring it to pay the whole or part of the excess to the Government.".

Section 14 of the principal Ordinance is amended— (a) by deleting subsection (2) and substituting the following-

"(2) Not later than 30 September following the end of each financial year, or before a later date that the Governor may allow, the accounts of the Authority shall be submitted to the Director of Audit who shall audit the accounts and furnish a report on them."; and

(b) in subsection (4) by deleting "30 September" and substituting the

following-

"31 December".

Amendment of section 14.

8.