TNAG-2266-FCO40-3263-Richard-Allen--Chief-Executive-of-the-Hong-Kong-Provisional--1991 — Page 7

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(a) performing the functions conferred on it by this Ordinance; and (b) repaying money previously duly borrowed by it and any interest

on such money.

(4) The Financial Secretary may, as regards any meeting of the Authority the business of which consists of or includes the consideration or determination of borrowings (whether made or proposed) by the Authority, delegate to any public officer named in the delegation his power to preside at the meeting and any designation under paragraph 2(3) of the Schedule shall not apply in relation to any meeting of the Authority to which a delegation under this subsection relates.

(5) Where the Authority borrows or otherwise raises money under this section, until the contrary is shown by someone other than the Authority it shall be presumed that the money was so raised for a purpose mentioned in subsection (3).

16. Guarantees

(1) (a) The Legislative Council may from time to time by resolution authorize the Financial Secretary to guarantee in accordance with this section, on behalf of the Government and up to an amount not exceeding in the aggregate that specified in the resolution, money (including money in a currency other than the currency of Hong Kong) borrowed or otherwise payable by the Authority.

(b) A guarantee under this section may guarantee-

(2) (a)

(i) the due repayment by the Authority of the principal of any

money borrowed by it;

(ii) the due payment of instalments or other amounts payable by

the Authority under a contract made by it;

(iii) the payment of interest on any such principal, instalment or

amount; or

(iv) both the due repayment of principal or due payment of such instalments or amounts, as the case may be, and payment of the interest payable thereon,

and such guarantee shall be in such form and be given in such manner and, subject to subsection (2)(a), be on such terms and conditions as the Financial Secretary shall think fit and may include a guarantee of payment of commission and incidental expenses arising in connection with borrowings by the Authority or a contract referred to in subparagraph (ii).

A resolution under this section may require any guarantee authorized by the resolution to be given on terms or conditions specified in the resolution.