1964_HOUSING_ORDINANCE — Page 10

1989 Ed.]

Housing

PART II

FINANCE

[CAP. 283

9

12. Borrowing powers

The Authority may borrow from the Government, or from such other sources as the Governor may approve, such moneys as may be required for the discharge of the functions of the Authority under this Ordinance, upon such terms and conditions as may be approved by the Governor.

13. Investment of surplus funds

(1) Any moneys in the hands of the Authority which are not immediately required for the purposes of the Authority may be invested in such securities as may be approved by the Financial Secretary: (Amended 16 of 1988 s. 7)

Provided that, during such time as any moneys are due by the Authority to the Government, no such investment shall be made without the prior approval of the Financial Secretary.

(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. (Added 16 of 1988 s. 7)

14. Accounts and audit

(1) The Authority shall keep, under the general direction of the Director of Accounting Services, proper accounts and other records and shall prepare in respect of each financial year a statement of accounts. (Amended L.N. 16 of 1977)

(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. (Replaced 16 of 1988 s. 8)

Page 10

Page 11

10

CAP. 283]