1964_LOANS_ORDINANCE — Page 3

2

CAP. 61]

Loans

[1975 Ed.

Implementation of obligations under agreements.

(2) Where sums borrowed under this Ordinance are not im- mediately available and expenditure in respect of the purpose for which they were borrowed must be met, such expenditure shall be charged as an advance pending reimbursement and the maximum amount which may be so advanced in any financial year in con- nexion with any purpose shall be approved by resolution of the Legislative Council.

(3) Any sum borrowed under this Ordinance and all interest and other charges thereon are hereby charged upon and shall be payable out of the general revenues and assets of Hong Kong.

(4) Any expenses of or incidental to the raising of a loan may be defrayed from the sums borrowed.

6. (1) Notwithstanding anything contained in any other law, an agreement concluded with a lender in respect of any borrowing under this Ordinance and any bond, promissory note or other instrument issued pursuant to any such agreement and any under- taking given in respect of any such agreement, bond, promissory note or instrument by the Government shall be valid and enforceable and have full force and effect in accordance with their respective

terms.

(2) The Governor may, by order published in the Gazette, provide for the remission of any tax, duty, charge or fee payable under any Ordinance in respect of any agreement, bond, promissory note or instrument concluded with a lender or issued in connexion with any borrowing under this Ordinance or in respect of any payment of interest or otherwise under any such agreement, bond, promissory note or instrument.