1964_PO_LEUNG_KUK_ORDINANCE — Page 3

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CAP. 1040]

Po Leung Kuk

[1987 Ed.

Matters relating to the corpora- tion.

Schedule.

Vesting of property.

Board may exercise powers of corporation.

Accounts.

(c) may do and suffer all such other acts and things as bodies

corporate may lawfully do and suffer.

4.

The provisions of the Schedule shall have effect with respect to-

(a) the objects and powers of the corporation;

(b) the membership of the corporation;

(c) the board;

(d) the advisory board;

(e) meetings and procedure,

and otherwise in relation to the corporation.

5. (1) All the immovable property vested in the Society at the commencement of this Ordinance shall continue to be vested in the corporation for the residue of the term of years created by the respective Crown leases, subject to the covenants, conditions, stipula- tions, exceptions, reservations, provisos and powers contained in and reserved by the said Crown leases.

(2) Any other property, interest, right and privilege vested in the Society at the commencement of this Ordinance shall continue to be vested in the corporation on the terms and conditions, if any, on which the same was vested at that date, and the corporation shall continue to be subject to the obligations and liabilities to which the Society was subject at the commencement of this Ordinance.

6. The board may exercise any of the powers of the corpora- tion which are not required by this Ordinance to be exercised by the corporation in general meeting.

7. (1) The board shall cause to be kept proper books of account of all transactions of the corporation.

(2) Such books of account shall be open at all reasonable times. to the inspection of any director and of any person appointed by the Governor in that behalf.

(3) A chairman shall within 6 months after the expiration of his term of office send to the Chief Secretary a statement of the accounts of the corporation which shall—

(a) be signed by 2 persons who were directors during the year

to which the statement relates;

(b) be audited in accordance with subsection (4); and

(c) contain the following particulars-

(i) an account of the assets and liabilities of the corpora- tion at the end of the previous year;

(ii) an account of the receipts and disbursements of the corporation during the previous year; and