LOANS ORDINANCE

LOANS ORDINANCE

LAWS OF HONG KONG

LOANS ORDINANCE

CHAPTER 61





CHAPTER 61

LOANS

To make provision for the raising of loans and for matters connected therewith.

[23rd May, 1975.1

1. This Ordinance may be cited as the Loans Ordinance.

2. In this Ordinance, unless the context otherwise requires

'borrow' includes the power to draw upon a credit facility;

'lender' means any person from whom the Government borrows money
under this Ordinance.

3. (1) The Government may, in such manner and on such terms and
subject to such conditions as may be agreed between the Government
and any person, borrow from such person such sum or sums and for
such purposes as may be approved by resolution of the Legislative
Council.

(2) Any agreement between the Government and a lender in respect
of sums borrowed under the powers conferred by subsection (1) shall be
made in the name of the Government of Hong Kong and may be signed
on behalf of the Government by the Financial Secretary, or by any
person authorized by him in writing.

(3) As soon as practicable after the execution of an agreement
under this section, the Financial Secretary shall cause a copy of the
agreement to be laid on the table of the Legislative Council.

4. (1) The Government may issue such bonds, promissory notes or
other instruments on such terms and conditions as may be necessary for
the purpose of giving effect to the terms of any agreement which may be
entered into by it with a lender in respect of any borrowing under this
Ordinance.

(2) Any bond, promissory note or other instrument issued by the
Government under subsection (1) may be signed on behalf of the
Government by the Financial Secretary or by any person authorized by
him in writing.

5. (1) Any sums borrowed by the Government under this Ordinance
shall, except in the case of sums borrowed for the purposes of the
general revenue, be applied and are appropriated to the purposes for
which they were borrowed:

Provided that any part of such a sum which cannot be applied to
those purposes may be applied to such other purposes as may be
approved by the Financial Secretary.





(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.

ion 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.
Originally 39 of 1975. Short title. Interpretation. Power to borrow. Power to issue instruments including bonds. Appropriation and charge of loans. Implementation of obligations under agreements.

Originally 39 of 1975. Short title. Interpretation. Power to borrow. Power to issue instruments including bonds. Appropriation and charge of loans. Implementation of obligations under agreements.

https://oelawhk.lib.hku.hk/items/show/2365

1964

v6

61

3