MASS TRANSIT RAILWAY CORPORATION ORDINANCE - minor amendment

MASS TRANSIT RAILWAY CORPORATION ORDINANCE - minor amendment

CHAPTER 270

MASS TRANSIT RAILWAY CORPORATION

The Mass Transit Railway Corporation Ordinance is
amended-

(1)in section 13 by repealing subsections (2) and (3) and
substituting-

(2) Subject to the provisions of sections 14 and 14A
the profits of the Corporation in any financial year shall be
applied by it in such manner as it may, with the prior
approval of the Financial Secretary, think fit, being a
manner consistent with this Ordinance. (Replaced 61 of
1983s.2)
(3) For the purpose of this section and sections 14
and 14A the profits of the Corporation in any financial
year are the excess of revenue of the Corporation over the
total sum required by it-
(a)to meet the total outgoings of the Corporation
properly chargeable to revenue account; and
(b)to enable the Corporation to make such
provision for depreciation and renewal of capital
assets, bad debts and other purposes, being
provision properly chargeable to revenue
account, as it may reasonably consider adequate.
(Replaced 61 of 1983 s. 2)

(2) in section 14-
(a) by renumbering the section as subsection (1);
(b)in subsection (1) by repealing 'The' and substituting
'Subject to subsection (2), the';

(c) by adding after subsection (1)-

(2) The Corporation shall not exercise its
powers under subsection (1) except with the prior
approval of the Financial Secretary and shall, where
the Financial Secretary, after consultation with the
Corporation so directs-
(a)carry the whole or part of the profits of the
Corporation in any financial year to the
credit of such general or special reserve fund
as the Financial Secretary shall approve; or
(b)pay the whole or part of any sum standing
to the credit of any such reserve fund into the
general revenue.(Added 61 of 1983 s. 3)





(3) by adding after section 14-

14A. (1) Subject to subsection (2), the Corporation
may declare and pay dividends to the Government on the
shares allotted to it under section 10 in the amount of the
whole or part of the profits of the Corporation in any
financial year.

(2) The Financial Secretary may, after consultation
with the Corporation, after taking into account the loan
obligations of the Corporation, direct the Corporation to
declare a dividend in the amount of the whole or part of
the profits of the Corporation in any financial year after
making allowance for-

(a)any sums carried to the credit of a reserve fund
under section 14; and
(b)any accumulated loss disclosed in the balance
sheet of the Corporation at the end of the
financial year prior to the year in which the
dividend is declared,

and the Corporation shall comply with any such direction.

(3) Any dividend declared under this section shall be
paid into general revenue.

(4) No dividend shall bear interest against the
Corporation. (Added 61 of 1983s. 4)

(4) in section 21-

(a) by repealing subsection (1);
(b)in subsection (2) by repealing 'Public Health and Urban
Services Ordinance' and substituting 'Public Health and
Municipal Services Ordinance';

(c) by repealing subsection (4);

(5)in section 27 by repealing 'Public Health and Urban Services
Ordinance' and substituting 'Public Health and Municipal
Services Ordinance';

(6)by repealing 'Colonial Treasurer Incorporated' wherever
occurring and substituting 'Financial Secretary Incorporated'.
61 of 1983 s. 2. 61 of 1983 s. 3. 61 of 1983 s. 4. Dividends 73 of 1982 s. 39 10 of 1986 s. 32(1) 75 of 1988 s. 40 10 of 1986 s. 32(1) L.N. 235 of 1985

61 of 1983 s. 2. 61 of 1983 s. 3. 61 of 1983 s. 4. Dividends 73 of 1982 s. 39 10 of 1986 s. 32(1) 75 of 1988 s. 40 10 of 1986 s. 32(1) L.N. 235 of 1985

https://oelawhk.lib.hku.hk/items/show/3768

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