【法规名称】
【法规编号】 68885 什么是编号？
【正 文】
第5页 CAP 372 KOWLOON-CANTON RAILWAY CORPORATION ORDINANCE
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[接上页] (3) The powers conferred by subsection (1) may be exercised to provide the Corporation with such sums or credits as it may require for- (a) carrying out the purposes referred to in section 4; (b) repaying money previously borrowed by it therefor and interest, premium or other charge on such money; (c) repaying sums due to the Government. (Replaced 13 of 1998 s. 6) Cap 372 s 10 Power to enter into other financial transactions (1) The Corporation may enter into any agreement or arrangement in connection with its financial affairs, including any agreement or arrangement for reducing or compensating for any financial risk, on such terms and conditions as it thinks fit, as if it were a natural person of full age and capacity. (2) To facilitate an exercise of the power referred to in subsection (1), the Corporation may promote the formation of an incorporated company as a subsidiary in any territory or jurisdiction. (Replaced 13 of 1998 s. 6) Cap 372 s 11 Guarantee by Government (1) The Financial Secretary may on behalf of the Government, in such manner and on such conditions as he thinks fit, guarantee the repayment of the principal of, the payment of interest on, and the discharge of any other financial obligation in connection with, any sums borrowed by the Corporation up to $500000000 or such greater amount as the Legislative Council may, from time to time, by resolution, approve. (2) Any sum required for fulfilling a guarantee given under this section shall be charged on and issued out of general revenue. (3) Where any sum is so issued for fulfilling any such guarantee the Corporation shall make to the Government, at such time and in such manner as the Financial Secretary may from time to time direct, payments of such amounts as the Financial Secretary may direct in or towards repayment of that sum and payments of interest on the amount outstanding for the time being in respect of that sum, at such rate as the Financial Secretary may so direct. (4) Any sums received by the Government in pursuance of subsection (3) shall be paid into general revenue. (Replaced 13 of 1998 s. 6) Cap 372 s 11A (Repealed 13 of 1998 s. 6) Cap 372 s 12 Corporation to act on commercial principles (1) The Corporation shall conduct its business according to prudent commercial principles and shall ensure as far as possible that, taking one year with another, its revenue is at least sufficient to meet its expenditure. (2) Subject to the provisions of sections 13 and 14, 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. (3) For the purpose of this section and sections 13 and 14, 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 13 of 1998 s. 6) Cap 372 s 13 Reserve funds (1) Subject to subsection (2), the Corporation may establish any general or special reserve fund and carry to the credit thereof such sums as it thinks fit and expend the same in any way consistent with this Ordinance. (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. (Replaced 13 of 1998 s. 6) Cap 372 s 14 Dividends (1) Subject to subsection (2), the Corporation may declare and pay dividends to the Government on the shares allotted to it under section 8 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, and after taking into account the loan obligations and other debt 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 13; 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.(3) Any dividend declared under this section shall be paid into general revenue. (4) No dividend shall bear interest against the Corporation. |
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