Loans (Asian Development Bank) Ordinance


Published: 1997-06-30

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
Cap 271 - LOANS (ASIAN DEVELOPMENT BANK) ORDINANCE 1

Chapter: 271 LOANS (ASIAN DEVELOPMENT BANK) ORDINANCE Gazette Number Version Date

Long title 30/06/1997


To make provision for the raising of loans from the Asian Development Bank and for matters connected therewith.


[7 July 1972]

(Originally 42 of 1972)

Section: 1 Short title 30/06/1997


This Ordinance may be cited as the Loans (Asian Development Bank) Ordinance.

Section: 2 Interpretation 30/06/1997


In this Ordinance, unless the context otherwise requires-
"Bank" (銀行) means the Asian Development Bank.

Section: 3 Power to borrow from the Asian Development Bank 30/06/1997


(1) The Government may, in such manner and on such terms and subject to such conditions as may be agreed
between the Government and the Bank, borrow from the Bank sums not exceeding those specified in the First
Schedule for the purposes of the projects specified with respect to such sums in the First Schedule.

(2) Any agreement between the Government and the Bank 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.

Section: 4 Power to issue instruments including bonds 30/06/1997


(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 the Bank in respect of any borrowing authorized by 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.

Section: 5 Appropriation and charge of loans 30/06/1997


(1) Any sums borrowed by the Government under this Ordinance shall be applied, and are appropriated, to the
purposes of the project for which they were borrowed as specified in the First Schedule and more particularly in any
agreement concluded with the Bank in respect of the sums so 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 and the Bank.

(2) Where sums borrowed under this Ordinance are not immediately available and expenditure in respect of the
project 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 connection with any
project shall be specified in the Second Schedule.

(3) The sums 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.




Cap 271 - LOANS (ASIAN DEVELOPMENT BANK) ORDINANCE 2

Section: 6 Implementation of obligations under agreement 60 of 1999 01/07/1997


Remarks:
Adaptation amendments retroactively made - see 60 of 1999 s. 3


(1) Notwithstanding anything contained in any other law, any agreement concluded with the Bank in respect of
any borrowing authorized under this Ordinance and any bond, promissory note or other instrument issued pursuant to
any such agreement and any undertaking 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 Chief Executive 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, instrument or
guarantee concluded with the Bank or issued in connection with any borrowing authorized by this Ordinance or in
respect of any payment of interest or otherwise under any such agreement, bond, promissory note, instrument or
guarantee. (Amended 60 of 1999 s. 3)

Section: 7 Power to amend Schedules 30/06/1997


The Legislative Council may by resolution amend the Schedules.

Schedule: 1 30/06/1997


[sections 3 & 5]

Item One


An amount in various currencies equivalent to twenty-one million five hundred thousand United States dollars
(US$21500000) for the purposes of a project involving the construction of seawater desalting works consisting of six
units having a total design output of 40 million gallons per day and to be located near Castle Peak in the New
Territories. The project includes all supporting facilities and installations necessary to render the project operable.

Item Two


An amount in various currencies equivalent to twenty million United States dollars (US$20000000) for the
purposes of a project which forms part of stage I of the sewerage and sewage treatment facilities for the Sha Tin New
Town and involves the construction of (i) sewage treatment works; (ii) main pumping station; and (iii) laying of
approximately 2000 metres of twin 1400 mm diameter rising mains. (Added L.N. 236 of 1975)

Item Three


An amount in various currencies equivalent to twenty million five hundred thousand United States dollars
(US$20500000) for the purposes of a project involving the construction of two housing estates for some 61000
persons and associated facilities, four primary and four secondary schools in the two estates, a general health clinic, a
divisional fire station and a commercial complex for one of the housing estates at Sha Tin New Town. (Added L.N.
100 of 1977)

Item Four


An amount in various currencies equivalent to nineteen million five hundred thousand United States dollars
(US$19500000) for the purposes of a project involving the construction of a regional hospital with about 1400 beds,
including teaching facilities and a polyclinic, at Sha Tin New Town. (Added L.N. 188 of 1978)

Item Five


An amount in various currencies equivalent to twenty million United States dollars (US$20000000) for the



Cap 271 - LOANS (ASIAN DEVELOPMENT BANK) ORDINANCE 3

purposes of a project which forms part of the development of Sha Tin New Town and involves (i) the construction of a
housing estate for some 31000 persons, two primary and two secondary schools; and (ii) the undertaking of a transport
study of the Sha Tin-Tsuen Wan corridor. (Added L.N. 91 of 1980)

Schedule: 2 30/06/1997


[section 5]


The maximum amount which may be advanced pending reimbursement under section 5(2) in any financial year
in connection with the project described in Item One of the First Schedule is one hundred million Hong Kong dollars
(HK$100000000).


The maximum amount which may be advanced pending reimbursement under section 5(2) in any financial year

in connection with the project described in Item Two of the First Schedule is ninety-five million Hong Kong dollars
(HK$95000000). (Added L.N. 236 of 1975)


The maximum amount which may be advanced pending reimbursement under section 5(2) in any financial year

in connection with the project described in Item Three of the First Schedule is ninety-seven million Hong Kong
dollars (HK$97000000). (Added L.N. 100 of 1977)


The maximum amount which may be advanced pending reimbursement under section 5(2) in any financial year

in connection with the project described in Item Four of the First Schedule is ninety-two million Hong Kong dollars
(HK$92000000). (Added L.N. 188 of 1978)


The maximum amount which may be advanced pending reimbursement under section 5(2) in any financial year

in connection with the project described in Item Five of the First Schedule is one hundred million Hong Kong dollars
(HK$100000000). (Added L.N. 91 of 1980)

Related Laws