Page:Mass Transit Railway Ordinance (Cap. 556).pdf/39

MASS TRANSIT RAILWAY ORDINANCE

59. Securities of Corporation as authorized investment

(1) For the purposes of paragraph 1(a) of the Second Schedule to the Trustee Ordinance (Cap. 29), the Corporation is deemed to have paid a dividend as there mentioned in the calendar year in which the appointed day falls (whether or not the Corporation does in fact pay such a dividend in that year) and in each of the 5 years immediately preceding that year.

(2) For the purposes of paragraph 2 of the Second Schedule to the Trustee Ordinance (Cap. 29)—
 * (a) any debt security which was issued by, or the payment of principal and interest on which was guaranteed by, MTRC before the appointed day and which becomes vested in the Corporation by virtue of Part IX; or
 * (b) during any period for which the Government beneficially owns more than half in nominal value of the issued share capital of the Corporation, any debt security which is issued by, or the payment of principal and interest on which is guaranteed by, the Corporation,

is deemed to be a debt security which satisfies the requirements of that paragraph.

60. Corporation not a public body

Unless otherwise expressly provided for in any Ordinance, the Corporation is not a public body within the meaning of the Interpretation and General Clauses Ordinance (Cap. 1).

61. Requirement for Secretary to consult Corporation

For the avoidance of doubt, a provision of this Ordinance requiring or providing for the Secretary to consult with the Corporation or any other person in relation to any matter does not oblige the Secretary to obtain the agreement of the Corporation or that other person in relation to the matter.

62. Whether a notice, etc. is subsidiary legislation

A commencement notice issued under section 1(2), a regulation made under section 33 and a bylaw made under section 34 are all subsidiary legislation; any other instrument issued under this Ordinance is not subsidiary legislation.

63. Service of notices

(1) A notice to be given to the Secretary under this Ordinance may be delivered to the Secretary or sent to him by post.