Hong Kong Ordinances

MASS TRANSIT RAILWAY ORDINANCE - SECT 42

Share capital

Matters relating to Corporation as a company

(1) The Corporation shall, on the appointed day, issue shares to the Financial
Secretary Incorporated which shall be held by the Financial Secretary
Incorporated in trust on behalf of the Government.

(2) Shares issued in pursuance of this section-

   (a)  shall each be of a par value of an amount that the Financial Secretary
        directs and shall carry such rights as he determines;

   (b)  shall be issued at par as fully paid and shall be treated as if they
        had been paid up in cash as to the par value; and

   (c)  shall have an aggregate par value of not more than the aggregate par
        value of the issued shares of MTRC immediately before the
        appointed day.

(3) Section 43(1) of the Companies Ordinance ( Cap 32) does not apply in
relation to an allotment of shares pursuant to this section.