Sir,
Speech by The Secretary for District Administration
in the Legislative Council
on Wednesday, 7 January 1987
Jubilee Sports Centre (Amendment) Bill 1986
I move that the Jubilee Sports Centre
(Amendment) Bill 1986 be read the second time.
2.
The basic objective of the Bill is to
provide for the disengagement of the Royal Hong Kong
Jockey Club from the Jubilee Sports Centre, and to
establish a statutory trust fund to meet the Centre's
recurrent and non-recurrent expenses.
3.
It has been proposed by the Jockey Club
that the Centre should be given an endowment of $350
million. The endowment would be used to establish
a trust fund and would meet the Club's present
obligation to cover the recurrent operating costs and
expenses of the Centre, and would also cater for an
element of capital replacement and improvement for the
next 20 years.
4.
The Bill amends the Jubilee Sports Centre
Ordinance by removing the need for consultation with
the Jockey Club in respect of the appointment of Members
to the Jubilee Sports Centre Board by the Governor and
removes the maximum limit on the number of members who
can be appointed to the Board. It expressly provides
for the Financial Secretary or his representative
to
/be