- 3
explained by Mr. Asprey in his speech moving the Second Reading, is necessarily a balance between the grant of adequate powers to the corporation to do its job and protection of those who will be affected by it. believe, and we have had considerable support in our belief, that we have got it right, but we will not hesitate to adjust the balance if experience shows that this is necessary.
Le.
•
le
I more on Lew
The Corporation will be required to act in accordance with prudent commercial principles, and to stand on its own feet financially. The Government has provided the Corporation with a $100 million loan facility, which it may draw down as required to meet its initial start-up costs. Thereafter, there is provision in the legislation for the Government, with the authorization of this Council, to guarantee loans made to the Zorporation, but we expect that the Corporation will be able to fund itself without the need for any Government guarantee.
It will of course be for the corporation
le.
itself, when it is established, to determine how it should operate. But it is the firm intention that the activities of the Corporation should complement, not compete with, the activities of private developers. The activities of the Corporation will be restriced generally to redevelopment within specific areas most in need of urban renewal, where the difficulties of site assembly have so far proved a deterrent to redevelopment by the private sector. However, it is likely that the corporation will undertake most projects in, conjunction with the private sector; in this way, the Corporation will be able to have access to the funds and project experience of private developers, which will complement the powers of acquisition available to the Corporation.
It is of course essential that the interests of existing owners and residents in the areas to be redeveloped by the Corporation should be safeguarded, and not subordinated to commercial development interests. The procedures in the Bill have been designed with this aim in mind. Before resumption of any private land is authorized, the Government will need to be satisfied that the development is in accordance with an approved town plan which has been published for possible public objection, and that the Corporation has made adequate and fair arrangements for the compensation of owners and the rehousing of residents.
Sir, I would finally like to touch on the professional people who will be heading our development and constructional efforts and to echo Mr. H.K. Cheng's views on the necessity of achieving professional registration soon both in the immediate interests of
le.
Le
la
le
Je
le
lo.
se