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(iii) The Trust may with the sanction of the Legislative Council construct such new streets as they may consider necessary for the improvement or development of the City, without the representation required under the preceding paragraph, and for that purpose may acquire any lands they may consider necessary for the purpose of such improvement or development.
On the completion of any new street together with its paving, lighting, metalling and drainage the Trust shall make it over to the Government.
(iv) The Trust may at their discretion carry out works for reclaiming from the sea any lands now within the flow of the sea made over to it by the Government.
5. The following are the proposals for the endowment and revenue of the Trust.
(i) The Government should contribute annually to the Trust 5 per cent. of the rates collected and 25 per cent. of the premiums derived from Land Sales, in each year.
(ii) The Government to make over to the Trust for a fixed period of 99 years such portion of the resumed area of Tai Ping Shan as has not been sold, so much of Tai Kok Tsui Bay as has not been sold, and half the available building area abutting on the south side of the Shaukiwan Road between the Eastern Extremity of the Queen's Recreation Ground and Shaukiwan Village, this latter area to be first laid out in blocks and each alternate block to be assigned to the Trust.
The Trust to reclaim, where it seems expedient, and lay out these areas in building sites, streets, and open spaces and may lease such sites for periods which may extend to 99 years.
The Trust to enjoy the use of such property as is assigned to it free of charge for 10 years and thereafter the Trust to pay interest at 4 per cent. per annum on the value at date of assignment of so much of the land as they are able to lease.
The Trust to receive in full the rents of the lands assigned to, or reclaimed by them, and the difference between these rents and the interest payable to Government to form part of the revenue of the Trust.
No interest to be paid to Government on any portion of the Trust Estate which is utilised for the formation of streets, or which has been reserved for any public purpose, or which is required for open spaces.
On the expiration of 99 years from the date of acquirement by the Trust the property so acquired to revert to the Government.
(3) All assessments for rates for new building erected on Trust Land not before rated, and all enhanced assessments for rates for buildings assigned to or acquired by the Trust by purchase or otherwise, to be paid by the Government to the Trust.
6. The following are the proposals for the settlement of disputes and compensation:
A tribunal of appeal to be framed for the decision of all questions in dispute connected with the acquisition of land and property by the Trust.
(Signed),
F. H. MAY,
EDWARD OSBORNE,
FRANCIS W. CLARK.
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