P
10
17
Investment and
use of Fund.
Use of fund
when school
ceases to
draw grant.
than 1% and not more than 3% of their capital value. For the purposes of calculating this annual grant, the capital value of the premises used for Grant purposes and the depreciation rate shall be assessed by Government, and the capital value shall be reduced by the sum of any capital grants paid by Government for the erection of the buildings and further reduced each year by the Depreciation Grant made for the previous year.
This grant shall be paid into a special Building Depreciation Fund, which shall be invested by the Hong Kong Treasury, and which shall not be drawn upon for any purpose other than the building of school premises approved by the Director of Education.
If a school ceases to draw grant under this Code, it shall be permitted to retain the sum standing to its credit in the Building Depreciation Fund provided that it shall be used only for the building of school premises for purposes approved by the Director of Education, or for the repayment of Building grant as required by par. 49(d).
PART
III
Capital Grant
for new building
or structural
repairs.
46.
CAPITAL GRANTS.
BUILDING AND MAJOR REPAIRS GRANTS.
If the Director of Education recommends and Government approves, a grant may be made of not more than half the cost of building a new school, or of extending or making structural repairs to an existing school. The cost may include the architect's fee and the cost of site formation, but not the cost of the site.
47.
If the Director of Education recommends and Government approves, sites for Grant School buildings and playing field may be granted on special or on nominal terms, 48.
The site, plans, estimates, specifications, title and trust deeds of any new building for which a grant is requested shall be approved by Government.
Declaration
of Trust.
49.
When a Building Grant is made for the erection of new or additional premises, the trustees or other legal representatives of the school must state by a Declaration of Trust to be registered in the Land Office
(a) that the premises (excluding any parts used for the
quarters of pupils or staff, for chapels, or for religious or any other non-Grant School activities) will be used solely for approved educational
purposes;