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FRIDAY, OCTOBER 25, 1974.
GREATER FLEXIBILITY FOR INSURANCE COMPANIES
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MINOR AMENDMENTS ARE TO BE MADE TO THE PROVISIONS OF THE FIRE AND MARINE INSURANCE COMPANIES DEPOSIT ORDINANCE AND THE LIFE INSURANCE COMPANIES ORDINANCE, UNDER TWO BILLS PUBLISHED IN TODAY'S GAZETTE.
THE AMENDMENTS ENABLE INSURANCE COMPANIES TO MAINTAIN WITH THE REGISTRAR OF COMPANIES AS THEIR STATUTORY DEPOSITS INVESTMENTS AUTHORISED IN THE TRUSTEE ORDINANCE, WITH SOME MINOR EXCEPTIONS.
PREVIOUSLY, SUCH COMPANIES WERE ALLOWED TO MAINTAIN DEPOSITS EITHER IN FIXED INTEREST DEPOSITS WITH BANKS OR IN THE FORM. OF INVESTMENTS AUTHORISED BY THE UNITED KINGDOM TRUSTEE ACT 1925.
THE NEW PROVISIONS WILL ALLOW A WIDER RANGE OF
INVESTMENTS AND IN PARTICULAR WILL PERMIT COMPANIES TO DEPOSIT NOTES ISSUED BY THE HONG KONG BUILDING AND LOAN AGENCY THE PAYMENT OF WHICH IS GUARANTEED BY THE GOVERNMENT.
THE ADVANTAGE TO INSURANCE COMPANIES IN THE PROPOSED LEGISLATION LIES IN GREATER FLEXIBILITY AND THE OPPORTUNITY TO OBTAIN MORE FAVOURABLE RATES OF INTEREST.
IMPROVEMENTS TO OLD COLLEGE BUILDING
TWO MORE STAIRCASES PROVIDING BETTER FIRE ESCAPE MEANS ARE TO BE PROVIDED IN THE OLD NORTHCOTE TRAINING COLLEGE BUILDING IN BONHAM ROAD.
THE STAIRCASES WILL BE ADDED TO THE DEAD-ENDS OF THE THREE-STOREY BUILDING WHICH IS CURRENTLY BEING USED AS A LANGUAGE TEACHING CENTRE BY THE ADVISORY INSPECTORATE OF THE EDUCATION DEPARTMENT AS WELL AS FOR TEACHER TRAINING PURPOSES BY THE NORTHCOTE COLLEGE OF EDUCATION.
IN LINE WITH THE PROJECT, SOME MINOR ALTERATIONS TO THE WINDOWS AND DOORS OF THE PREMISES WILL BE CARRIED OUT WHILE FOUR MORE AIR-CONDITIONING UNITS WILL ALSO BE INSTALLED.
WORK ON THE PROJECT IS EXPECTED TO START IN EARLY DECEMBER THIS YEAR AND SHOULD BE COMPLETED IN THREE MONTHS' TIKE.