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TUESDAY, JANUARY 28, 1975.
GOVERNMENT LOAN TO BAPTIST COLLEGE
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THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL HAS APPROVED A LOAN OF $1.3 MILLION FROM THE DEVELOPMENT LOAN FUND TO THE BAPTIST COLLEGE, A PRIVATE NON-PROFIT MAKING INSTITUTION REGISTERED UNDER THE POST SECONDARY COLLEGES ORDINANCE, TO ASSIST THE COLLEGE IN MEETING ITS FINANCIAL DIFFICULTIES DURING THE CURRENT ACADEMIC YEAR.
THIS LOAN IS INTENDED TO MAKE IT POSSIBLE FOR THE COLLEGE TO PLAN FOR FULL FINANCIAL VIABILITY IN THE FUTURE.
THE LOAN CARRIES A FOUR PER CENT INTEREST RATE AND IS REPAYABLE OVER TEN YEARS. IT HAS BEEN APPROVED AS AN EXCEPTIONAL MEASURE IN VIEW OF THE COLLEGE'S CURRENT FINANCIAL PROBLEMS AND IN RECOGNITION OF THE COLLEGE'S CONTRIBUTION TO POST SECONDARY EDUCATION IN HONG KONG.
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FURTHER REPORT ON PAUL LEE CO. SUBMITTED
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THE INSPECTORS APPOINTED TO INVESTIGATE THE AFFAIRS OF THE PAUL LEE ENGINEERING COMPANY LTD. HAVE COMPLETED THEIR FINDINGS AND SUBMITTED A FURTHER REPORT TO THE FINANCIAL SECRETARY.
ANNOUNCING THIS TODAY, A GOVERNMENT SPOKESMAN SAID THE REPORT IS BEING TREATED AS THE FINAL REPORT FROM THE INSPECTORS. IT FOLLOWS THE SUBMISSION OF THEIR FIRST INTERIM REPORT ON NOVEMBER 5 LAST YEAR.
A COPY OF THE LATEST REPORT HAS BEEN FORWARDED TO THE PAUL LEE ENGINEERING COMPANY LTD., AND A FURTHER COPY HAS BEEN FILED WITH THE COMPANIES REGISTRY WHERE IT IS AVAILABLE FOR INSPECTION BY MEMBERS OF THE PUBLIC.
THE INSPECTORS WERE APPOINTED ON OCTOBER 24 UNDER SECTION 143(C) OF THE COMPANIES ORDINANCE.
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