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WEDNESDAY, DECEMBER 8, 1982
THE WORKING GROUP, WHICH COMPRISED THE LAW DRAFTSMAN, THE REGISTRAR GENERAL, THE PRESIDENT OF THE LAW SOCIETY AND TWO PRACTISING EXPERTS IN CONVEYANCING, HELD SEVERAL MEETINGS, AND WILL MEET AGAIN LATER THIS MONTH.
+GOOD PROGRESS HAS BEEN MADE AND IF NO UNEXPECTED DIFFICULTIES ARE ENCOUNTERED, THE BILL SHOULD BE READY FOR PRESENTATION TO THE COUNCIL IN ABOUT FOUR MONTHS' TIME.
+THAT, IT SHOULD BE CAREFULLY NOTED, IS AN ESTIMATE AND NOT IN ANY WAY AN UNDERTAKING, MR NAZARETH SAID.
CIVIL SERVANTS REFINANCING SCHEME
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SINCE ITS INTRODUCTION IN MARCH 1981, THE CIVIL SERVANTS' REFINANCING SCHEME HAS HELPED TO REFINANCE 2 802 CIVIL SERVANTS WHO WERE IN DEBT FOR VARIOUS REASONS.
A FURTHER 400 CIVIL SERVANTS RECEIVED ADVICE AND ASSISTANCE ON THE IR PERSONAL FINANCES.
THE TOTAL LOANS MADE BY THE 15 BANKS AND DEPOSIT-TAK ING COMPANIES WHICH TOOK PART IN THE SCHEME AMOUNTED TO $50 MILLION, THIS WAS STATED IN THE LEGISLATIVE COUNCIL TODAY BY THE SECRETARY FOR CIVIL SERVICE, THE HON MARTIN ROWLANDS, IN REPLY TO A QUESTION BY THE HON ANDREW SO.
WHEN THE SCHEME WAS INTRODUCED IT WAS MADE CLEAR THAT IT WOULD OPERATE FOR A LIMITED PERIOD ONLY, SET AT SIX MONTHS INITIALLY, AND THAT IT WOULD APPLY ONLY TO DEBTS INCURRED BEFORE MARCH 12, 1981.
THE SCHEME WAS EXTENDED FOR A FURTHER SIX MONTHS UNTIL MARCH 11, 1982 ON THE ADVICE OF THE WORKING GROUP CHAIRED BY THE HONOURABLE LI FOOK-WO, HE SAID.
THE CIVIL SERVICE STAFF WHO WERE BROUGHT TOGETHER TO OPERATE THE SCHEME HAVE NOW BEEN REDEPLOYED TO OTHER DUTIES, EXCEPT FOR A SMALL NUCLEUS ASSISTING WITH THE ADMINISTRATION OF REPAYMENTS TO THE BANKS AND DEPOSIT-TAKING COMPANIES.
A REPORT EVALUATING THE EFFECTIVENESS OF THE SCHEME WOULD SHORTLY BE PUT TO THE EXECUTIVE COUNCIL, MR ROWLANDS SAID.
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