TUESDAY, JANUARY 11, 1984
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+THE INCREASE IS EXPECTED TO COST THE GOVERNMENT AN ADDITIONAL $160 MILLION FOR A FULL YEAR,+ A SPOKESMAN FOR THE SOCIAL WELFARE DEPARTMENT SAID.
UNDER THE NEW PAYMENT RATES, AN ELIGIBLE FOUR-MEMBER FAMILY WOULD RECEIVE $1 425 BASIC RATES A MONTH, AS AGAINST $1 255 THEY WOULD GET UNDER THE OLD RATES. WITH RENT, SUPPLEMENT AND OTHER ESSENTIAL EXPENSES PROVIDED SEPARATELY, A FOUR-MEMBER HOUSEHOLD ON PUBLIC ASSISTANCE COULD RECEIVE UP TO ABOUT $2 540 A MONTH.
AT THE END OF DECEMBER, THE SOCIAL WELFARE DEPARTMENT WAS CARRYING 54 712 PUBLIC ASSISTANCE CASES, 196 236 OLD AGE ALLOWANCE CASES AND 38 984 DISABILITY ALLOWANCE CASES.
RESTRICTION PERIOD FOR EXCHANGE MEMBERSHIP EXTENDED
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THE EXECUTIVE COUNCIL HAS APPROVED AN EXTENSION OF THE PERIOD OF RESTRICTION ON TRANSFER OF MEMBERSHIP OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE UNIFIED EXCHANGE) TO DECEMBER 31, 1984, THE COMMISSIONER FOR SECURITIES, MR ROBERT FELL, SAID TODAY (TUESDAY).
THIS MEANS THAT THE DATE PRIOR TO WHICH MEMBERSHIP OF THE UNIFIED EXCHANGE CANNOT BE FREELY TRANSFERRED WILL NOW BE THE END OF 1984.
THIS DATE MAY BE VARIED BY THE GOVERNOR IN COUNCIL ACCORDING TO THE COMPLETION OF THE REVIEW OF MEMBERSHIP REQUIREMENTS.
SECTION 18(1) OF THE STOCK EXCHANGES UNIFICATION ORDINANCE, WHICH CAME INTO OPERATION ON FEBRUARY 1, 1981, STATES THAT NO MEMBERSHIP OR ASSOCIATE MEMBERSHIP OF THE UNIFIED EXCHANGE CAN BE TRANSFERRED WITHIN THREE YEARS OF THE COMMENCEMENT OF THE ORDINANCE, OTHER THAN IN CERTAIN EXCEPTIONAL CIRCUMSTANCES APPROVED BY THE UNIFIED EXCHANGE AND THE COMMISSION.
THE SECURITIES COMMISSION IS REVIEWING THE MEMBERSHIP REQUIREMENTS OF THE UNIFIED EXCHANGE,
THE CONSULTATIVE PROCESS IS CONTINUING BETWEEN THE UNIFIED EXCHANGE AND THE COMMISSION.
EARLY RESOLUTION OF THE REQUIREMENTS FOR MEMBERSHIP IS NECESSARY TO PROVIDE SUFFICIENT TIME TO ALLOW THE ORDERLY COMMENCEMENT OF BUSINESS ON THE NEW UNIFIED EXCHANGE IN 1985, MR FELL SAID.
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