8
FRIDAY, JUNE 10, 1988
THE
BRIEFING SESSIONS FOR EXISTING LICENSEES TO INFORM THEM OF PROPOSED AMENDMENTS TO THE LEGISLATION AND THE NEW STATUTORY REQUIREMENTS WILL BE ARRANGED SHORTLY,
THE TIC WILL HAVE A BOARD OF DIRECTORS WHICH WILL INCLUDE A GOVERNMENT REPRESENTATIVE IN ADDITION TO REPRESENTATIVES OF THE INDUSTRY.
THE TIC WILL FORM A SEPARATE COMPANY то ADMINISTER A NEW COMPENSATION SCHEME CALLED THE TIC RESERVE FUND.
THE FUND WILL BE MANAGED BY A SEPARATE BOARD OF DIRECTORS WHICH WILL INCLUDE REPRESENTATIVES FROM THE TRAVEL INDUSTRY, A MEMBER OF THE LEGISLATIVE COUNCIL, A CONSUMER COUNCIL REPRESENTATIVE, A GOVERNMENT REPRESENTATIVE AND A NUMBER OF PROFESSIONALS WHO ARE NOT DIRECTLY INVOLVED IN THE TRADE.
TRAVEL
THE BILL WILL ALSO REPEAL THE PROVISION UNDER THE AGENTS ORDINANCE WHICH REQUIRES NEW LICENSEES TO PAY A SUM OF $2,500 UPON GRANT OF LICENCE.
IN FUTURE ALL LICENSEES WILL BECOME MEMBERS OF THE TIC AND WILL BE REQUIRED TO CONTRIBUTE TO THE TIC RESERVE FUND INSTEAD. CONTRIBUTIONS TO THE NEW FUND WILL BE MADE BY WAY OF A ONE PER CENT LEVY ON THE SALE OF ALL OUTBOUND PACKAGE TOURS.
THE TRAVEL AGENTS' RESERVE FUND WILL BE ABOLISHED WHEN OUTSTANDING APPLICATIONS HAVE BEEN SETTLED.
UNDER THE NEW ARRANGEMENTS, CLIENTS OF TRAVEL AGENTS WHICH DEFAULT IN FUTURE MAY BE ELIGIBLE TO APPLY FOR EX-GRATIA COMPENSATION FROM THE TIC RESERVE FUND EQUIVALENT TO 70 PER CENT OF THE UNSATISFIED CLAIM.
WINDING-UP ACTION IN RESPECT OF THE AUSTRAVEL CASE WAS COMPLETED BY THE OFFICIAL RECEIVER AT THE END OF MARCH. MORE THAN 2,700 APPLICATIONS FOR EX-GRATIA PAYMENT FROM THE TRAVEL AGENTS' RESERVE FUND HAVE BEEN RECEIVED FROM FORMER CLIENTS OF AUSTRAVEL.
AS ANNOUNCED IN DECEMBER LAST YEAR, TWO OPTIONS FOR PAYMENT WILL BE MADE AVAILABLE TO AFFECTED CLIENTS. THE APPLICANTS WILL BE INVITED TO INDICATE THEIR PREFERENCE FOR BITHER A ONE-OFF PAYMENT OF 70 PER CENT COMPENSATION OR 100 PER CENT TO BE PAID IN INSTALMENTS OVER A PERIOD NOT EXCEEDING THREE YEARS, SUBJECT ΤΟ ELIGIBILITY.
VERIFICATION OF
WINDING-UP PROCEEDINGS IN RESPECT OF P.C. TRAVEL SERVICE CONTINUING, AND AFFECTED CLIENTS MAY APPLY FOR EX-GRATIA COMPENSATION LATER.
ARE
THE TIC