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WEDNESDAY, JUNE 15, 1988
MR NENDICK SAID SECTION 35 AND THE PRINCIPAL ORDINANCE REQUIRED NEW LICENSEES TRAVEL AGENTS' RESERVE FUND.
EXISTING SCHEDULE TO THE TO PAY $2,500 INTO THE
"UNDER THE NEW ARRANGEMENT, THESE PROVISIONS WILL BF REPEALED BY CLAUSES 15(2) AND 17 OF THE BILL AND WILL BE BROUGHT INTO EFFECT FROM JULY 15, 1988, HE SAID.
HI
"THEREAFTER, ALL NEW LICENSEES AND TIC MEMBERS WILL BK REQUIRED UNDER THE TIC CONSTITUTION TO CONTRIBUTE TO THE TIC RESERVE FUND BY WAY OF A LEVY ON THE SALE OF ALL OUTBOUND PACKAGE TOURS.
"THE LEVY HAS BEEN SET AT A RATE OF ONE PER CENT ON THE PRICE OF THE TOUR. THE PERCENTAGE OF LEVY PAYABLE MAY NOT BE AMENDED WITHOUT THE PRIOR APPROVAL OF THE GOVERNMENT."
MR NENDICK SAID THE BILL ALSO CONTAINED A TRANSITIONAL PROVISION TO PRESERVE CLAIMS FOR EX-GRATIA COMPENSATION LODGED WITH THE REGISTRAR UNDER SECTION 43 OF THE ORDINANCE, PRIOR TO A SPECIFIED DATE.
THE DATE WAS TO BE SPECIFIED BY THE GOVERNOR BY NOTICE IN THE GAZETTE. AFTER THAT DATE, NO CLAIMS WOULD BE ENTERTAINED AGAINST THE TRAVEL AGENTS' RESERVE FUND.
"THE PURPOSE OF THIS TRANSITIONAL PROVISION IS ΤΟ ENABLE THE FORMER CLIENTS OF TRAVEL AGENTS WHICH DEFAULTED LAST YEAR, NAMELY AUSTRAVEL AND P.C. TRAVEL SERVICE, TO APPLY FOR EX-GRATIA COMPENSATION IN THE NEXT FEW MONTHS, HE SAID.
7.
THE WINDING-UP PROCEEDINGS IN RESPECT OF AUSTRAVEL HAVE BEEN COMPLETED AND THE MAJORITY OF FORMER CUSTOMERS HAVE ALREADY APPLIED FOR EX-GRATIA PAYMENTS FROM THE TRAVEL AGENTS' RESERVE FUND.
"THE WINDING-UP PROCEEDINGS FOR P.C. TRAVEL SERVICE WILL SOON BE COMPLETED AND FORMER CLIENTS MAY SUBMIT APPLICATIONS FOR EX-GRATIA COMPENSATION LATER.
DEBATE ON THE BILL WAS ADJOURNED.
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