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FRIDAY, JUNE 14, 1991
ELABORATING ON THE
AMENDMENTS, HE SAID AT PRESENT, THE INVESTMENTS OF THE FOUR FUNDS WERE MANAGED BY THE SECRETARY FOR HOMB AFFAIRS INCORPORATED AS TRUSTEE, IN ACCORDANCE WITH THE DIRECTIONS ADVICE OF THE RESPECTIVE COMMITTEES.
OR
IN THE LIGHT OF RAPID CHANGES IN THE INVESTMENT SCENE TODAY, HR ADDED, INVESTMENT DECISIONS MUST BR FORMULATED AND IMPLEMENTED QUICKLY.
"UNDER THESE CIRCUMSTANCES, THE APPOINTMENT OF PROFESSIONALS ΤΟ MANAGE THE FUNDS' INVESTMENT WOULD BE DESIRABLE SINCE FUND MANAGERS, BY VIRTUE OF THEIR PROFESSIONAL KNOWLEDGE AND CLOSE ASSOCIATION WITH THE FINANCIAL MARKET, ARE BEST PLACED ΤΟ TAKE ADVANTAGE OF INVestment OPPORTUNITIES IN BOTH THE LONG AND SHORT TERM," HE STRESSED.
FOR
HE SAID ALTHOUGH THE PRESENT ORDINANCES CONTAINED PROVISIONS PROFESSIONALS TO BB APPOINTED BY THE COMMITTEES, THE RESPONSIBILITY OF ANY PROFESSIONALS SO APPOINTED WAS LIMITED ΤΟ GIVING ADVICE TO THE COMMITTEES.
"FOR THIS REASON, NEW PROVISIONS ARE REQUIRED ΤΟ ENABLE THE APPOINTMENT OF PROFESSIONALS WHO CAN FUNCTION FULLY AS FUND MANAGERS WITH DISCRETION TO CHANGE THE FUNDS' INVESTMENTS, PROVIDED THAT THEY ACT WITHIN THE GUIDELINES FORMULATED BY THE RESPECTIVE COMMITTEES," HE ADDED.
ANOTHER AMENDMENT PROVIDED FOR THE TRANSACTION OF BUSINESS BY CIRCULATION OF PAPERS, THE SPOKESMAN SAID, ADDING THAT SUCH A PRACTICE WOULD BE IN LINE WITH MORE RECENT ORDINANCES RELATING TO MANAGEMENT OF TRUST FUNDS.
THE
CONSTRUCTION OF KWUN TONG BYPASS PHASES 2 AND 3 COMPLETED
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THE KWUN TONG BYPASS PHASES 2 AND 3 HAVE BEEN COMPLETED AHRAD OF SCHEDULE AND AT A TOTAL COST OF $1 BILLION.
MARK THE COMPLETION
SPEAKING AT A CEREMONY TODAY (FRIDAY) TO OF KWUN TONG BYPASS PHASES 2 AND 3, THE DIRECTOR OF HIGHWAYS, MR KWBI SEE-KAN, SAID THE $782 MILLION PHASE 2 PROJECT HAD BEEN THE LARGEST SINGLE ROAD CONTRACT EVER AWARDED BY THE DEPARTMENT.
THE PHASE 2 SECTION WILL BE OPENED TO TRAFFIC THIS AFTERNOON, WHILE PHASE 3 WILL BE OPENED SOON.
MR KWEJ SAID KWUN TONG BYPASS WAS A 4.8-KILOMETRE ELEVATED ROAD CARRYING FOUR TO SIX TRAFFIC LANES. ITS CONSTRUCTION WAS DIVIDED INTO THREE PHASES.
/THE FIRST