WEDNESDAY, JUNE 16, 1993
THE LAW AT PRESENT DOES NOT PROVIDE FOR THE REDUCTION SUSPENSION OF THE SPECIAL LEVY OR FOR THE DISPOSAL OF ANY THE SPECIAL LEVY FUND.
UNDER THE
SURPLUS
보음
OR
IN
BILL, THE SECRETARY FOR FINANCIAL SERVICES MAY REDUCE OR SUSPEND THE LEVY WHEN THE REMAINING BALANCE OF THE LOAN APPROXIMATES THE REMAINING OBLIGATION OF THE MAJOR DEFAULTER AND AFTER MAKING PROVISIONS FOR INTEREST PAYMENTS ON THE BALANCE.
IT IS ALSO PROPOSED THAT THE SECRETARY FOR FINANCIAL SERVICES MAY DIRECT THE TRANSFER OF ANY SURPLUS IN THE SPECIAL LEVY FUND INTO THE COMPENSATION FUNDS ESTABLISHED UNDER THE SECURITIES ORDINANCE OR THE COMMODITIES TRADING ORDINANCE OR FOR ANY OTHER PURPOSES IN THE INTERESTS OF THE GENERAL OR INVESTING PUBLIC.
THE BILL ALSO PROVIDES THAT THE EXCHANGES (SPECIAL LEVY) ORDINANCE AND SUBSIDIARY LEGISLATION WILL BE REPEALED WHEN THE LIFEBOAT LOAN HAS BEEN FULLY REPAID AND ANY SURPLUS SUITABLY DISPOSED OF.
AN ORDER TO SUSPEND THE SPECIAL LEVY MAY BE AMENDED OR REVOKED BY THE GOVERNOR IN COUNCIL.
"THIS PROVISION IS NECESSARY TO ALLOW THE SPECIAL LEVY TO BE RE-INTRODUCED WHERE NECESSARY," MR CARTLAND SAID.
"THE ADMINISTRATION HOPES THE BILL CAN BE ENACTED AS SOON AS POSSIBLE WITHIN THE CURRENT LEGISLATIVE COUNCIL SESSION, SO THAT THE SPECIAL LEVY CAN BE REDUCED OR SUSPENDED IN THE EVENT THAT SUCH ACTION BECOMES NECESSARY DURING THE SUMMER RECESS OF THE LEGISLATIVE COUNCIL, HE ADDED.
*
THE BILL WILL BE GAZETTED ON FRIDAY (JUNE 18).
CALL TO PROTECT ENVIRONMENT
* * * * *
THE GOVERNOR, THE RT HON CHRISTOPHER PATTEN, TODAY (WEDNESDAY) SAID HONG KONG WAS FACING UP TO THE CHALLENGE OF BALANCING ITS ASPIRATIONS FOR ECONOMIC GROWTH WITH THE NEED TO PROTECT ENVIRONMENT.
THE
THE
HE WAS ADDRESSING 1,500 DELEGATES FROM ABOUT 25 COUNTRIES THIRD WORLD PLUMBING CONFERENCE, THE FIRST OF ITS KIND HOSTED HONG KONG.
AT
BY
"
"HOW WE MANAGE WATER IS A VITAL INGREDIENT CONTRIBUTING TO OUR ECONOMIC SUCCESS AND TO OUR ENVIRONMENTAL RESPONSIBILITIES, HE SAID.
"GOOD PLUMBING MEANS BETTER USE OF WATER, BETTER TREATMENT SEWAGE, AND A BETTER CITY, HE ADDED.
OF
/HE STRESZED