2
WEDNESDAY, OCTOBER 12, 1994
AND
CAN
"THE ULTIMATE OBJECTIVE IS TO PROVIDE A FULLY COMPUTERISED UNIFIED LAND REGISTER FOR THE WHOLE TERRITORY SO THAT CUSTOMERS LODGE DOCUMENTS FOR REGISTRATION AND CONDUCT LAND SEARCHES AT ANY OF THE LAND REGISTRY
AND CAN OFFICES,
HAVE
TO ON-LINE ACCESS
THE CENTRALISED LAND REGISTER THROUGH THE DAS,' HE EXPLAINED.
REPORT ALSO POINTS OUT THAT DRAFTING WORK THE ANNUAL PROPOSED LEGISLATION TO CONVERT THE PRESENT LAND REGISTRATION TO ONE OF TITLE REGISTRATION IS IN THE FINAL STAGES.
ON THE
SYSTEM
OWNER PROPERTY,
"THE NEW SYSTEM WILL GUARANTEE THAT A PERSON REGISTERED AS OF A PROPERTY IN THE LAND REGISTER IS THE LEGAL OWNER
MR PANG SAID.
OF
OPERATION,
THE
THAT
MR
STRIDING INTO THE SECOND YEAR OF TRADING FUND PANG IS CONFIDENT THAT THE LAND REGISTRY WILL CONTINUE TO MOVE FORWARD ON ALL FRONTS TO MEET THE MANY CHALLENGES AND TO DELIVER QUALITY SERVICES TO THE PUBLIC IN THE MOST COST-EFFECTIVE WAY.
0
THE
COMPANIES REGISTRY'S FIRST REPORT
AS A TRADING FUND TABLED IN LEGCO TODAY * * * * *
SECRETARY
CARTLAND,
FOR FINANCIAL SERVICES, MR MICHAEL TABLED IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) THE COMPANIES REGISTRY TRADING FUND'S FIRST ANNUAL REPORT.
THE REPORT INDICATES THAT THE REGISTRY WAS ABLE TO ACHIEVE A SURPLUS OF $15.6 MILLION FOR THE PERIOD SINCE ITS ESTABLISHMENT AS A TRADING FUND ON AUGUST 1, 1993. THIS RESULT IS SIGNIFICANTLY BETTER THAN THE ORIGINAL PROJECTION OF $4.3 MILLION.
ACCORDING TO THE REPORT, THE BETTER THAN EXPECTED RESULTS WERE BECAUSE OF LOWER THAN ANTICIPATED EXPENDITURE ON STAFF AND ON-COSTS CHARGED BY THE GOVERNMENT IN RESPECT OF CIVIL SERVANTS WORKING IN THE TRADING FUND, AS WELL AS LOWER THAN EXPECTED INTEREST RATES.
THE REPORT COVERS THE FIRST EIGHT MONTHS OF THE REGISTRY'S OPERATIONS FROM AUGUST 1, 1993, WHEN IT BECAME A TRADING FUND, UNTIL MARCH 31, 1994. ITS NORMAL FINANCIAL YEAR RUNS FROM APRIL 1 TO MARCH 31.
"IN ORDER TO BE ELIGIBLE FOR TRADING FUND STATUS, A GOVERNMENT DEPARTMENT MUST BE ABLE TO BE FINANCIALLY SELF SUFFICIENT AND PAY ALL ITS EXPENSES AND LIABILITIES FROM THE INCOME IT RECEIVES. THE FIRST EIGHT MONTHS' FIGURES SHOW THAT THE COMPANIES REGISTRY TRADING FUND HAS MADE A HEALTHY START," A GOVERNMENT SPOKESMAN SAID.
WHEN THE REGISTRY WAS SET UP AS A TRADING FUND, THE GOVERNMENT VESTED IN IT ASSETS WORTH $415 MILLION, COMPRISING $138 MILLION OF TRADING FUND CAPITAL AND $277 MILLION OF LOAN CAPITAL. THE LOAN IS REPAYABLE IN 10 ANNUAL INSTALMENTS AND A DIVIDEND MAY BE PAYABLE THE TRADING FUND CAPITAL.
ON
/THE REPORT