1967-HKRS32-8-72_Part02 — Page 23

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Subject

Sessional Faper 1968;-

No. 14 Sixth Annual Report by the Social Work

Training Fund Trustee for the period ending on 31st March 1967.

Report: -

Annual Report of the Hong Kong War Memorial Fund

Committee for the year 1967.

UESTION

Mr. F. C. Woo, pursuant to notice, will ask the following

question: -

As Government has approved in principle the establishment of a Department of Law in the University of Hong Kong, can Government give more information concerning this proposal and in particular what consideration has been given to the subjects required to be taken in the Solicitors' and Bar Examinations, to be taught in the proposed Department of

Law?

GOVERNMENT BUSINESS

(1) Hong Kong Building and Loan Agency Ltd.

The Financial Secretary to move the following resolution: -

WHEREAS the Fong Kong Building and Loan Agency Ltd., (hereinafter called the Company) a Company in which the Hong Kong Government and the Colonial Development Corporation each own 30% of the share capital, makes loans to home owners, secured by mortgages, and for this purpose uses funds derived from loans made to the Company by the shareholders and known collectively as the Initial Fund;

WHEREAS it is desired to create a Revolving Fund out of further funds to be raised by the issue of a series of certain securities each of which series would be re- deemable after five years and would be guaranteed by Government in consideration of an exclusive floating charge on all the mortgages created to secure the loans made from the Revolving Fund;

AND WIERTAS the Company is offering a commission of

1% per annum for the guarantee;

NOW THEREFORE IT IS RESOLVED:

(e) that Government should guarantee payment in full

at maturity of certain securities issued by the Company to a maximum face value of 002 millions outstanding at any one time;

(b) that the securities to be so guaranteed may be

offered to such persons as Government may approve and shall be issued from time to time with the consent of Government which shall not be unreason- ably withheld, shall be redeemable at five years, and shall be endorsed with the redemption date and a statement to the effect that they are guaranteed by the Government at that date and for a period not exceeding four months from that date;

(c) that in consideration for such guarantee the Company

shall execute an exclusive floating charge of all the mortgages which it raay enter into as the security for the loans it advances out of the Revolving Fund creeted by the securities so guaranteed;

(d) that such floating charge shall specify that it shall crystallise at the moment when Government is called upon to honour its guarantee, and that at that moment, and thereafter, Government may require, and the Agency shall, assign to Government such mortgages covered by the charge, as Govern- ment may specify as being required to meet the sums of money paid out by Government in honouring its guarantee; and

(e) that such charge shall further specify that the

mortgages covered by the charge shall be first mortgages.

(2) Fublic Health and Urban Services Ordinance

dr

Mr, 2. R. V. Alexander to move the following resolution: -

Resolved, pursuant to section 144 of the Public Health and

Urban Services Ordinance, that the Abattoirs By-laws 1968, made by the Urban Council on the 7th day of May 1988 under section 77 of that Ordinance, be approved.