XN000022-1985-04-12 — Page 5

FRIDAY, APRIL 12, 1985

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TWO BILLS ON LAND TRANSACTIONS GAZETTED

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TWO AMENDMENT BILLS ARE PUBLISHED IN THE GAZETTE TODAY SEEKING TO PROVIDE FOR SEPARATE ACCOUNTING AND AUDITING OF PREMIUM INCOME TO BE OBTAINED FROM LAND TRANSACTIONS.

THE PROPOSED AMENDMENTS WILL HELP TO IMPLEMENT THE ARRANGEMENT FOR SHARING SUCH INCOME SET OUT IN THE SINO-BRITISH JOINT DECLARATION.

UNDER THE PROVISIONS OF THE PUBLIC FINANCE (AMENDMENT) BILL 1985, SUCH PREMIUM INCOME COULD BE PAID DIRECTLY INTO THE CAPITAL WORKS RESERVE FUND INSTEAD OF BEING PASSED THROUGH THE GENERAL REVENUE ACCOUNT.

THE AUDIT (AMENDMENT) BILL 1985 PROVIDES FOR ANNUAL ACCOUNTS OF THE FUND TO BE GIVEN TO THE DIRECTOR OF AUDIT FOR HIS EXAMINATION AND AUDITING AND FOR A SUBSEQUENT REPORT TO THE GOVERNOR.

THE TWO BILLS WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL ON APRIL 17 AND ARE EXPECTED TO RECEIVE THEIR THIRD READING ON MAY 1.

PUBLIC COMMENTS MAY BE SENT TO UMELCO, AT SWIRE HOUSE, 12TH FLOOR, CHATER ROAD, OR TO THE DEPUTY FINANCIAL SECRETARY, AT THE CENTRÁL GOVERNMENT OFFICES, LOWER ALBERT ROAD, HONG KONG.

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PROPOSAL FOR MORE UNOFFICIALS ON INDUSTRIAL BOARD *****

THE GOVERNMENT GAZETTE TODAY (FRIDAY) PUBLISHED THE HONG KONG INDUSTRIAL ESTATES CORPORATION (AMENDMENT) BILL 1985 WHICH IS TO BE INTRODUCED INTO THE LEGISLATIVE COUNCIL.

THE BILL PROVIDES FOR AN INCREASE IN THE SIZE OF THE CORPORATION'S BOARD BY ONE, AND WILL PERMIT ITS ENTIRE MEMBERSHIP TO CONSIST OF UNOFFICIAL MEMBERS, IF DESIRED BY THE GOVERNOR.

IT ALSO MAKES CLEAR THAT A PUBLIC OFFICER MAY BE APPOINTED

AS CHIEF EXECUTIVE OF THE CORPORATION.

IF THE BILL IS PASSED BY THE LEGISLATIVE COUNCIL, IT IS ENVISAGED THAT THE CORPORATION WILL APPOINT DIRECTOR OF INDUSTRY AS CHIEF EXECUTIVE WHEN THE PRESENT INCUMBENT, MR VIC MILLER, RETIRES ON MAY 31. THIS WILL BE IN ADDITION TO HIS NORMAL DUTIES AS DIRECTOR OF INDUSTRY.

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