XN000022-1987-04-10 — Page 7

6

FRIDAY, APRIL 10, 1987

THE SPOKESMAN SAID THIS FIRST STAGE IN IMPLEMENTATION OF THE LEGISLATION WILL HAVE NO IMMEDIATE SIGNIFICANT IMPACT ON AIRCRAFT NOISE LEVELS IN THE VICINITY OF HONG KONG INTERNATIONAL AIRPORT, AS ALL AIRCRAFT IN THE CLASSES SPECIFIED ABOVE ARE THOUGHT TO BE CAPABLE OF COMPLYING WITH THE LEGISLATION. + HOWEVER, IT IS OBVIOUSLY A STEP IN THE RIGHT DIRECTION,+ HE SAID.

+AS IN COUNTRIES ELSEWHERE IN THE WORLD, FOREIGN AIRCRAFT OPERATING INTO AND OUT OF HONG KONG WILL BECOME SUBJECT TO NOISE CERTIFICATION REQUIREMENTS AT A LATER DATE IN THE SECOND STAGE OF IMPLEMENTATION, THE SPOKESMAN SAID.

+TO THIS END, THE SITUATION WILL BE MONITORED TO DETERMINE WHEN IT WILL BE APPROPRIATE TO DO THIS. BUT IN KEEPING WITH THE ICAO RECOMMENDATIONS, THIS WILL NOT BE BEFORE JANUARY 1, 1988,+ HE ADDED.

BILL TO MAKE OCEAN PARK INDEPENDENT GAZETTED

*****

A BILL SEEKING TO MAKE THE OCEAN PARK FULLY INDEPENDENT FROM THE ROYAL HONG KONG JOCKEY CLUB WAS GAZETTED TODAY (FRIDAY).

THE OCEAN PARK CORPORATION BILL 1987 PROVIDES FOR THE ESTABLISHMENT AND ADMINISTRATION OF AN INDEPENDENT STATUTORY CORPORATION TO BE KNOWN AS OCEAN PARK CORPORATION TO REPLACE THE OCEAN PARK LTD.

THE CLUB HAS PROPOSED TO DIVEST ITSELF OF THE OCEAN PARK LTD WITH A CASH ENDOWMENT OF $200 MILLION. THE ENDOWMENT WILL BE PAID INTO A STATUTORY TRUST FUND TO BE ADMINISTERED BY THE BOARD OF THE OCEAN PARK CORPORATION, WHICH WILL BE EMPOWERED TO MAKE INVESTMENTS AS PROVIDED FOR IN THE TRUSTEE ORDINANCE.

INTEREST GENERATED BY THE FUND MAY BE USED TO MEET ANY CAPITAL OR RECURRENT EXPENSES OF THE OCEAN PARK CORPORATION IF REQUIRED. HOWEVER, THE TRUST FUND CAPITAL CANNOT BE USED FOR ANY PURPOSE OTHER THAN DEVELOPMENT PROJECTS FOR THE OCEAN PARK, WITHOUT THE PRIOR APPROVAL OF THE GOVERNOR-IN-COUNCIL.

IN KEEPING WITH THE PROVISIONS OF THE TRUSTEE ORDINANCE THE OCEAN PARK TRUST FUND, WHICH IS A CHARITABLE TRUST, MAY NOT BE PLEDGED AS SECURITY FOR ANY LOAN WHICH THE COMMITTEE OR BOARD MAY SEEK TO RAISE.

AN INDEPENDENT EVALUATION OF THE FUTURE FINANCIAL VIABILITY OF THE OCEAN PARK UP TO JUNE 30, 1991 WAS UNDERTAKEN BY CONSULTANTS APPOINTED BY THE GOVERNMENT IN NOVEMBER LAST YEAR.

THE CONSULTANTS