XN000022-1987-04-14 — Page 3

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TUESDAY, APRIL 14, 1987

A COMMON FEATURE OF MOST SUCH LEASES IS A PERMANENT (FOR THE FULL TERM OF THE LEASE) PROHIBITION AGAINST ASSIGNMENT OF THE LAND. LEASES FOR SPECIAL PURPOSES ARE THEREFORE DEFINED IN THE BILL AS LEASES WHICH CONTAIN A PERMANENT PROHIBITION AGAINST ASSIGNMENT.

THERE ARE 842 LEASES FOR SPECIAL PURPOSES. EACH WILL BE EXAMINED AND, IF APPROPRIATE, EXTENDED INDIVIDUALLY.

+LEASES ON HONG KONG ISLAND AND THE KOWLOON PENINSULA (1.E. THE AREA SOUTH OF BOUNDARY STREET) WHICH EXPIRE_BEFORE JUNE 30, 1997, WILL ALSO, WHERE APPROPRIATE, CONTINUE TO BE EXTENDED INDIVIDUALLY,+ SPOKESMAN ADDED.

A PAMPHLET EXPLAINING THE NEW TERRITORIES LEASES (EXTENSION) BILL IS BEING PRINTED AND WILL BE AVAILABLE FROM THURSDAY AFTERNOON FROM ALL DISTRICT OFFICES, THE GOVERNMENT PUBLICATIONS SALES CENTRE AT THE GENERAL POST OFFICE BUILDING AND THE INFORMATION SERVICES DEPARTMENT'S MARKETING OFFICE ON THE SECOND FLOOR OF BASKERVILLE HOUSE, 22 ICE HOUSE STREET, CENTRAL.

THE PAMPHLET WILL INCLUDE NOT ONLY THE DETAILS OF THE BILL BUT ALSO A LIST OF THE 842 LEASES FOR SPECIAL PURPOSES. THE POLICY FOR EXTENDING EACH TYPE OF SPECIAL PURPOSE LEASE AND THE FORMULA FOR THE PAYMENT OF COMPENSATION UPON RESUMPTION OF LAND BY THE GOVERNMENT WILL ALSO BE EXPLAINED IN THE PAMPHLET.

THE SPOKESMAN URGED ALL HOLDERS OF LEASES IN THE NEW TERRITORIES AND NEW KOWLOON TO OBTAIN A COPY OF THE PAMPHLET AND ACQUANT THEMSELVES WITH THE NEW ARRANGEMENT.

REGISTRATION REVOKED

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THE COMMISSIONER OF BANKING ANNOUNCED THAT THE REGISTRATION OF GUARDIAN FINANCE LIMITED AS A DEPOSIT-TAKING COMPANY HAS BEEN REVOKED TODAY AT ITS OWN REQUEST UNDER SECTION 31(2) OF THE BANKING ORDINANCE 1986.

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