XN000022-1989-11-15 — Page 11

WEDNESDAY, NOVEMBER 15, 1989

9

"IF THIS IS GIVEN ANY MEANING IT IS ONLY CONSISTENT WITH THE WHOLE OF THE EXISTING TRUST LAW INCLUDING SEVERAL HUNDREDS YEARS OF CAREFULLY THOUGHT OUT DECISIONS OF COURTS OF EQUITY BEING REPLACED A FEW PROVISIONS IN AN OBVIOUSLY QUESTIONABLE CONVENTION,'

||

HE SAID.

BY

HE SAID THAT THE RESULT COULD BE DISASTROUS, BUT WAS UNLIKELY TO FOLLOW, BECAUSE IF THE MATTER WAS PROPERLY ARGUED, A COURT WAS LIKELY TO HOLD THAT NO RATIONAL MEANING COULD BE GIVEN то THE CONVENTION OR THIS LEGISLATION.

2

ACCORDING TO MR WONG. THERE WAS ANOTHER PROBLEM IN ARTICLE OF THE CONVENTION, BECAUSE ON EXAMINATION THAT PROVISION WOULD BE SEEN TO BE CIRCULAR AND ILLOGICAL.

HE SAID THAT IF ITS PURPOSE WAS TO IDENTIFY WHAT PROPER LAW OF A TRUST THEN IT DID THIS BY DEFINING A TRUST STATING WHAT LAW GOVERNED THE TRUST.

WAS THE AND THEN

"BUT THE DEFINITION OF THE TRUST REQUIRES ONE TO THE PROPER LAW OF THE RELATIONSHIP.

ASCERTAIN

·

IF THE PROPER LAW HAS BEEN DETERMINED THERE IS ANY OPERATION OF THE ARTICLE FOR DETERMINING THE PROPER HAS ALREADY BEEN DETERMINED.

NO LAW AS THAT

ROOM FOR

"IF IT HAS NOT BEEN DETERMINED. THEN IT CANNOT BE SAID THAT THE RELATIONSHIP IS A TRUST AS DEFINED IN THE CONVENTION, AND UNTIL IT CAN BE SAID TO BE SUCH A TRUST THE PROVISIONS OF THE CONVENTION DO NOT APPLY AND THE CONVENTION HAS NO OPERATION,' HE SAID.

TI

RECORD NUMBER OF VISITORS TO OCEAN PARK

ABOUT TWO MILLION

PEOPLE, INCLUDING 590,000

FROM OVERSEAS, VISITED OCEAN PARK IN THE YEAR ENDED JUNE 30, 1989, WHICH IS THE HIGHEST ANNUAL ATTENDANCE SINCE THE PARK WAS OPENED TO THE PUBLIC IN 1977, THE HON RONALD ARCULLI SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

MR

TABLING THE ANNUAL REPORT OF THE OCEAN PARK CORPORATION, ARCULLI SAID THE ATTENDANCE REPRESENTED A SEVEN PER CENT INCREASE OVER THE PREVIOUS YEAR'S FIGURES.

"THE OPERATING INCOME ALSO REACHED A RECORD LEVEL OF $160.3 MILLION. INCLUSIVE OF INTEREST AND DIVIDENDS FROM THE OCEAN PARK TRUST FUND, THERE WAS A SURPLUS OF $38.5 MILLION, MR ARCULLI, WHO IS A MEMBER OF THE OCEAN PARK CORPORATION BOARD, SAID.

HE SAID THESE EXCELLENT RESULTS HAD ENABLED OCEAN PARK TO FUND NEW ATTRACTIONS FOR THE BENEFIT OF THE PUBLIC, INCLUDING THE IMAGINATIVE MIDDLE KINGDOM

WHICH WAS DUE TO OPEN IN JANUARY.

DEVELOPMENT

"THIS IS