XN000022-1994-03-02 — Page 58

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WEDNESDAY, MARCH 2, 1994

BENEFITS

SHE SAID THE LAND REGISTRY AND COMPANIES REGISTRY OPERATION AS TRADING FUNDS SINCE AUGUST 1, 1993 ALREADY ILLUSTRATED THESE IN THE MANAGEMENT OF RESOURCES, THE PROVISION OF DEVELOPMENT OF NEW PROJECTS.

SERVICES AND THE

BOTH REGISTRIES ARE ALSO PLANNING TO EXPAND AND RENOVATE THEIR PUBLIC AREAS IN ORDER TO PROVIDE A MORE USER-FRIENDLY AND CUSTOM- ORIENTED ENVIRONMENT, MRS CHAN SAID.

"ALL THESE PROJECTS ARE PROGRESSING MORE RAPIDLY THAN WOULD OTHERWISE BE POSSIBLE BECAUSE OF THE GREATER FLEXIBILITY PROVIDED UNDER THE TRADING FUNDS ORDINANCE," SHE SAID.

"TRADING

FUNDS

INTRODUCE

RELATIVELY

STRAIGHTFORWARD ADMINISTRATIVE CHANGES TO ENABLE DEPARTMENTS TO OPERATE MORE LIKE BUSINESSES WHERE THIS IS APPROPRIATE, WHILE REMAINING AS PART OF GOVERNMENT.

"THE ASSETS OF A TRADING FUND REMAIN GOVERNMENT ASSETS; THE STAFF REMAIN CIVIL SERVANTS. PRIVATISATION AND CORPORATISATION WOULD INVOLVE MORE FAR-REACHING CHANGES, AND ARE THUS NOT CONSIDERED AN ALTERNATIVE FORM OF MANAGEMENT ARRANGEMENT TO TRADING FUNDS.'

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THE KEY SAFEGUARDS ON THE SERVICES OF A TRADING FUND DEPARTMENT

ARE:

*

BEFORE A TRADING FUND IS

THE TRADING FUND ORDINANCE, ESTABLISHED, THE ADMINISTRATION WILL NEED TO SATISFY ITSELF AND THE LEGISLATIVE COUNCIL OF SUITABILITY OF A PROPOSED DEPARTMENT

FUND;

THE TERMS OF THE RESOLUTION ON THE INDIVIDUAL FUND WHICH MUST BE APPROVED COUNCIL;

THE CAPABILITY AND TO BECOME A TRADING

SETTING UP OF EACH BY THE LEGISLATIVE

THE

CERTIFIED

THE ANNUAL REPORT OF THE OPERATION, STATEMENTS AND THE REPORT OF THE DIRECTOR OF AUDIT OF EACH TRADING FUND, ALL OF WHICH ARE PRESENTED TO THE LEGISLATIVE COUNCIL;

# THE POWERS OF THE DIRECTOR OF AUDIT TO AUDIT THE EFFICIENCY

AND EFFECTIVENESS OF THE OPERATION; AND

MRS

THE FRAMEWORK AGREEMENT BETWEEN THE APPROPRIATE BRANCH SECRETARY AND THE GENERAL MANAGER OF A TRADING FUND COVERING COMMERCIAL AND NON-COMMERCIAL OBJECTIVES, FINANCIAL TARGETS, OPERATING TARGETS AND OTHER MATTERS OF CONCERN, SUCH AS ARRANGEMENT TO ADJUST FEES AND CHARGES. .

CHAN SAID THE ADMINISTRATION ATTACHED GREAT IMPORTANCE TO THE NEED TO SECURE STAFF SUPPORT IN THE ESTABLISHMENT OF A TRADING FUND.

"EACH CONCERNED DEPARTMENT INFORMS AND BRIEFS ITS STAFF OF THE PROPOSED SETTING UP OF A TRADING FUND AND DISCUSSES WITH THEM THE IMPLICATIONS OF THE FUND FOR THE STAFF OF THE DEPARTMENT, MRS CHAN

H

SAID.

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