XN000022-1996-03-13 — Page 20

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Kadoorie Agricultural Aid Loan Fund Bill

Following is a speech by the Secretary for Economic Services, Mr Gordon Siu, in moving the second reading of the Kadoorie Agricultural Aid Loan Fund (Amendment) Bill 1996 in the Legislative Council today (Wednesday):

Mr President,

I move that the Kadoorie Agricultural Aid Loan Fund (Amendment) Bill 1996 be read a second time.

The purpose of the Bill is to improve the administration of the Kadoorie Agricultural Aid Loan Fund.

The Kadoorie Agricultural Aid Loan Fund Ordinance was enacted in 1995 to establish the Kadoorie Agricultural Aid Loan Fund. The Fund consists of funds donated by the late Lord Kadoorie, the late Sir Horace Kadoorie and the Government for the purpose of encouraging or improving agriculture in Hong Kong by the issue of loans to farmers or groups of farmers.

The Ordinance provides for the Fund to be administered by a committee of six members, the composition of which includes Lawrence Kadoorie and Horace Kadoorie. The passing away of Lord Kadoorie and Sir Horace Kadoorie removed the link between the Kadoorie family and the loan fund committee and reduced the number of members of the committee from six to four. Consequently, the loan fund committee is unable to function as effectively as before.

The Bill proposes that the membership be increased to seven through the addition of one member nominated by Sir Elly Kadoorie & Sons Limited and two other new members to be appointed by the Governor. It also provides for the term of office for members appointed by the Governor to be reduced from three years to two. These changes will ensure that the link between the Kadoorie family and the loan fund committee is re-established and that there are more opportunities for different representatives of the agricultural sector to experience the workings of the committee.

In addition, the Bill amends the definition of "agriculture" in the Ordinance, which already includes fish culture, to include all forms of aquaculture, to make it clear that both pond fish farmers and mariculturists may apply for loans from the Fund.

Mr President, the proposals in the Bill will improve the arrangements for approving loans to farmers from the Kadoorie Agricultural Aid Loan Fund and thereby promote the development of agriculture and aquaculture in Hong Kong. I commend the Bill to this Council.

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