XN000022-1996-04-26 — Page 12

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The Language Fund Advisory Committee was set up in May 1994 to advise the Government on policies and procedures governing the operation of the Language Fund under which financial resources are allocated for implementing approved projects to improve proficiency in the English and Chinese languages, including Putonghua.

The Fund is held in trust with an initial allocation of HK$300 million under the Director of Education Incorporation Ordinance. To date, 74 projects at about HK$97 million have been approved. Taking into account accrued interest earnings, the Fund now stands at HK$241 million.

The Language Fund Advisory Committee is chaired by Professor Rosie Young and comprises 21 members including language experts, educationalists and representatives of the business sector.

They are Mr Chan Ming-kwan, Mrs Angela Cheung Wong Wan-yiu, Dr John Clark, Mr Kwan Ting-fai, Mr Ho King-on, Dr Richard Ho Man-wui, Dr Keith Johnson, Mrs Elim Lau, Dr Nancy S H Lee, Mr Leung Siu-tong, Mr Joshua Law, Dr Siu Ping-kee, Dr Daniel So Wing-cheung, Miss So Yan-lap, Mr Szeto Wah, Mrs Tai Lam Sau-mui, Ms Shirley Tang Siu-ling, Mr Clement Tao, Mr Michael Tien Puk-sun, Professor Benjamin Tsou Ka-yin and Mr Peter Wong Hong-yuen.

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ExCo approves amendments to schools provident fund rules

The Governor-in-Council has approved the amendments to the Rules governing the operation of the Grant Schools Provident Fund and the Subsidised Schools Provident Fund. The two Funds are statutory provident fund schemes open to serving grant schools and subsidised schools teachers. Each Fund is administered by its own Board of Control. A government spokesman said today (Friday) that it was necessary to update and streamline the accounting arrangements, and to remove certain transitional provisions.

The approved amendments seek to:

(a)

implement the market value basis of accounting for the Funds;

(b)

require the cost of administration of the Funds to be paid out of the income of the Funds;

(c)

clarify the types of investment that may be made by the Funds; and

(d) remove certain transitional provisions.