TNAG-1627-FCO40-2241-Relations-between-Hong-Kong-and-Macau-1987 — Page 84

of land production, be shared equally between the Portu- guese Macao Government and the future Government of the Macao Special Administrative Region. All the income. so obtained from land by the Portuguese Macao Government, including the amount of the above-mentioned deduction, shall be used for financing land development and public works in Macao. The Macao Special Administrative Region Government's share of land income shall serve as a reserve fund of the Government of the Macao Special Administra- tive Region and shall be deposited in banks incorporated in Macao and, if necessary, may be used by the Portuguese Macao Government for land development and public works in Macao during the transitional period with the endorse- ment of the Chinese side.

2. The Sino-Portuguese Land Group shall be an organ for handling land leases in Macao and related matters on behalf of the two Governments.

3. The functions of the Land Group shall be:

(a) to conduct consultations on the implementation of Section II of this Annex;

(b) to monitor the amount and terms of land granted, and division and use of income from land granted in ac- cordance with the provisions of Section II, paragraph 1 of this Annex.

(c) to examine proposals of the Portuguese Macao Government for drawing on the Macao Special Administra- tive Region Government's share of income from land and to make recommendations to the Chinese side for decision.

Matters on which there is disagreement in the Land Group shall be referred to the two Governments for solution through consultations.

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4. Each side shall designate three members of the Land Group. Each side may also designate experts and supporting staff as required, whose number shall be determined through consultations.

5. Upon the entry into force of the Joint Declaration, the Land Group shall be established and shall have its principal base in Macao. The Land Group shall continue its work until 19 December 1999.

6. Members, experts and supporting staff of the Land Group shall enjoy diplomatic privileges and immunities or other privileges and immunities as are compatible with their

status.

7. The working and organizational procedures of the Land Group shall be agreed between the two sides through con- sultations within the guidelines laid down in this Annex.

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