TNAG-1734-FCO40-2447-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 241

3

percent Council will have the discretion to spend up to 10% of the

original capital of the foundation in addition to its income. This will give the foundation the flexibility to

undertake meaningful projects right from the beginning.

7 to 9

Clauses 7, 8 and 9 empower the council to appoint

bodies,

advisory committees, assistants and managers of the assets

and to pay for various necessary expenses.

Clauses 12 and 13 provide for the proper keeping

of accounts, their auditing by the Director of Audit, and

•

their tabling in this Council every year.

lo

Clause 14 enables the costs incurred by the

Government in providing administrative services for the

lefcap Foundation to be charged

le

per cent

to be charged to general revenue

hue. The Financial

Secretary may direct that an annual fee not exceeding 2.5%

of the Foundation's income in that year be charged in

return.

Apart from the initial payment of $60 million

from the Special Coin Suspense Account and general

revenue, the bill has only minor implications for public

三

service staffing and finance.

сар

三

сер

/It..