Resolution made and passed by the Legislative Council under sections 3, 4 and 6 of the Trading Funds Ordinance (Cap 430) on 30 June 1993.
RESOLVED that with effect from 1 August 1993-
(a) on the recommendation of the Financial Secretary, the Land Registry Trading Fund ("the trading fund") shall be established to manage and account for the operation of the government service of the Land Registry;
(b) the services to be provided under the trading fund shall be those specified in Schedule 1;
(c) the assets set out in column 2 of Schedule 2 shall, subject to any term specified opposite an asset in column 3 of that Schedule, be appropriated to the trading fund;
(d) the net value of the assets of $354.90 m. appropriated to the trading fund shall be shown in the Capital Investment Fund-
(i) as to $236.60 m., as a loan;
(ii) as to the balance, as a contribution of trading fund capital;
(e) the loan referred to in paragraph (d)(i)-
(i) shall be repayable in 10 equal annual instalments of $23.66 m. each, the first such instalment to become due on 1 August 1994;
(ii) shall, as to any balance unpaid, bear interest at a rate equal to the average of the best lending rate quoted by the continuing members of the Committee of The Hong Kong Association of Banks, such interest to be payable annually in arrear.