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6.3 Capital Levy and Nomination Right

Top level Canadian International School Chapter 6 - Fund-Raising and Funding for building the campus at Nam Long Shan Road

When CDNIS was started in September 1991, there was an early recognition of the necessity to make parents to appreciate the capital needs of a school. Capital Levy and Nomination Right were introduced, at the start of CDNIS, to supplement CDNISˇ¦ fund requirements.

A capital levy is payment of a non-refundable annual fee and a nomination right is a prepayment of capital levies and is a one-time refundable payment.

The funds from both sources were used for capital improvements and/or general revenue purposes.

In 1991, Capital Levy was set at HK,000.00 and the Nomination Right price was HK,000.00.

In 1992, both were adjusted to HK$ 8,000.00 and HK$ 25,000.00 respectively. Nomination Right was adjusted to become refundable up to three years in units of one-third and a ˇ§Corporate Debentureˇ¨ was introduced for the first time. This entitled the holder to be free from Capital Levy and any future calls on capital. It was priced at HK$ 75,000.00 and only 2 corporate debentures were sold. As a result of the poor response, this element of the program was put on hold to allow CDNIS to build on its profile before opening up to the market.

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