Explanatory notes in respect of Resolution 1
The remaining lease period for the land held under Pajakan Negeri No. Hakmilik 2029, Lot 3587 and Pajakan Negeri No. Hakmilik 2030 Lot 3588, both in Bandar Tanjung Bungah, Daerah Timur Laut, Pulau Pinang (“collectively the Land” and upon which our swimming pool is partially erected thereon) is expiring on 14th April 2026 (about 5 years).
The Pejabat Daerah Dan Tanah, Daerah Timur Laut, Pulau Pinang had in their letter of 10th September, 2020, granted a lease of 99 years to our Club in respect of the Land at the premium sum of RM8,041,330.00.
The Lease Premium Fund as at November 2020 has only RM3,264,761.21. Therefore, an appropriation of RM4,776,568.79 from the Development Fund into the Lease Premium Fund is necessary to make up the difference.