Nomination Rights

Nomination Rights Scheme

Malvern College Hong Kong is a charitable institution with tax exemption, under Section 88 of the Inland Revenue Ordinance. The school has developed a Nomination Rights Scheme (the “Scheme”) to meet the capital expenditure for the construction of the School’s campus in Tai Po and its future enhancements. Key features of the Nomination Rights Scheme are as follows:

 

Corporate Nomination Right (“CNR”)

  • CNR is available for a body corporate approved by Malvern College Hong Kong
  • Each CNR holder is entitled to nominate one child of its directors, officers or employee to the School at any one time
  • The price of a CNR is HKD $3,500,000
  • Candidate nominated by a CNR holder gains first priority of admission provided that he/she satisfies MCHK’s admission criteria
  • CNR holder can only transfer a CNR through MCHK with payment of transfer fee
  • The transfer fee will be deducted directly from the proceeds of a CNR and a transfer fee shall be the greater of the following:
    • 10% of the transfer price; and
    • 50% of the difference between the original price paid by the CNR Holder for the CNR being transferred and the transfer price
  • CNR holder may nominate another candidate with a re-nomination fee
  • CNR is transferable through MCHK as the sole agent with a transfer fee
  • CNR is fully refundable in the 12th year after the first nomination of a child, with an administrative charge. From the 12th year onwards, a CNR will start to depreciate evenly over the next 10 years
  • MCHK may at its absolute discretion redeem a CNR at its original price at any time
 

Individual Nomination Right (“INR”)

  • INR is non-refundable and only available for parents to purchase
  • Each INR is entitled to nominate one child for admission to MCHK at any one time
  • The price of an INR is HKD$1,850,000
  • Applicants nominated by an INR holder gain priority for assessment, after CNR holders, provided that they satisfy MCHK’s admission criteria
  • INR holder can transfer an INR only through MCHK
  • The transfer fee will be deducted directly from the proceeds of INR and a transfer fee shall be the greater of the following:
    • 10% of the transfer price; and
    • 50% of the difference between the original price paid by the INR Holder for the INR being transferred and the transfer price
  • MCHK may at any time redeem an INR at the amount as shown on this certificate

Malvern College Hong Kong (MCHK) is opening a new round of Individual Nomination Rights (INR) for a limited number of subscriptions. Deadline of Application is 15th December 2017. Pupils who are covered by an Individual Nomination Right or a Corporate Nomination Right are exempt from paying the Annual Capital Levy.

 

Capital Levy Exemption for Nomination Right Schemes

Pupils who are supported by an INR or a CNR will be exempt from paying the Annual Capital Levy. If you are interested in subscribing the CNR or INR, please contact us at nr@malverncollege.org.hk for the application form.

 

Please note the allocation and transfer of Nomination Rights are only available through direct application with MCHK and not through any other parties not affiliated with MCHK, such as agents or consultants.

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