In order to finance the school buildings, non-interest paying debentures are issued. One debenture for each child attending GSIS must be either nominated or acquired before entry. The deadline to purchase a debenture for students starting at the beginning of a new school year is 1 June. If an offer is made after the 1 June the purchase of a debenture is due as per the offer letter. Debentures can only be purchased after a place has been offered to the child.
A debenture must be purchased if the student is not the subject of a nomination of an existing debenture owned by the parents’ employer(s). A complete debenture application form plus cheque (to be made out to GSIS Foundation Ltd) must be sent to GSIS.
Following the Board’s decision of 26 March 2012, there will be two debenture options for parents to choose from. Option A is a standard debenture, valued at HKD 375,000 and is repaid to you when the student leaves the school. Option B introduces a “non redeemable” debenture at a value of HKD 262,500, which effectively becomes a donation to the school (refer to conditions of Option B debenture). The school reserves the right to change the value of its debentures without prior notice. If you have any questions, please contact our Chief Operating Officer.
The redemption of debentures is subject to clause 6 of the current conditions that are governing debentures. Debentures issued in an employer’s name may only be presented for redemption during February or September in any year. In principle, debentures can only be presented for redemption after the relevant student has left the school and all outstanding charges have been paid to the GSIS Association Ltd. Any outstanding amount may be deducted from the face value of the debenture as per clauses 10 and 11 of the current conditions that governing debentures.
Voting Rights of Debenture holders
Debenture holders, whose names have been registered in the Register of Debentures, are voting members of the GSIS Foundation Ltd, the corporate body which owns the school buildings.