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HONG KONG LEGISLATIVE COUNCIL — 14 March 1984
He said:-Sir, I move that the Arbitration (Amendment) Bill 1984 be read a second time.
Members will recall that in recent years there have been efforts made in Hong Kong to encourage the process of arbitration. The Law Reform Commission produced a valuable report in 1982 which led, within a very short time, to the passage of the Arbitration (Amendment) Ordinance. This brought our laws substantially up-to-date. Indeed, when he was here last September, the Master of the Rolls, Sir John DONALDSON, endorsed the view that in six respects the arbitration laws of Hong Kong were better than those which were in force in the United Kingdom. The purpose of this Bill is to improve still further our legislative framework by making two small amendments to the Ordinance. The first gives arbitrators wider powers to award interest on sums awarded at the conclusion of an arbitration and also to award interest on sums that have been paid after the commencement of the arbitration but before the final award. The second purpose of this Bill is to cure a minor defect which exists in certain cases where third parties have failed to appoint or concur in the appointment of an arbitrator to complete the composition of the agreed tribunal. It would, of course, frustrate the intention of the parties if the Court did not have power in these particular cases to supply an arbitrator to enable the arbitration to proceed.
Sir, This short Bill enables me, or gives me the excuse, to mention that up- dating of the law governing arbitration is but one part of efforts that are currently in hand to establish an International Arbitration Centre here in Hong Kong, not only to serve the needs of the business community in Hong Kong but also to attract to Hong Kong arbitrations between disputing parties to business ventures throughout the region. There is much progress being made in that direction by the Steering Committee that has been at work since 1982 and I am hopeful that before long there will be tangible results that will add to Hong Kong's importance as a financial and commercial centre.
Sir, I move that the debate be now adjourned.
Motion made. That the debate on the second reading of the Bill be adjourned— THE ATTORNEY GENERAL.
Question put and agreed to.
ROAD TRAFFIC (AMENDMENT) BILL 1984
THE SECRETARY FOR TRANSPORT moved the second reading of: 'A bill to amend the Road Traffic Ordinance'.
He said: Sir, I rise to move the second reading of the Road Traffic (Amendment) Bill 1984.