· 3 -
made,
In
Finally, it enables the courts or, in certain
cases, the Financial Secretary to place restrictions on the
transfer or disposal of shares. Where a freezing order is
any transfer of the shares concerned is void.
addition, по voting rights are exercisable in respect of
the shares and no dividends are payable. An order may only
be lifted by the relevant authority when certain conditions
have been met.
сар
sir,
as I have said, most of the comments received
during the consultation exercise centred on technical
provisions in the white bill. A few points, however, were
三
=
of wider importance. The first concerns the application of
the Bill. While we agree in principle that the Bill should
apply to all Hong Kong listed companies, both locally and
Overseas incorporated, there are practical and
extra-territorial problems in applying the legislation to
therefore,
United Kingdom
to follow the UK practice,
overseas companies. We prefer, to
5/20
which is to limit the application of
of the legislation to
local companies but to require all
to require all listed companies, both
local and overseas, to comply with its provisions as a
listing requirement. The necessary amendments to
Securities (Stock Exchange Listing) Rules are in hand.
the
for
cent
per
substantial
The second concerns the notifiable percentage for
shareholders. In the Bill, shareholdings of
108) or more must be notified. The view that this figure is
too high has been expressed by some, most recently by the
cent Securities Review Committee, and that a figure of 5 would