ظار
UNCLASSIFIED
111626
MDHIAN 2129
4
UNCLASSIFIED
FM HONG KONG
TO DESKBY 0207OOZ FCO
TELNO 0013
OF 02050OZ JANUARY 88
INFO DESKBY 04010OZ PEKING
MKC 100/1
RECEIVED IN REGISTM
- 6 JAN 1988
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MY SECOND IPT: STOCK EXCHANGE:
1.
INVESTIGATION BY ICAC
TEXT OF RECORD OF TODAY S MEETING OF COMMITTEE OF STOCK
EXCHANGE IS AS FOLLOWS:
THE COMMITTEE MET AND FOLLOWING DISCUSSION IT WAS UNANIMOUSLY AGREED THAT THE RESOLUTIONS WHICH FOLLOW SHOULD BE PASSED. THERE WAS A RECOGNITION BY ALL COMMITTEE MEMBERS THAT, IN THE CIRCUMSTANCES THE POWERS OF THE COMMITTEE SHOULD, FOR A PERIOD OF LIMITED DURATION, BE TRANSFERRED TO A MANAGEMENT SUB-COMMITTEE, CONSISTING OF SOME BUT NOT ALL THE MEMBERS OF THE COMMITTEE.
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THOSE MEMBERS NOT PARTICIPATING IN THE MANAGEMENT SUB-COMMITTEE EXPRESSED AN UNDERSTANDING OF THE REASONS FOR TRANSFER OF THE COMMITTEE S POWERS TO THE MANAGEMENT SUB-COMMITTEE, AND THEIR NON-PARTICIPATION IN ITS MEMBERSHIP. THEY UNDERTOOK NOT TO TAKE ANY PART IN THE MANAGEMENT OF THE EXCHANGE COMPANY DURING THE PERIOD IN WHICH THE MANAGEMENT SUB-COMMITTEE HAS OFFICE.
RESOLUTIONS OF THE COMMITTEE
1.
THAT THE COMMITTEE HEREBY DELEGATE, PURSUANT TO ARTICLE 106(C) OF THE ARTICLES OF THE ASSOCIATION, TO A MANAGEMENT SUB-COMMITTEE ALL OF ITS POWERS AND IN ALL RESPECTS, THE EFFECT OF WHICH DELEGATION IS TO EMPOWER THE MANAGEMENT SUB-COMMITTEE TO EXERCISE ALL SUCH POWERS TO THE EXCLUSION OF THE COMMITTEE. DELEGATION OF
ANY OF THE COMMITTEE S POWERS TO SUB-COMMITTEES ESTABLISHED UNDER RULE 212 OF THE RULES OF THE EXCHANGE COMPANY IS HEREBY REVOKED.
2.
THAT THE MANAGEMENT SUB-COMMITTEE MAY BY A MAJORITY VOTE REMOVE
ANY OF ITS MEMBERS FOR ANY REASON IT SEES FIT AND SUCH REMOVAL SHALL
NOT REQUIRE THE APPROVAL OF THE COMMITTEE.
3.
THAT WITH IMMEDIATE EFFECT FROM THE DATE HEREOF ANY AUTHOR-
IZATION TO OPERATE BANK ACCOUNTS ON BEHALF OF THE EXCHANGE COMPANY IS HEREBY WITHDRAWN AND ANY ONE OF THE FOLLOWING PERSONS ARE
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