2
Laying of company accounts
(Cap. 32)
Legislative
Council may extend time
HONG KONG FUTURES EXCHANGE LIMITED
(TEMPORARY PROVISIONS) BILL 1988
4. It shall be sufficient compliance with section 122 of the Companies Ordinance and the constitution of the Exchange Company if the manage- ment committee lays before the Exchange Company at its meeting held under section 3-
(a) a profit and loss account made up to a date not more than 18
months before the date of the meeting; and
(b) a balance sheet made out as at the date to which that profit and
loss account is made up.
5.
Where prior to 1 April 1989 no meeting has been, or is likely to be, held under section 3 the Legislative Council may, at any time prior to that date, by resolution substitute a reference to "1 July 1989" for the reference in section 3 to “1 April 1989”.
Explanatory Memorandum
The purpose of this Bill is—
(a) to postpone the holding of the third annual general meeting of the Hong Kong Futures Exchange Limited ("the Exchange Com- pany"); and
(b) to extend the periods in respect of which the company accounts
and balance sheet must be prepared and laid before that meeting.
Clause 2 contains definitions.
2.
3.
Clause 3 postpones the holding of the third annual general meeting of the Exchange Company (due to be held on or before 30 September 1988) by a period of up to 6 months.
4. Clause 4 enables the Exchange Company's accounts and balance sheet required to be laid before the third annual general meeting to be made up to a date 18 months before that annual general meeting.
5. Clause 5 enables the Legislative Council by resolution to extend the holding of the third annual general meeting by a further period of up to 3 months.
6. The Bill has no Public Service staffing or public expenditure implications.