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FRIDAY, DECEMBER 3, 1976
SECURITIES ORDINANCE (COMMENCEMENT) NOTICE
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IT IS ANNOUNCED IN THE GOVERNMENT GAZETTE TODAY THAT PART IX OF THE SECURITIES ORDINANCE CAP. 333, WITH THE EXCEPTION OF SECTION 88, WILL BECOME OPERATIVE ON JANUARY 1 NEXT YEAR. SECTION 88 IS TO COME INTO OPERATION ON DECEMBER 30, 1977.
PART IX -- ACCOUNTS AND AUDIT -- APPLIES ONLY TO DEALERS. UNDER THIS PART, A DEALER IS REQUIRED TO KEEP PROPER ACCOUNTS AND RECORDS, TO KEEP IN A SEPARATE TRUST ACCOUNT ALL MONIES HELD ON BEHALF OF CLIENTS AND TO APPOINT AN AUDITOR TO AUDIT HIS ACCOUNTS. HE IS ALSO REQUIRED TO NOTIFY THE COMMISSIONER FOR SECURITIES IN WRITING WITHIN ONE MONTH AFTER THE DATE ON WHICH THIS PART COMMENCES, 1.E., NOT LATER THAN JANUARY 31, 1977, OF THE DATE ON WHICH HIS FINANCIAL YEAR ENDS.
SECTION 88, WHICH REQUIRES A DEALER TO LODGE THE PROFIT AND LOSS ACCOUNT AND BALANCE SHEET EACH YEAR WITH THE COMMISSIONER FOR SECURITIES, TOGETHER WITH AN AUDITOR'S REPORT, WILL BECOME OPERATIVE ON DECEMBER 30, 1977, THE SAME DAY AS THE SECURITIES (ACCOUNTS AND AUDIT) REGULATIONS ARE TO COME INTO OPERATION, IN ORDER THAT THEY SHALL APPLY TO ACCOUNTS AND AUDITORS' REPORTS FOR FINANCIAL YEAR WHICH BEGINS ON OR AFTER, BUT NOT BEFORE THE COMMENCEMENT DATE OR PART IX, JANUARY 1, 1977.
THE SECURITIES (ACCOUNTS AND AUDIT) REGULATIONS 1976 WHICH PRESCRIBE THE FORM OF PROFIT AND LOSS ACCOUNTS AND OF BALANCE SHEETS AND SPECIFY THE INFORMATION TO BE CONTAINED IN THE AUDITOR'S REPORTS WERE PUBLISHED IN THE GAZETTE ON NOVEMBER 19, THIS YEAR AND ARE TO COME INTO OPERATION ON DECEMBER 30, 1977. COPIES OF THE PUBLICATION WILL SHORTLY BE AVAILABLE FOR SALE AT THE GOVERNMENT PUBLICATION CENTRE AT STAR FERRY CONCOURSE.
RENTS OF PRE-WAR PREMISES *****
THE LANDLORD AND TENANT (CONSOLIDATION) (AMENDMENT) (NO. 2) BILL 1976, FUBLISHED TO-DAY, PROPOSES INCREASES IN THE PERMITTED RENTS OF PRE-WAR PREMISES.
COMMENTING ON THE BILL A GOVERNMENT SPOKESMAN SAID THAT THE PROPOSED INCREASES WOULD BE SIMILAR TO THOSE AUTHORISED IN 1975. ON AVERAGE, THE INCREASE WOULD AMOUNT TO $29 PER MONTH FOR A DOMESTIC UPPER FLOOR IN A TENEMENT BUILDING AND $78 PER MONTH FOR A GROUND FLOOR SHOP. SUB-TENANTS OCCUPYING PARTS OF FLOORS WILL PAY MUCH LESS.
THE SPOKESMAN ADDED THAT LANDLORDS AND PRINCIPAL TENANTS ARE REQUIRED TO GIVE TENANTS AND SUB-TENANTS ONE MONTH'S NOTICE OF ANY RENT INCREASE, ON THE APPROPRIATE FORM.
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