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WEDNESDAY, OCTOBER 17, 1979
NEW ROAD TRAFFIC BILL ON THE WAY
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A NEW TRAFFIC BILL WILL BE INTRODUCED IN THE LEGISLATIVE COUNCIL SHORTLY, THE SECRETARY FOR THE ENVIRONMENT, THE HON. DEREK JONES TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
REPLYING TO A QUESTION FROM THE HON. WONG LAM, MR. JONES SAID THAT A GENERAL REVISION OF ALL ROAD TRAFFIC LEGISLATION WAS ALMOST COMPLETE AND THE PROPOSED NEW LEGISLATION WOULD PROVIDE, AMONG OTHER THINGS, FOR TRAFFIC CONTROL REGULATIONS TO BE MADE TO COVER THE INTRODUCTION OF NEW ROAD TRAFFIC SIGNS BASED ON UNITED NATIONS RECOMMENDATIONS BUT ADAPTED TO LOCAL CONDITIONS.
+ THE NEW SIGNS WILL BE EASIER TO READ AND THEY WILL GENERALLY INCORPORATE REFLECTORISED MATERIAL TO MAKE THEM CLEARER,+ MR. JONES ADDED.
+WHEN THEY ARE READY TO BE INTRODUCED A COMPREHENSIVE REVIEW WILL BE CARRIED OUT OF THE LOCATION AND POSITIONING OF ALL TRAFFIC SIGNS.+
COMPANIES (FEES AND PERCENTAGES) (AMENDMENT) ORDER
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THE COMPANIES (FEES AND PERCENTAGES) (AMENDMENT) · ORDER 1979, WHICH SEEKS TO SET THE MAXIMUM FEE OF $20 000 PAYABLE TO THE OFFICIAL RECEIVER IN EACH LIQUIDATION WHEN MONEY IS PAID OUT OF THE COMPANIES LIQUIDATION ACCOUNT, WAS INTRODUCED IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
ACTING FINANCIAL SECRETARY, THE HON. DAVID JEAFFRESON, SAID THAT AT PRESENT THERE WAS NO MAXIMUM LIMIT TO THE FEES CHARGED.
UNDER THE COMPANIES ORDINANCE AND THE COMPANIES (WINDING-UP) RULES, MONEYS IN THE HANDS OF LIQUIDATORS AND REPRESENTING ASSETS UNCLAIMED OR UNDISTRIBUTED FOR SIX MONTHS AFTER THE DATE OF RECEIPT, ARE REQUIRED TO BE PAID INTO THE COMPANIES LIQUIDATION ACCOUNT MAINTAINED BY THE OFFICIAL RECEIVER.
THE ORDINANCE ALSO PROVIDES FOR PAYMENTS FROM THE ACCOUNT TO PERSONS ENTITLES TO THE MONEY CONCERNED. ON EVERY SUCH PAYMENT, FEES, ORDERED BY THE CHIEF JUSTICE WITH THE SANCTION OF THE LEGISLATIVE COUNCIL AS SET OUT IN THE THIRD SCHEDULE OF THE COMPANIES (FEES AND PERCENTAGES) ORDER ARE PAYABLE AT A RATE OF 40 CENTS PER $10 TO THE OFFICIAL RECEIVER.
MR. JEAFFRESON EXPLAINED THAT HOWEVER, IF PAYMENT INVOLVES A LARGE AMOUNT, THE FEES PAYABLE CAN BE GREATLY IN EXCESS OF THE COSTS TO THE OFFICIAL RECEIVER.
+TO REMOVE THIS ANOMOLY, THE OFFICIAL RECEIVER RECOMMENDED TO THE CHIEF JUSTICE THAT THE MAXIMUM FEE IN RESPECT OF PAYMENTS UNDER SECTION 285 OF THE COMPANIES ORDINANCE SHOULD BE SET AT $20 000, A FIGURE BASED ON HIS ESTIMATE OF HIS LIKELY COSTS, MR. JE AFFRESON SAID.
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