32
WEDNESDAY, OCTOBER 1, 1980
HE ALSO SAID AN AIR POLLUTION CONTROL BILL WOULD BE INTRODUCED THIS SESSION AND THAT DURING THE LAST SESSION THE SUMMARY OFFENCES ORDINANCE HAD BEEN AMENDED TO CONTROL CONSTRUCTION NOISE.
THE GOVERNOR ADDED THAT WORK WAS PROCEEDING ON THE PREPARATION OF A NOISE ABATEMENT BILL BUT THAT IT WAS NOT CERTAIN WHETHER IT WOULD BE READY THIS SESSION.
GOOD PROGRESS IN COMMERCIAL LAW REFORMS
*****
THE GOVERNMENT IS PLANNING BILLS FOR THE NEW SESSION OF THE LEGISLATIVE COUNCIL TO BRING THE BANKING ORDINANCE AND THE DEPOSIT-TAKING COMPANIES ORDINANCE INTO LINE WITH TODAY'S REQUIREMENT, SAID THE GOVERNOR, SIR MURRAY MACLEHOSE IN HIS OPENING ADDRESS.
SIR MURRAY SAID: +A THIRD BILL WE WOULD LIKE TO INTRODUCE WOULD MAKE THE EXCHANGE BANKS ASSOCIATION INTO A STATUTORY BODY.+
HE ALSO NOTED THAT GOOD PROGRESS HAD BEEN MADE IN BRINGING IN LEGISLATION WHICH AIMED PARTLY AT BUILDING UP INTERNATIONAL CONFIDENCE IN OUR TERTIARY SECTOR, AND PARTLY IN PROTECTING THE SMALL INVESTOR AND THE CONSUMER.
SIR MURRAY SAID A BILL, ALREADY GAZETTED, WITH SOME 255 CLAUSES PROPOSING TO AMEND THE COMPANIES ORDINANCE IN THE LIGHT OF THE RECOMMENDATIONS IN THE SECOND REPORT OF THE COMPANIES LAW REVISION COMMITTEE, WOULD BE PUT TO THE LEGISLATIVE COUNCIL AS SOON AS THE CONSULTATIVE PROCESS HAD BEEN COMPLETED.
IN ADDITION, WORK ON THE FIRST DRAFT OF TWO BILLS TO UP-DATE THE SECURITIES ORDINANCE AND THE COMMODITIES TRADING ORDINANCE IS NOW FAIRLY ADVANCED AND PROVIDED THE PROCESSES OF CONSULTATION ARE REASONABLY SMOOTH, THEY SHOULD BE BEFORE THE COUNCIL IN THE NEW SESSION, HE SAID.
SIR MURRAY POINTED OUT THAT GOOD PROGRESS HAD ALSO BEEN MADE WITH INSURANCE LEGISLATION. INTERIM LEGISLATION REGARDING PAID UP CAPITAL REQUIREMENTS AND SOLVENCY MARGINS FOR INSURANCE COMPANIES WOULD BE INTRODUCED VERY SOON,
AS REGARDS THE COMPREHENSIVE BILL ON THE INSURANCE INDUSTRY, SIR MURRAY SAID IF THE PRESENT RATE OF PRODUCTION OF THE DRAFT LEGISLATION AND THE CO-OPERATIVE ATTITUDE OF THE INDUSTRY CONTINUES, IT SHOULD ALSO BE BEFORE THE COUNCIL IN THE COMING SESSION.
REVIEWING OTHER PROPOSED LEGISLATION TO PROTECT CONSUMERS SIR MURRAY SAID PROGRESS WAS MADE WITH DIFFICULT DRAFT LEGISLATION TO CONTROL HIRE PURCHASE, AND THE TRADE DESCRIPTION BILL WAS ALREADY BEFORE THE COUNCIL.
/HE ALSO