WEDNESDAY, DECEMBER 3, 1980
3
IN ADDITION A DISCIPLINARY COMMITTEE WILL BE ESTABLISHED AND IT HAS THE POWER TO IMPOSE PENALTY ON A MEMBER FOR BREACH OF RULES. THE PENALTIES WHICH MAY BE IMPOSED ARE A REPRIMAND, SUSPENSION OF MEMBERSHIP, SUSPENSION FROM CHEQUE CLEAR ING FACILITIES. AND EXPULSION FROM MEMBERSHIP. THE TWO TYPES OF SUSPENSION CAN BE APPLIED ONLY AFTER CONSULTATION WITH THE FINANCIAL SECRETARY, AND A MEMBER CAN BE EXPELLED ONLY WITH THE APPROVAL OF THE GOVERNOR IN COUNCIL.
THE NEW ASSOCIATION IS ALSO EMPOWERED TO MAKE BY-LAWS SUBJECT TO THE APPROVAL OF THE GOVERNOR IN COUNCIL ON A NUMBER OF ADMINISTRATIVE MATTERS.
DATE APPOINTED TO APPLY LAW AGAINST LOAN SHARKS ******
THE COMMISSIONER OF POLICE HAS A LONG LIST OF MONEY LENDERS WHOSE ACTIONS WILL BE CLOSELY AND CRITICALLY MONITORED TO ENSURE THAT THEY COMPLY WITH THE PROVISIONS OF THE MONEY LENDERS ORDINANCE, THE ATTORNEY GENERAL, THE HON JOHN GRIFFITHS SAID TODAY.
IN A STATEMENT IN THE LEGISLATIVE COUNCIL, MR GRIFFITHS ANNOUNCED THAT FRIDAY NEXT WEEK (DECEMBER 12) WOULD BE THE DATE THE ORDINANCE COMES INTO EFFECT.
AFTER THAT DATE NO ONE WILL HAVE TO PAY INTEREST AND NO LENDER WILL BE ENTITLED TO DEMAND INTEREST, IN BOTH CASES, IN EXCESS OF 60 PER CENT PER ANNUM EVEN IF THERE WAS A PREVIOUS AGREEMENT.
DETAILED PROVISIONS OF THE NEW LAW WILL BE VIGOROUSLY ADMINISTERED BY THE REGISTRAR OF MONEY LENDERS (REGISTRAR GENERAL) AND BY THE COMMISSIONER OF POLICE. IT IS THEIR INTENTION THAT APPLICATIONS FOR MONEY LENDERS LICENCES WILL BE CLOSELY SCRUTINISED AND WHERE NECESSARY OPPOSED BEFORE THE NEW LICENSING COURTS, MR GRIFFITHS SAID.
HE SAID THE COMMISSIONER OF POLICE HAD ALREADY MADE ARRANGEMENTS TO DEPLOY A CONSIDERABLE NUMBER OF PERSONNEL SPECIFICALLY TO DEAL WITH THOSE UNSCRUPULOUS LENDERS WHO IGNORE THE NEW LAW.
HE INVITED MEMBERS OF THE PUBLIC TO CO-OPERATE BY INFORMING THE POLICE OF BREACHES OF THE LAW.
A BI-LINGUAL LEAFLET WILL BE DISTRIBUTED, EXPLAINING IN CLEAR AND SIMPLE TERMS ITS MAIN FEATURES, THROUGH CITY DISTRICT OFFICES, PUBLIC LBRARIES, MUTUAL AID COMMITTEES AND OTHER PUBLIC CENTRES.
IT IS HOPED IN THIS WAY THAT THE BORROWERS' PROTECTION" PROVISIONS OF THE ORDINANCE WILL SOON BECOME WIDELY KNOWN THROUGHOUT ALL SECTIONS OF THE COMMUNITY WITHIN HONG KONG,* MR GRIFFITHS SAID.
HE ASKED