WEDNESDAY, DECEMBER 3, 1980
*
6
+HOWEVER IF AN ORGANISER OF A PROPOSED MEETING ASKS HIMSELF THE QUESTION IS THE MEETING BEING ORGANISED TO DISCUSS AN ISSUE OR MATTER OF INTEREST OR CONCERN TO THE GENERAL PUBLIC OR A SECTION OF IT?' IT SEEMS TO ME TO BE HIGHLY UNLIKELY THAT THERE WILL BE MANY INSTANCES WHEN HE CAN HONESTLY ANSWER 'I DON'T KNOW',+ MR GRIFFITHS SAID.
AS TO THE INCLUSION OF PROFESSIONAL, BUSINESS AND ECONOMIC+ SEMINARS IN THE LIST OF EXEMPTIONS, MR GRIFFITHS SAID HONG KONG WAS INCREASINGLY USED AS A REGIONAL CENTRE IN WHICH TO HOLD SUCH SEMINARS.
THE AIM OF THIS AMENDMENT IS TO MAKE CLEAR THAT THEY CAN BE HELD WITHOUT NOTIFICATION, HE SAID.
ON THE QUESTION OF THE PROPER SIZE OF A MEETING THAT CAN DISPENSE WITH NOTIFICATION, MR GRIFFITHS SAID WHERE NUMBERS WERE CONCERNED, THERE WAS INFINITE ROOM FOR DIFFERENCES OF OPINION ON WHAT WAS THE RIGHT FIGURE, BUT THE LIMIT HAD TO BE PITCHED SOMEWHERE.
+ AFTER LISTENING CAREFULLY TO THE ARGUMENTS PUT FORWARD, THE GOVERNMENT NOW FEELS THAT IT CAN SAFELY PROPOSE 30 INSTEAD OF 20 AS A PROPER FIGURE, HE SAID.
TAKEOVERS CODE MAY BE REVISED ****
THE TAKEOVERS COMMITTEE IS TO MEET SHORTLY TO DISCUSS WHETHER ANY CHANGES IN THE CODE ARE DESIRABLE AND ACCEPTABLE
IN THE LIGHT OF RECENT EVENTS.
THIS WAS DISCLOSED BY THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE IN REPLY TO A QUESTION BY THE HON LYDIA DUNN IN THE LEGISLATIVE COUNCIL TODAY.
SIR PHILIP SAID ORIGINALLY, THE GOVERNMENT INTENDED TO REGULATE TAKEOVERS BY LEGISLATION, BUT AFTER DUE CONSIDERATION,
IT WAS DECIDED TO ADOPT A VOLUNTARY CODE.
+CODES HAVE SIGNIFICANT ADVANTAGES OVER LEGISLATION, PARTICULAR PROVISIONS CAN BE MODIFIED EASILY BOTH IN THE IR CONTENT AND IN THE MANNER OF THE IR APPLICATION. AND IT WILL OFTEN HAPPEN THAT PERSONS AND COMPANIES BEING REGULATED ARE ABLE TO PUT UP VALID REASONS WHY A PARTICULAR PROVISION OF A CODE SHOULD NOT APPLY TO THEM
IN A PARTICULAR INSTANCE,
+AGA IN CODES OF PRACTICE CAN BE DRAFTED AND ENFORCED VOLUNTARILY BY THOSE WHOM THEY ARE DESIGNED TO REGULATE, RATHER THAN IMPOSED UNDER THE STATUTORY AUTHORITY,
+HOWEVER, A VOLUNTARY CODE WILL BREAK DOWN IF IT DOES NOT REPRESENT 'THE COLLECTIVE OPINION ON BUSINESS STANDARDS OF THOSE CONCERNED PROFESSIONALLY IN THE FIELD IT ATTEMPTS TO REGULATE. IN THIS SENSE LEGISLATION CAN LEAD, BUT A CODE HAS TO FOLLOW, HE SAID.
/SIR PHILIP