WEDNESDAY, JANUARY, 1984
12
HE WOULD BE PROPOSING AMENDMENTS TO CLAUSES 55 AND 253.
CLAUSE 55 REPLACES SECTION 91 RELATING TO THE APPLICATION OF PART II OF THE PRINCIPAL ORDINANCE TO COMPANIES INCORPORATED OUTSIDE HONG KONG.
SPEC IF ICALLY, NEW SUBSECTION 91(3) ALLOWS A COMPANY 21 DAYS FOR REGISTRATION OF CHARGES WHICH ARE REQUIRED TO BE REGISTERED BY A COMPANY ON ESTABLISHMENT OF A PLACE OF BUSINESS IN HONG KONG AND MR POON WOULD MOVE AN AMENDMENT TO EXTEND THE TIME LIMIT IN QUESTION FROM 21 DAYS TO FIVE WEEKS.
CLAUSE 253
INTRODUCES A NEW FIRST SCHEDULE TO REPLACE THE EXISTING FIRST SCHEDULE TO THE PRINCIPAL ORDINANCE.
THIS SCHEDULE PRESCRIBES REGULATIONS FOR THE MANAGEMENT OF DIFFERENT TYPES OF COMPANIES, AND PART I OF TABLE A DEALS WITH REGULATIONS FOR THE MANAGEMENT OF A COMPANY LIMITED BY SHARES, AND NOT BEING A PRIVATE COMPANY.
REGULATION 86 DEALS WITH THE REQUIREMENT FOR A DIRECTOR TO DECLARE HIS INTEREST IN CERTAIN CIRCUMSTANCES IN ACCORDANCE WITH SECTION 162 OF THE ORDINANCE.
TO BRING REGULATION 86(1) AND (2) IN LINE WITH THE PROPOSED SECTION 162, MR POON WOULD MOVE AMENDMENT TO THE SAID REGULATION TO GIVE THE EFFECT THAT A DIRECTOR SHALL ONLY BE REQUIRED TO DECLARE HIS INTEREST OR NOT TO VOTE IN RESPECT OF A CONTRACT OR A PROPOSED CONTRACT WITH A COMPANY IF THE CONTRACT IS SIGNIFICANT IN RELATION TO THE COMPANY'S BUSINESS AND HIS INTEREST IN IT IS MATERIAL.
AND
REGULATION 90 DEALS WITH DISQUALIFICATION OF DIRECTORS SPECIFICALLY, REGULATION 90(G) PROVIDES THAT A DIRECTOR SHALL BE DISQUALIFIED IF HE FAILS TO DECLARE HIS INTEREST IN ACCORDANCE WITH SECTION 162 OF THE ORDINANCE.
AFTER CONSIDER ING REPRESENTATIONS RECEIVED ON THIS SUBJECT, (2)IT HAD BEEN AGREED TO DELETE PARAGRAPH (G) OF REGULATION 90 AND
THIS WOULD BE PROPOSED BY MR POON AT THE COMMITTEE STAGE.
REGULATIONS 124 TO 128 OF TABLE A DEALS WITH THE KEEPING OF COMPANY ACCOUNTS.
TO BRING IT IN LINE WITH SECTION 129G, MR POON WOULD MOVE TO AMEND REGULATION 128 TO ALLOW 21 DAYS, INSTEAD OF 14 DAYS, BEFORE THE DATE OF THE GENERAL MEETING FÖR SENDING BALANCE SHEET AND DIRECTORS' AND AUDITORS' REPORTS TO MEMBERS.
MR SO OBSERVED THAT IT WAS ONLY NATURAL FOR A BILL OF THIS SIZE TO BE PUNCTUATED BY CLERICAL AND TYPING ERRORS.
HE SAID THAT THE ADMINISTRATION WOULD BE MOVING MOST OF THESE NECESSARY AMENDMENTS TO RECTIFY THE ERRORS WHILE HE WOULD MOVE TO RECTIFY THOSE IN CLAUSES 77 AND 178.