WEDNESDAY, MARCH 14, 1984
9
BILL TO UPDATE ARBITRATION LEGISLATION
****
THE PURPOSE OF THE ARBITRATION (AMENDMENT) BILL 1984 IS TO IMPROVE LEGISLATION ON ARBITRATION STILL FURTHER BY MAKING TWO AMENDMENTS TO THE MAIN ORDINANCE, THE ATTORNEY GENERAL, THE HON MICHAEL THOMAS, TOLD THE LEGISLATIVE COUNCIL TODAY.
THE BILL ALSO FORMS PART OF THE EFFORTS TO ESTABLISH AN INTERNATIONAL ARBITRATION CENTRE IN HONG KONG TO SERVE LOCAL BUSINESS NEEDS AS WELL AS TO ATTRACT TO HONG KONG ARBITRATIONS BETWEEN DISPUTING PARTIES TO BUSINESS VENTURES THROUGHOUT THE REGION, MR THOMAS SAID.
MUCH PROGRESS WAS BEING MADE IN THIS DIRECTION BY THE STEERING COMMITTEE WHICH HAD BEEN AT WORK SINCE 1982, HE SAID IN MOVING THE SECOND READING OF THE BILL.
+ AM HOPEFUL THAT BEFORE LONG THERE WILL BE TANGIBLE RESULTS THAT WILL ADD TO HONG KONG'S IMPORTANCE AS A FINANCIAL AND COMMERCIAL CENTRE, MR THOMAS ADDED.
THE FIRST AMENDMENT UNDER THE BILL GIVES ARBITRATORS WIDER POWERS TO AWARD INTEREST ON SUMS AWARDED AT THE CONCLUSION OF AN ARBITRATION AND TO AWARD INTEREST ON SUMS THAT HAVE BEEN PAID AFTER THE COMMENCEMENT OF THE ARBITRATION BUT BEFORE THE FINAL AWARD.
THE SECOND AMENDMENT CURES A MINOR DEFECT WHICH EXISTS IN CASES WHERE THIRD PARTIES HAVE FAILED TO APPOINT OR CONCUR IN THE APPOINTMENT OF AN ARBITRATOR TO COMPLETE THE COMPOSITION OF THE AGREED TRIBUNAL.
MR THOMAS EXPLAINED THAT IT WOULD FRUSTRATE THE INTENTION OF THE PARTIES IF THE COURT DID NOT HAVE POWER IN THESE PARTICULAR CASES TO SUPPLY AN ARBITRATOR TO ENABLE THE ARBITRATION TO PROCEED.
DEBATE ON THE BILL WAS ADJOURNED TO APRIL 18.
/10
Page 10Page 11