WEDNESDAY, MAY 16, 1984
24
BILL SEEKS TO AMEND DEFINITION OF 'STOCK'
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THE PROPOSED STAMP DUTY (AMENDMENT) (NO. 2) BILL 1984 SEEKS TO AMEND THE DEFINITION OF STOCK+ IN THE ORDINANCE, TO REMOVE THE INHIBITIVE EFFECT OF THE UNINTENDED STAMP DUTY CHARGE ON FOREIGN CURRENCY AND BOND ISSUES, THE FINANCIAL SECRETARY, THE HON SIR JOHN BREMRIDGE, SAID TODAY.
MOVING THE SECOND READING OF THE BILL, SIR JOHN SAID THE OBJECT WAS TO AMEND THE STAMP DUTY ORDINANCE CONSEQUENT UPON THE ENACTMENT OF THE COMPANIES (AMENDMENT) ORDINANCE 1984.
+ THE LATTER, WHICH WILL TAKE EFFECT SHORTLY, REQUIRES COMPANIES TO KEEP A REGISTER OF DEBENTURE HOLDERS IN HONG KONG, THIS REQUIREMENT IS DESIGNED FOR THE IR PROTECTION.
+HOWEVER, BECAUSE OF THIS NEW REQUIREMENT, THE TRANSFER OF BONDS AND NOTES ISSUED BY A HONG KONG COMPANY WILL BECOME, QUITE FORTUITOUSLY, LIABLE TO STAMP DUTY.
+REPRESENTATIONS HAVE BEEN MADE TO THE GOVERNMENT THAT THE STAMP DUTY IMPLICATIONS WOULD CREATE A SERIOUS MARKET SETBACK FOR THIS TYPE OF INTERNATIONAL FINANCING WHICH, FOLLOWING EFFORTS BY THE BANK ING INDUSTRY ENCOURAGED BY THE GOVERNMENT, HAS BEEN GROWING RECENTLY IN HONG KONG, HE SAID.
THE RELIEF PROPOSED WOULD HAVE NO ADVERSE FINANCIAL IMPLICATIONS BECAUSE NO DUTY WAS AT PRESENT GENERATED FROM THE TRANSFERS OF BONDS AND NOTES, HE SAID.
DEBATE ON THE BILL WAS ADJOURNED.
SEVEN BILLS APPROVED
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SEVEN BILLS: THE DEPOSIT-TAKING COMPANIES (AMENDMENT) BILL 1984, THE MONEY LENDERS (AMENDMENT) BILL 1984, THE IMMIGRATION (AMENDMENT) BILL 1984, THE MEDICAL REGISTRATION (AMENDMENT) BILL 1984, THE SMOKING (PUBLIC HEALTH) (AMENDMENT) BILL 1984, THE APPRENTICESHIP (AMENDMENT) BILL 1984 AND THE CROSS-HARBOUR TUNNEL (PASSAGE TAX) BILL 1984, WERE PASSED IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
NINE OTHER BILLS WERE INTRODUCED AND READ A SECOND TIME,
AND DEBATE ON THEM WAS ADJOURNED.
THEY ARE: THE LANDLORD AND TENANT (CONSOLIDATION) (AMENDMENT) BILL 1984, THE LANDS TRIBUNAL (AMENDMENT) BILL 1984, THE JUDICIAL SERVICE COMMISSION (AMENDMENT) BILL 1984, THE STAMP DUTY (AMENDMENT) BILL 1984, THE STAMP DUTY (AMENDMENT) (NÓ 2) BILL 1984,
THE MERCHANT SHIPPING (AMENDMENT) BILL 1984, THE IMMIGRATION (AMENDMENT) (NO 2) BILL 1984, THE BUILDINGS (AMENDMENT) BILL 1984 AND THE EMPLOYMENT (AMENDMENT) (NO 2) BILL 1984.
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