WEDNESDAY, JUNE 27, 1984
24
FOREIGN NOTE LAW OBSOLETE'
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THE GOVERNMENT NEVER BELIEVED THAT THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) ORDINANCE WOULD SIGNIFICANTLY PROTECT THE PUBLIC FROM THE EVENTUAL CONSEQUENCES OF A DEPRECIATING EXCHANGE RATE, THE ACTING FINANCIAL SECRETARY, THE HON DOUGLAS BLYE, TOLD THE LEGISLATIVE COUNCIL TODAY.
NOR DID THE ORDINANCE, WHICH HAS BECOME OBSOLETE, PROVIDE
A VIABLE MEANS TO SUPPORT THE EXCHANGE RATE, HE SAID.
MR BLYE WAS MOVING THE SECOND READING OF THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) (REPEAL) BILL 1984, WHICH SEEKS TO REPEAL THE EXISTING ORDINANCE ENACTED IN 1913.
+THE STABILITY OF THE EXCHANGE RATE SINCE OCTOBER STEMS FROM THE INTRODUCTION OF THE NEW EXCHANGE RATE SYSTEM WITH THE LINKAGE TO THE U.S. DOLLAR, AND OWES NOTHING TO THE LIMELIGHT GIVEN TO THIS OBSOLETE ORDINANCE, HE SAID.
LAST SEPTEMBER WHEN CONFIDENCE IN THE HONG KONG CURRENCY WAS AT ITS MOST FRAGILE, THERE WERE REPORTED INSTANCES OF RETAILERS DEMANDING PAYMENT IN FOREIGN CURRENCY.
WHEN PRESSED AT THE TIME TO COMMENT ON THE LEGALITY OF SUCH ACTION, THE GOVERNMENT WAS OBLIGED TO POINT TO THE EXISTENCE OF THE ORDINANCE, HE SAID.
MR BLYE ADDED THAT IN CERTAIN RESPECTS, THE SEPTEMBER EPISODE SERVED MERELY TO HIGHLIGHT THE OBSOLESCENCE OF THE ORDINANCE.
HE SAID THAT THE ORDINANCE WAS NOT SIGNIFICANTLY OBSERVED OR ENFORCED AND THERE WAS A CLEAR CASE FOR REPEAL.
DEBATE ON THE BILL WAS ADJOURNED.
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BANKRUPTCY (AMENDMENT) BILL INTRODUCED
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THE PURPOSE OF THE BANKRUPTCY (AMENDMENT) BILL 1984 IS TO AMEND THE BANKRUPTCY ORDINANCE, THE SECRETARY FOR ECONOMIC SERVICES, THE HON PIERS JACOBS, SAID IN THE LEGISLATIVE COUNCIL TODAY.
IN MOVING THE SECOND READING OF THE BILL, MR JACOBS EXPLAINED THAT THE BILL IS TO BRING THE BANKRUPTCY ORDINANCE INTO LINE WITH THE NEW WINDING-UP PROVISIONS INTRODUCED BY THE COMPANIES (AMENDMENT) ORDINANCE 1984.
+THIS MEASURE IS IN ACCORDANCE WITH THE RECOMMENDATIONS OF THE SECOND REPORT OF THE COMPANIES LAW REVISION COMITTEE,+ HE ADDED.
/THE REPORT