WEDNESDAY, JUNE 27, 1984
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THE REPORT STATED THAT +COMPANY LAW ON WINDING UP IS ON MANY MATTERS IDENTICAL WITH THE BANKRUPTCY LAW, AND IT IS CLEARLY DESIRABLE THAT IF THE COMPANY LAW ON SUCH MATTERS IS AMENDED
IN ACCORDANCE WITH OUR RECOMMENDATIONS, THE CORRESPONDING PROV IS IONS OF THE BANKRUPTCY LAW SHOULD ALSO BE AMENDED IN THE SAME WAY+.
+THE AMENDMENTS PROPOSED IN THIS BILL ARE GENERALLY OF A TECHNICAL OR PROCEDURAL NATURE AND MATCH SIMILAR PROVISIONS CONTAINED IN COMPANIES (AMENDMENT) ORDINANCE 1984, MR JACOBS SAID.
DEBATE ON THE BILL WAS ADJOURNED.
BILL TO RESTORE LAW SUB-SECTION ****
A BILL PROPOSING TO REINSTATE SECTION 296(2) OF THE COMPANIES ORDINANCE, WAS INTRODUCED INTO THE LEGISLATIVE COUNCIL TODAY.
THE SUB-SECTION HAD BEEN REPEALED BY THE COMPANIES (AMENDMENT) ORDINANCE 1984 ON THE RECOMMENDATION OF THE COMPANIES LAW REVISION COMMITTEE ON THE GROUNDS THAT IT SERVED NO USEFUL PURPOSE.
+HOWEVER, THE IMPLICATIONS OF ITS REPEAL HAVE BEEN FURTHER CONSIDERED BY THE REGISTRAR GENERAL, WHO HAS NOW ADVISED THAT THE SUB-SECTION DOES SERVE THE PURPOSE OF ENSURING THAT RULES MADE UNDER SECTION 296 OF THE COMPANIES ORDINANCE CANNOT BE QUESTIONED BY ANY COURT, THE SECRETARY FOR ECONOMIC SERVICES, THE HON PIERS JACOBS, SAID IN MOVING THE SECOND READING OF THE COMPANIES (AMENDMENT) (NO. 2) BILL 1984.
+DELETION OF SECTION 296(2) COULD CREATE GROUNDS FOR CHALLENGING THE VALIDITY OF THE RULES,
+ IT IS THEREFORE DESIRABLE THAT THIS SUB-SECTION BE REINSTATED BEFORE THE COMPANIES (AMENDMENT) ORDINANCE 1984 COMES INTO OPERATION,+ MR JACOBS SAID.
DEBATE ON THE BILL WAS ADJOURNED.
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